Tuesday, June 02, 2015

Top Central Bank Executives Arrested Over $33M Fraud.


Officers of the Economic and Financial Crime Commission on Monday arrested 21 bankers including senior executives of the Central Bank of Nigeria for the theft of $33 million worth of defaced naira currency notes.

The fraud, which is widely suspected to have gone unchecked for some years now, was blown via a petition to the EFCC alledging that over 6,575,549,370 naira was cornered and discreetly recycled by light-fingered top executives of the CBN with the help of top officials in some commercial banks too.

The Economic and Financial Crime Commission said a whistle-blower alerted it to the "mega scam."
Among the suspects are officers from eight commercial banks in Nigeria, including bank leaders Ecobank and Zenith Bank, it said.

The fraud involved using cut-up pieces of newspaper to replace notes in Nigeria's naira currency that had been designated for destruction at the Central Bank. It charged the commercial bank officers then helped put the defaced and mutilated notes back into circulation.

Those arrested will be presented at the federal high court this week on five counts, a report said.

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