Market News

The Osun State Office of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has disclosed that it arrested the Operations Manager of First City Monument Bank in Osogbo for loading new naira notes with wrappers unremoved in the bank’s Automated Teller Machines (ATMs).

The anti-graft body said the wrappers on the wads of notes prevented them from being dispensed.

The anti-corruption agency also revealed that it took into custody seven Point of Sales (POS) operators as well as security guards during the ongoing operation in the Osun State capital.

They were arrested for charging exorbitant commissions for cash dispensed to members of the public.

In a statement made available by Azuka Ogugua, the ICPC spokesperson on Friday, the Commission said the operations were in continuation of its clampdown at elements frustrating efforts at making the redesigned Naira notes available to members of the public.

Ogugua added that the bank Manager, POS operators and security guards were all arrested for alleged sabotage.

The statement said, “The ICPC Compliance Team in Oshogbo has busted an FCMB in Osogbo, Osun State where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly.

“However, when a follow-up visit was undertaken the following day to ascertain the level of compliance, the Team discovered that one of the ATMs was still loaded with the wrappers un-removed.

“The Operations Manager of the Bank was arrested and taken in for questioning.”

The ICPC spokesperson, however, explained that investigations revealed that the POS operators got their money from filling stations which collect new notes from fuel buyers.

”After collecting the money, Ogugua revealed that the operators then resell the cash to the public at exorbitant rates.

“The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.”

Meanwhile, the Central Bank of Nigeria Governor, Godwin Emefiele in a stakeholders meeting in Lagos on Friday revealed that those arrested by the Economic and Financial Crimes Commission and the ICPC would be prosecuted.

Emefiele stated that they would be prosecuted because they had broken the law.

While assuring Nigerians that the redesigned Naira notes were available in banks, he also pleaded with Nigerians to be patient as everything was being done by the apex bank and Federal Government to resolve the impasse.