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Sterling Bank In Big Trouble

Sterling Bank Plc under the leadership of Abubakar Suleiman is in hot soup.

Central Bank of Nigeria (CBN) officials have discovered N6 million of the new Naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks.

In a video making the rounds on social media, a man who identified himself as Oluwole Owoeye, a Deputy Director of CBN, while monitoring the distribution of the new Naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines (ATMs), despite having six of the machines in place.

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The CBN official said: “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any.”

“They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.”

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.”

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”