{"id":247698,"date":"2023-02-09T09:10:23","date_gmt":"2023-02-09T08:10:23","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=247698"},"modified":"2023-02-09T09:10:23","modified_gmt":"2023-02-09T08:10:23","slug":"sterling-bank-denies-hoarding-n258m-new-notes","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/02\/09\/sterling-bank-denies-hoarding-n258m-new-notes\/","title":{"rendered":"Sterling Bank denies hoarding N258m new notes"},"content":{"rendered":"

Sterling Bank has dismissed an allegation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) that it “stashed N258 million new notes” in its vault.<\/p>\n

Recall that ICPC on Tuesday evening had stated that it discovered millions of new naira notes in the vault of\u00a0Sterling Bank\u2019s Abuja regional office.<\/p>\n

The anti-graft agency also said that both the bank\u2019s regional and service managers were arrested and later granted administrative bail while the investigation continues.<\/p>\n

However, in a series of tweets on Wednesday, the bank described the allegation<\/a> as \u201cinaccurate and misleading\u201d<\/p>\n

Sterling Bank said it has always complied with all the Central Bank of Nigeria (CBN\u2019s) guidelines on the distribution of redesigned notes.<\/p>\n

It said that when the ICPC monitoring team visited the Abuja regional office, all the bank\u2019s automated teller machines (ATMs) were dispensing all denominations of the newly designed banknotes<\/a>.<\/p>\n

It added that customers were also withdrawing cash over-the-counter in accordance with the regulator\u2019s recommendations.<\/p>\n

\u201cDear @icpcnigeria, The allegation of a discovery, as presented in the narrative, is inaccurate and misleading,\u201d the tweet reads in part.<\/p>\n

\u201cIt must be noted that no cash was \u201cstashed\u201d in the vault of the regional office, and for emphasis, Sterling Bank has complied with all the guidelines on the distribution of redesigned notes from inception to date.<\/p>\n

\u201cWe are neither gas-filled objects nor criminals, as such there was no \u201cbusting.\u201d<\/p>\n

Sterling Bank said that the N258 million in the vault of its Abuja regional office was earmarked for distribution to other branches in the region.<\/p>\n

It alleged\u00a0that members of the ICPC monitoring team were informed of the sums contained in the branch\u2019s vault prior to the inspection.<\/p>\n

\u201cAll balances in our vaults are reported daily to the Central Bank of Nigeria and form the basis for the allocation of new notes in an e\ufb03cient manner; it is therefore,untrue that such monies are \u2018stashed\u2019 or \u2018hoarded\u2019,\u201d the bank said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sterling Bank has dismissed an allegation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) that it “stashed N258 million new notes” in its vault. Recall that ICPC on Tuesday evening had stated that it discovered millions of new naira notes in the vault of\u00a0Sterling Bank\u2019s Abuja regional office. The anti-graft agency also […]<\/p>\n","protected":false},"author":17,"featured_media":179540,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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