Naira Swap:EFCC. ICPC, Officials Swoop On Banks Allegedly Hoarding CBN New Notes

By Lateef Adegbite

 Barely 24 hours after President Muhammadu Buhari had accused the Money Deposit banks of being grredy and inefficient in the dispensing of the Central Bank of Nigeria, CBN, under the close watch of Godwin Emefiele, security agencies personnel have swopped on them across the country.

The news making the rounds in several parts of the country was that some ‘’greedy bankers and their Point of Sale, POS, agents, agents, collaborators have been arrested and detained by Nigerian Police Force, NPF, under the  close watch of Usman Alkali Baba, and Abdulaziz Bawa led Economic and Financial Crimes Commission, EFCC , as well as Independent Corrupt Practices Commission, ICPC, which has Bolaji Owasanoye as the Chairman and are currently been questioned for hoarding the new naira notes.

EFCCBoss
Bawa: Chairman, EFCC

In arresting 10 suspects,  the CBN and  EFCC, joint task force , were said to have raided some four banks and areas, at Abuja, the Federal Capital Territory, on Thursday , February 2, 2023,  in search of persons suspected to be hoarding  and selling the new naira Notes. Abubakar Kure, a CBN, Director and Managing Director of NIRSAL Micro-Finance Bank, had said that that the arrests of the suspects in Garki Areas 3 and 7,  were made after  it was discovered  that the  banks  were violating  the CBN guidelines. 

  Even, the ICC, on its part, had arrested some other officials of two Commercial banks at the  FCT, for alleged sabotage  and hoarding of the new naira Notes with the intention to sell to the public and make profit from the sweat of other Nigerians.

That much much was confirmed by Mrs. Azuka Ogugua, the Commission spokesperson. The Abuja banker was said to have played into the hands of the ICPC, personnel, over his deliberate refusal to upload cash into the bank’s ATM, despite collecting the cash to do so.

The circumstances that may have led to the arrest of the banker at the FCT, may not have been different from that of the arrest of the Operation Manager of a bank at Osogbo, Capital of Osun, Rauf Aregbesola, minister of Interior home state for questioning.  The ICPC Compliance Team, in the state, acting on information,  were said to have  busted  into an undisclosed bank in  the Osun state Capital where some ATMs  were loaded  with cash  with their wrappers unremoved, thus preventing the cash  from being  dispensed  to Customers.

Owasanoye, SAN,: Chairman: ICPC

The ICPC Compliance Team, in the south west state were said to have also arrested seven POS , operators and  asecurity Guard,  for charging exorbitant Commissions for the new naira Notes.  They were said   got the money from Filling stations that collect new Notes from fuel buyers and resell the cash  to the public  at exorbitant rates to make huge profits.  The Nigerian government secret police had accused  some Commercial bank officials whose identity remained a closely guided secret as aiding and abetting  the fraud. 

Ogugua, the ICPC, spokesperson had said the arrested persons by the ICPC, in connection with the abuse of the new naira Notes  are currently helping the Commission  with more information  to assist in thevestigations  to bust  other syndicates  involved  in the hoarding  and sale  of the new Notes.

Recall that late January 2021, the DDSS, had arrested some members  of an organised syndicate  selling  the new naira Notes in some parts of the country.  The arrests of the suspected members of the syndicate selling the new naira Notes was said to have come against the backdrop of the unleashing of the anti-corruption agencies, EFCC and ICPC,   on the banks , over alleged  hoarding and diversion  of the new Notes.

Prof Zulum: Governor Of Borno State Threatens To Revoke Bank Land Allocations For Hoarding CBN , New Naira Notes

Babagana Zulum,  a Professor and governor of Borno, a north eastern state under the siege of the Islamic Fundamentalist Group , BokoHaram and the Islamic state of West African Province,  ISWAP,  may have taken up the battle with the banks in the state  to force them to make available  the new naira Notes to Customers. 

The Borno state governor who is not happy happy that social and economic activities have stagnated in the state due to the alleged hoarding and refusal   of the banks to dispense  the new naira Note through their ATMs and banking halls. An aggrieved Zulum, who could not hide his feelings was said to have threatened to revoke their Land allocation if they fail to turn a new leaf.  He could not understand why the banks would claim that there is no money in their vault and some of the ATMS in the state are not operating  when the government  had just release of N 5 million     into the bans  that should not have created any problem  with the CBN  policy on withdrawal limit. He lamented that in the entire Local Government Area  f Gubio, a population of 70,000 people, in the state,  last week, it was impossible  to source N100,000.00, neither of the new CBN Notes or old naira Notes.

He noted that  that a ram  that is worth N100,000.00  is now being sold  for N35,000.00  in the state  because people are desperate  for cash. Appealing to Emefiele, the CBN, governor, to do everything  within his powers to ensure  the availability  of the new Notes  at Commercial banks  for people to access their money,  he noted that  it is the only way for  the wicked rich people  to stop going  to rural areas across the country the country  to exploit the poor people.

As a prelude to addressing the cash crunch in the country, the CBN, governor who, many believe appears to have lost focus since he returned back to the country from his forced annual leave after being threatened by Yusuf Magaji Bichi, led Department of State Security, DSS , of arrest of sponsoring terrorism in the country and economic sabotage , may have adopted some fire brigade actions.

He had said that   that the apex bank  will extend  cash swaps  to Microfinance  banks  and engage  30,00 super agents  in the hinterlands  to further help  accelerate  the circulation  of the new naira Notes. He did not stop there.

He had said that the CBN, is also discussing  with the money deposits banks  to make alternative channels  of dispensing the ne naira Notes possible. The cash crunch I the major cities and towns in the country whre the volume of business is very high  may have informed why the CBN Authorities may have resorted plan B,  to move money from some bank branches  that  have cash in their vaults because there was no demand for them  to areas where there is pressure.

Addressing Financial Journalists in Lagos recently, Emefiele  had  revealed that  officials of the apex bank,  Commercial bank, and other important stakeholders are looking  at area where ‘’there is pressure and doong everything possible to address such areas.  He may have alluded that Lagos, the nation’s Commercial nerve centre, FCT, Kaduna, Port Harcourt, Warri, where there is large volume of business.

The Katsina sate born Nigerian President  who may have gone back to the CBN, governor, on how to address the cash crunch challenge in the country had asked Nigerians on Friday, 3, 3=2023, after meeting with the All progressive Congress , APC, governor at the As Villa, to give him one week to resolve the lingering problem. How he intended to solve the problem that have  defiled all known CBN  and Commercial  banks means of circulation measures  remain to  be seen.   

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