Okey Onyenweaku |

The Central Bank of Nigeria said on Monday that it has dismissed some of its eight officials that were involved in the N8bn currency fraud in some of its branches.

The Director, Corporate Communications Department, Ibrahim Mu’azu, disclosed this in a statement, a copy of which was made available to Hallmark News, adding that the middle-level officers among the accused had been summarily dismissed while some of them were placed on indefinite suspension.

Mu’azu said, “The Central Bank of Nigeria will like to inform the general public of the chronology of events that led the Management of the CBN to hand over some unscrupulous staff to the Economic and Financial Crimes Commission for prosecution.”

According to Mu’azu, during a routine internal audit of the Bank’s Cash Destruction activities in September 2014, the CBN Briquetting Panel, comprising senior bank staff from different branches, noticed some anomalies at the Ibadan Branch, and immediately reported this to the bank’s management.

“ It was discovered that a systematic scheme, which has been on for several years, was being run in which mutilated higher denomination notes, originally meant for destruction, were swapped with lower denomination currencies.

He described the fraud as interleafing, saying, “It is a practice in which boxes are labeled with a higher value than its true content. As soon as the Bank’s internal investigations concluded beyond reasonable doubt that some wrongdoing had occurred, the affected members of staff, who are middle-level officers were, depending on gravity of offence, either summarily dismissed or immediately placed on indefinite suspension on October 21, 2014, and all handed over to the EFCC for further investigation and prosecution.”



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