The Central Bank of Nigeria (CBN) says it has dismissed six officials, who were involved in the N8bn (about $47m) currency fraud in some of its branches.
A statement by the Director, Corporate Communications Department of the CBN, Ibrahim Mu’azu, on Monday in Abuja said that some of the middle-level officers among the accused had been summarily dismissed or placed on indefinite suspension, depending on gravity of their offence.
It explained that 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.
“On further investigation ordered by the Governor, 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.
“This practice, known as interleafing, basically labels a box 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,” the statement said.
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