CBN Unmasked Fraud Plot, Suspends Top Officials


A highly sophisticated plot to defraud the Central Bank of Nigeria (CBN) by some criminally minded elements and top officials has been uncovered and thwarted by the bank.

This was disclosed in a statement by the CBN Acting Director for Corporate Communications, Isacc Okoroafor, on Thursday, March 10 noting that while preliminary investigations have not revealed any accomplices within the bank, some personnel within the apex bank had been placed on suspension.

Although the nature of the fraud was not specified in the statement, it however, said the need to place these officials on suspension was to allow for proper investigations by the relevant authorities.

Read Also: “Report Cases Of Illegal Charges By Banks” – CBN Tell Nigerians

The statement reads:

“A highly sophisticated plot to defraud the CBN by some criminally minded elements has been uncovered and aborted by the bank.

“Although preliminary investigations so far have not revealed any accomplices within the CBN, the management has decided to place all key personnel involved in the transaction on suspension.

“This is to ensure a full and unfettered investigation. This incidence has been reported to the relevant authorities.”

The CBN in the statement assured stakeholders in the banking sector that the security within the apex bank remains intact and had not been breached.

On similar occurrences at the bank lately, recall that the CBN Governor, Mr. Godwin Emefiele had revealed that over $20 billion was lying idle in domiciliary account of private individuals in Nigeria at a time the country is facing foreign exchange crisis.

According to Mr Emefiele, based on his experience in the international finance, keeping the huge volume of dollars idle had compounded the forex crisis confronting Nigeria, so therefore, the CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence. And those who speculate on dollars will have their fingers burnt.