Anti-graft Agencies Probe Old Notes Depositors at CBN

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By Muhammadu Sabiu

Anti-corruption agencies are investigating the depositors of millions of outdated N500 and N1,000 bills at the Central Bank of Nigeria’s Ilorin branch.

Operatives from the Independent Corrupt Practices Commission, ICPC, and the Economic and Financial Crimes Commission, among others, are on the ground to monitor deposits and inform depositors of the repercussions of putting millions of naira with suspect sources.

The anti-graft agencies inform depositors about their actions when they are accused of acting as fronts for politicians to deposit money on their behalf.


“Depositors of millions of naira will have to approach their various commercial banks after one month, when the investigation into their sources of money would have been concluded,” security sources at the CBN branch stated.

“The action followed suspicion that some politicians are using people as fronts to lodge money in millions on their behalf as a result of the ongoing new naira swap.”

According to findings, CBN worked on Saturday and Sunday to fulfil depositors’ requests.


Further information revealed that the external officials participating in the effort have accused depositors of millions of naira of using shady tactics, alleging that they paid at least N10,000 in bribes to assure quick processing of their deposits.


Before counting and final judgement, depositors must go through three to four phases, according to a bank official who asked to remain anonymous.


He said: “Some depositors stand to forfeit their lodgments if, eventually, they could not give a proper account of their sources of income after investigation by the anti-graft agencies.”

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