Abuja bank manager arrested by EFCC for hoarding new N29 million notes.

A senior bank official was arrested by the Economic and Financial Commission, or EFCC, on Monday in Abuja. According to EFCC spokesman Wilson Uwujaren, the employee is the Operations Manager of “a large commercial bank” in the Central Area.

Even though there were N29 million worth of the newly designed naira notes in the branch’s vaults, the manager refused to load the Automated Teller Machines, or ATMs.

Uwujaren said before he was whisked away for further questioning, the operatives ordered the loading of all the ATMs.

The EFCC also ensured payment across the counter to the delight of the customers who had spent hours on queues without getting the new notes.

The anti-corruption agency stated that the latest discovery indicates “a sabotage of the government’s monetary policy by some banks”.

Uwujaren disclosed that operatives covered more than five bank branches today in the Federal Capital Territory (FCT).

The operation was in continuation of the surveillance and visit to banks across the country to access their vaults and verify whether they are deliberately refusing to dispense cash.

The EFCC said it would continue the raid until normalcy is restored to the banking system, urging Nigerians finding it difficult to access funds at any bank and suspects foul play to contact the commission.

Earlier on Monday, financial institutions denied hoarding the new naira notes, saying they cannot be a clog in the wheel of efforts of the Federal Government and the Central Bank of Nigeria, CBN.