President Muhammadu Buhari has approved the suspension of a CBN deputy governor and three directors for alleged fraud running into hundreds of millions of dollars.

Sources said that the Deputy Governor was indicted in an ongoing fraud investigation amounting to about $400 million.

However, a statement from the CBN confirmed that “a highly sophisticated plot to defraud the CBN by some criminally minded elements has been uncovered and aborted by the bank.”

The statement signed by the bank’s Acting Director, Corporate Communications, Isaac Okorafor, said the apex bank suspended the unnamed workers to enable the bank investigate their involvement in the fraud.

“A highly sophisticated plot to defraud the CBN by some criminally minded elements has been uncovered and aborted by the bank. Although preliminary investigations so far have not revealed any accomplices within the CBN, management has decided to place all key personnel involved in the transaction on suspension. This is to ensure a full and unfettered investigation,” the statement explained. The statement added that the matter had been reported to relevant authorities while the apex bank assured the general public that the security of the bank remained intact.