ATM Machines and Cash

04.02.2023 Featured REVEALED: How Banks Tie Cash Bundles Down to Stop ATMs From Dispensing New Notes

Published 4th Feb, 2023

By Joseph Adeiye

Some banks have been caught deliberately preventing the public from receiving new naira notes at the automated teller machines (ATMs). 

While some bank workers simply refused to load available cash in the ATMs, others loaded the ATMs but kept the notes wrapped up. 

“ICPC has arrested an official of one of the commercial banks for alleged sabotage. The bank official, who is the Branch Service Head of Stanbic IBTC Bank, Deidei Branch, Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATM) even when the cash was available, and people were queuing at the ATMs,” the Independent Corrupt Practices & Other Related Offences Commission (ICPC) said on Friday. 

READ ALSO: VIDEO: Lagos Residents Storm Into Zenith Bank Over Scarcity of New Naira Notes

“When the ICPC monitoring team stormed the bank at about 1:30 pm to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, it was informed by the branch’s Head of Operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash around 11:58 am and either willfully or maliciously refused to feed the ATMs with the cash.”

In Oshogbo, Osun State, compliance officials found that a First City Monument Bank branch deliberately kept cash wrapped up inside their ATMs to prevent the machines from dispensing. 

READ ALSO: Protest Over Scarcity of Fuel and New Banknotes Turns Violent in Ibadan

“The ICPC Compliance Team in Oshogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed. The Team therefore directed that the wrappers be removed, and the cash loaded properly,” ICPC stated on Friday. 

“However, when a follow-up visit was undertaken the following day to ascertain the level of compliance, the team discovered that one of the ATMs was still loaded with the wrappers un-removed. 

“The Operation Manager of the Bank was arrested and taken in for questioning.” 

The same monitoring team arrested seven Point of Sale (POS) operators and a security guard in Osun State for charging exorbitant commissions for cash. According to their findings, the POS operatives got the cash from filling stations that collect new notes from fuel buyers and resell them. 

Published 4th Feb, 2023

By Joseph Adeiye


Our Stories

BREAKING: PDP’s Peter Mbah Wins Enugu Gov Election

Students planting trees

International Day of Forests: Ekiti NGO Takes Tree Planting to Secondary School

Wanted fraudsters

WANTED: 3 Ex-Employees Who Defrauded Nigeria Distilleries Ltd of N78.5m

Nigerian Labour Congress

JUST IN: NLC to Begin Strike Over Naira Scarcity

Labour party's Alex Otti

BREAKING: Alex Otti Declared Winner of Abia Guber Election

Depleted school building

School Children in Oyo State Not Learning Because of Rain, Dilapidated School Buildings

Nnamdi Chude

Police Confirm Nnamdi Chude’s Arrest But Claim He is Still ‘being Investigated’

Hyacinth Alia

SPOTLIGHT: Hyacinth Alia, the Miracle-Working Priest Who Will Be Governor

Nigerian voters

ANALYSIS: Voting Pattern Changes in Nigeria’s 2023 Presidential and Governorship Elections

Abba Kyari

JUST IN: Court Refuses Abba Kyari’s Bid to Stop His Prosecution