Sterling Bank, has released information disproving claims made by the Independent Corrupt Practices Commission (ICPC) over the newly designed Naira notes at its Central Business District (CBD) Complex in Abuja.
A statement signed by the lender’s Chief Operating Officer, Raheem Owodeyi, stated, Sterling Bank submitted that “This report is developed for the purpose of providing the true representation of events to the misleading narrative as expressed by the ICPC in a tweet late on Tuesday, 07 February 2023.” The statement proceeds to share details of a standard regulatory monitoring exercise conducted at the CBD Abuja branch of the bank.
According to the statement, a monitoring team visited the regional centre of Sterling in Abuja on 3 February 2023. During the inspection, the monitoring team observed that the bank’s Automated Teller Machines (ATMs) were dispensing all denominations of the newly designed banknotes and also allowed customers to withdraw cash Over-The-Counter (OTC) in accordance with stipulated pronouncements.
Owodeyi stated that officials of the bank informed the monitoring team and officials of the ICPC of the presence of the sum of N 258,000,000 in the vault -as the branch serves as a hub for the distribution of cash to other branches in the region. The branches serviced by the CBD branch includ Utako, Wuye, Seda Close, Kotangora, and National Assembly offices. This, along with additional information on the branch’s function, was captured in the statement with a mention of the monitoring team’s visit to other branches to confirm reports reviewed and detailing the disbursement of cash.
The statement further disclosed that “Upon their visits to the Utako and Wuye branches, the monitoring team reviewed the records submitted for the movement of cash from the CBD branch to other branches served within the region. It is important to state that cash was being paid OTC at the branches, and the ATM terminals were dispensing the newly designed denominations during the monitoring exercise.”
