Topic: 8 Billion SCAM: EFCC arrests CBN officials, 16 bankers for recycling N8bn  (Read 1816 times)

0 Members and 1 Guest are viewing this topic.

The Economic and Financial Crimes Commission has said five top officials of the Central Bank of Nigeria and 16 others are to be arraigned for alleged complicity in a currency fraud running to N8bn.

The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, said in a statement on Sunday, said the suspects were to be arraigned for circulating defaced and mutilated notes at the Federal High Court, Ibadan, Oyo State, on June 2, 2015

Uwujaen said the16 other suspects to be arraigned alongside the CBN bigwigs were members of staff of various commercial banks in the country.

He said the suspects would be arraigned on five counts at the high court.

The EFCC spokesperson added that all the suspects now in custody connived to recycle the defaced and mutilated currencies they were asked to destroy by substituting the notes with newspaper cuttings in Naira note sizes.

Uwujaren stated that the operatives of the commission waded into the matter following a petition that the sum of N6.5bn was recycled by a syndicate involving top officials of the CBN in Ibadan, Oyo State.

He explained that the fraud was partly responsible for the failure of the monetary policy of the government as mop up exercises by the CBN failed to address the effect of inflation on the economy.

http://www.punchng.com/news/efcc-arrests-cbn-officials-16-bankers-for-recycling-n8bn/

 

Related Topics

  Subject / Started by Replies Last post
0 Replies
2005 Views
Last post January 12, 2013, 08:47:21 AM
by clowntom
0 Replies
1260 Views
Last post June 20, 2013, 09:33:50 PM
by dayod247
0 Replies
1286 Views
Last post June 02, 2015, 01:01:12 AM
by flukky-1
0 Replies
1356 Views
Last post June 12, 2015, 01:00:20 AM
by olutee
0 Replies
1353 Views
Last post July 07, 2015, 07:00:40 PM
by clowntom
0 Replies
952 Views
Last post April 06, 2017, 07:00:17 PM
by flukky-2
0 Replies
962 Views
Last post August 25, 2017, 07:04:29 PM
by sahara
0 Replies
941 Views
Last post October 26, 2017, 01:01:13 PM
by olutee
0 Replies
714 Views
Last post May 23, 2018, 01:04:58 PM
by observer
0 Replies
925 Views
Last post July 14, 2019, 01:04:05 PM
by sahara