BREAKING NEWS, Judiciary
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Ibrahim Mu’azu, director, corporate communications, Central Bank of Nigeria, explains how the six officials of the bank involved in the N8 billion fraud were detected during an internal audit
THE six officials of the Central Bank of Nigeria, CBN, standing trial in Ibadan, Oyo State, on the alleged N8 billion scam were caught during a routine check in September, last year. A CBN statement signed by Ibrahim Mu’azu, director, corporate communications, said at a routine internal audit of the bank’s Cash Destruction activities in September 2014, the CBN Briquetting panel comprising senior bank staff from different branches noticed some anomalies at the Ibadan branch, and immediately reported it the bank’s management.
On instruction of the governor, further investigation was carried out and “it was discovered that a systematic scheme, which has been on for several years, was being run in which mutilated higher denomination notes originally meant for destruction were swapped with lower denomination currencies. This practice known as interleafing, basically labels a box with a higher value than its true content.”
— Jun 2, 2015 @ 13:45 GMT
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