Central Bank of Nigeria, CBN, yesterday said it had taken measures to punish some of its six officials who were involved in the N8billion currency fraud in its Ibadan, Oyo State branch.
The apex bank, in a statement issued yesterday in Abuja, explained that some of the middle-level officers among the suspects had been summarily dismissed or placed on indefinite suspension, depending on the gravity of their offences.
It said: “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 the gravity of their offence, either summarily dismissed or immediately placed on indefinite suspension on October 21, 2014, and all handed over to the Economic and Financial Crimes Commission, EFCC, for further investigation and prosecution.”
The bank added that following the incident, a nationwide audit of all 37 branches of only the Ibadan branch was involved in the scandal
The apex band pledged to continue to collaborate with the EFCC to ensure that affected CBN members of staff as well as their accomplices in some commercial banks were brought to justice.
The EFCC will today arraign the suspects before the Federal High Court in Ibadan.

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