EFCC arrests 6 CBN, 16 bank officials over N8b currency fraud

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(Nigeria) Six top officials of Central of Bank Nigeria, CBN, and 16 other workers of commercial banks in the country, namely Zenith Bank, FCMB, Wema Bank, Access Bank, First Bank, Skye Bank, Ecobank and Sterling Bank have been arrested by the Economic and Financial Crimes Commission, over their alleged involvement in N8 billion fraud.
The suspects were picked up by operatives of the anti-graft agency for stealing and putting into circulation defaced and mutilated Nigerian currency notes to the tune of N8 billion meant for destruction.
Head of Media of EFCC, Mr. WilsonUwujaren in a statement,  gave the names of the suspects as: Patience Okoro Eye( Abuja) , Afolabi Olufemi( Lagos), Kolawole Babalola( Ibadan), Olaniran  Muniru Adeola(Ibadan), Fatai  Yusuf, Adekunle( Head, Security, CBN, (Ibadan) and Ilori Adekunle Sunday,(Akure).
The bank officials took the mutilated N8 billion cash and burned old newspaper in place of the defaced Naira notes thereby making a mockery of the CBN rule relating to such money.
The suspects were arrested when one of the bank officials petitioned the EFCC, alleging on November 3, 2014 that over N6, 575, 549, 370.00 was cornered and discreetly recycled by light-fingered top executives of the CBN at the Ibadan branch.
The suspects, who were members of the Briquetting Panel, which handled the destruction of defaced notes from commercial banks, pocket the money.
Briquetting is the disintegration and destruction of counted and audited dirty notes. By this practice, depositor banks usually take mutilated notes to the CBN in exchange for fresh notes equivalent of the amount deposited.
Unlike in the past, the latest  fraud could not be swept under the carpet, as a member of the Briquetting Panel from the  Osogbo branch exposed the deal. 

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