Sterling Bank Fined N1M for Storing New Nigerian Naira Notes (Video)

NewsReport indicated that the Central Bank of Nigeria (CBN) official have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc’s Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks.

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In a trending video on social media, a man who identified himself as Oluwole Owoeye, a deputy director of the CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they had not uploaded the funds into their automated teller machines (ATMs), despite having six of the machines in place.

Sterling Bank officials paraded and were fined one million naira for stockpiling new notes (watch video).

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

CBN official speaks:

“I am currently at Sterling Bank on Bank Road as part of the new naira notes compliance monitoring,” the CBN official said. They have N6 million, which they collected from the bank for almost two weeks, but they have not disbursed any.

They said they are yet to configure their ATMs; I do not know why that is, and I have brought attention to the penalty clause of N1 million per day because they have five ATMs here and have no reason for keeping this money.

“The zonal service manager, Tunde Onipede, promised that by 10:00 a.m. latest tomorrow (Monday), because I told him that by 10:00 a.m. latest, I’d 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.”

Sterling Bank Busted For Hoarding New Notes pic.twitter.com/WXPrwKxJqZ

— aina_iyabo (@Aina_Iyabo) February 5, 2023