Six top officials of Central Bank of Nigeria (CBN) and 16 others from some commercial banks are to appear before an Ibadan Federal High court tomorrow June 2nd over their alleged involvement in a N8 billion fraud. According to a statement by the Economic and Financial Crimes Commission (EFCC), the CBN officials and their accomplices who are all currently in the custody of the EFCC, stole and recirculated defaced and mutilated naira notes to the tune of N8 billion.
The notes according to the CBN was to be destroyed due to their bad state. However instead of destroying the notes, the CBN officials decided to replace the mutilated notes with newspaper cutouts in naira sizes and burnt them, pretending they had destroyed the mutilated note. They then returned the mutilated naira notes into circulation. The statement from the EFCC after the cut ..