CBN executives sent to prison for recycling worn currency

L-R: Yusuf-Fatai-Toogun Kayode-, Afolabi, Olufemi, Johnson, Olaniran, Muniru, Adeola, Patience O-Eye-and Ilori Adekunle-Sunday Six members of staff of the Central Bank of Nigeria, CBN, implicated in an N8billion defaced and mutilated currency recycling scam, were today remanded in Agodi Prison, Ibadan in Oyo State, following their arraignment by the Economic

CBN Disclosed Controversial 2013 Report That Led To Sanusi Lamido’s Retirement


The Central Bank of Nigeria (CBN) published the 2013 annual report that led to suspension of Sanusi Lamido Sanusi as Governor of the apex bank, Nigeria Daily News reported. The source said that the Financial Reporting Council of Nigeria had raised issues with the accounts, saying it needed some detailed

Currency Scam: Court Remands 6 CBN Employees at Agodi Prison


Justice Ayo Emmanuel of the Federal High Court in Ibadan, Oyo state, on Tuesday ordered the remand at the Agodi Prisons’ custody of six Central Bank of Nigeria (CBN) employees charged with N10 million currency scam. The accused – Patience Okoro Eye, Afolabi Johnson, Ilori Sunday, Kolawole Babalola, Olaniran Adeeola

N8bn Currency Scam: SIX CBN Executives Remanded in Prison

Six staff of the Central Bank of Nigeria (CBN) implicated in an eight billion Naira defaced and mutilated currency recycling scam, have been remanded in prison custody on Tuesday. This detention is subsequent to their arraignment by the Economic and Financial Crimes Commission (EFCC), before Justice Nathaniel Ayo-Emmanuel of a

How We Discovered N8bn Currency Fraud – CBN


The Central Bank of Nigeria (CBN) yesterday explained how it discovered the N8 billion currency fraud. In a statement issued yesterday, Director, Corporate Communications, CBN, Alhaji Ibrahim Muazu said, “The Central Bank of Nigeria (CBN) would like to inform the general public of the chronology of events that led the

EFCC to arraign CBN officials, 16 top bankers for fraudulently recycling N8 billion

Ayorinde Oluokun/Abuja Ibrahim Lamorde, EFCC Chairman Five top officials of Central Bank of Nigeria, CBN and 16 other top bankers presently in the net of Economic and Financial Crimes Commission, EFCC will be arraigned in court tomorrow over allegations of complicity in a currency fraud running to N8 billion.

N8b Currency Scam: EFCC To Arraign 6 CBN Bosses, 16 Others

The Economic and Financial Crimes Commission (EFCC) is set to charge six top officials of the Central Bank of Nigeria (CBN) and 16 others to a Federal High Court on June 2, for a sum of 8b Naira currency fraud. The commission said in a statement signed by its Head

The Alarming Electronic Fraud In Banks


Latest data released by the Central Bank of Nigeria (CBN) revealed that the banking sector lost over N3.04 billion in 2014 to electronic fraud. The apex bank’s Financial Stability Report (FSR) for December 2014, posted on the regulator’s website stated that the cases of fraud and forgeries in the industry