The Central Bank of Nigeria (CBN) has sanctioned Sterling Bank for hoarding N6 million new naira notes.
Reports say the apex bank discovered N6 million of the new naira notes stashed away in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State.
The officials of the bank confird they received the money 2 weeks ago
In a trending video on social media, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.
The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.
The Central Bank official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.
“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.
“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”
The video:
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