Sterling bank faults ICPC’s claims of discovering N258 million hidden in bank vault

The anti-corruption body had recently undertaken a search and compliance operation in the bank’s branch in the Central Business District (CBD) complex in Abuja where it reportedly discovered the bank had failed to load the redesigned notes into its ATM but instead, had hidden the money in their vaults.

The discovery went against the CBN’s instructions and should have attracted sanctions against the bank.

The bank, however, in a statement yesterday, through the Chief Operating Officer, Raheem Owodeyi, debunked the statement credited to the anti-corruption body.

According to the statement, the Sterling bank regional center in Abuja was visited by the monitoring team on February 3, 2023, and during the inspection, the team observed that the bank’s Automated Teller Machines (ATMs) were dispensing all the denominations of the newly designed banknotes and also, customers were seen making over-the-counter withdrawals in accordance with stipulated pronouncements.

Owodeyi further added that the officials of the bank on their own volition, went ahead to inform the monitoring team and officials of the ICPC of the presence of the sum of N258,000,000 in the vault – this was because the bank branch served as a hub for the distribution of cash to other branches in the region with locations in Utako, Wuye, Seda Close, Kontagora and the National Assembly.

Further reports also confirmed that the monitoring team went ahead to visit the other branches like the Utako and Wuye branches where the monitoring team reviewed the records submitted for the movement of cash from the CBD branch to other branches served within the region.

“It is important to state that cash was being paid over the counter at the branches and the ATM terminals were dispensing the newly designed denominations during the monitoring exercise.” the report stated.