The Independent Corrupt Practices Commission (ICPC) of Nigeria, has accused Sterling bank of hoarding about 250 million worth of new naira notes even as there is pandemonium due to the “scarcity” of these notes.
The Chief Operating Officer (COO) of Sterling bank, Raheem Owodeyi, issued a statement explaining what led to the confusion. He mentioned that the ICPC was informed by Sterling bank officials, that there was a sum of N258,000 worth of new notes in the bank vault.
Why The Said Amount Was At Sterling Bank Vault
The COO revealed that the amount was supposedly there because the particular branch is a hub for the distribution of cash to other Sterling bank branches. The bank did this to say its side of the story and also counter what has been said to be the misleading narrative” of the events which unfolded on the 7th of February 2023.
It was also stated that with the ongoing crisis (the scarcity of new naira notes), Sterling bank has received
praise on different fronts and there is video evidence all over the internet, showing customer appreciation and positive feedback from customers to the bank.
The previous week, the bank also distributed free bottles of water to customers patiently waiting for cash withdrawals. However, the ICPC accused Sterling Bank of hoarding the sum of about 258 million new naira
Sterling Bank initially denied this claim but never gave any details. The bank speaks about giving out water to customers waiting to withdraw money but there is no mention of why the new notes still seem to be so scarce when the bank has about 258 million naira worth in its vault.
How is it possible that the solution to this confusing situation, is to hand everybody cold water to calm down and forget their worries. Hope this is resolved soon.
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