Sterling Bank has refuted the Independent Corrupt Practices Commission’s (ICPC) claims regarding the newly designed naira notes at its Central Business District (CBD) complex in Abuja. In a statement signed by Chief Operating Officer Raheem Owodeyi on Wednesday, the bank explained the events that occurred, countering the ICPC’s narrative released on Tuesday.
The statement detailed a routine regulatory monitoring exercise conducted at Sterling’s CBD Abuja branch. A monitoring team visited the regional centre on Friday and observed that the bank’s Automated Teller Machines were dispensing all denominations of the new notes and that customers were able to withdraw cash over‑the‑counter (OTC) in accordance with the stipulated guidelines.
During the inspection, bank officials informed both the monitoring team and ICPC representatives that N258 million was present in the vault, as the CBD branch serves as a hub for cash distribution to other branches in the region. The statement listed the serviced branches—Utako, Wuye, Seda Close, Kotangora, and the National Assembly offices—and noted that the monitoring team also visited these locations to verify the cash movement reports.
At the Utako and Wuye branches, the team reviewed records confirming the transfer of cash from the CBD branch to the regional outlets. It reiterated that cash was being paid OTC at the branches and that ATMs were dispensing the newly designed denominations during the monitoring exercise. According to the bank, all responses provided were satisfactory; no further queries were raised, and the monitoring team left the premises after completing the inspection.
Approximately one hour later, ICPC officials, accompanied by the monitoring team, returned and invited two branch staff members for further questioning at the ICPC headquarters in Abuja. The two representatives were released the same day without any charges.
The bank emphasized that the regulatory team had been informed of the vault’s cash holdings before the inspection, and these amounts were verified through the bank’s records. It described the ICPC’s claim of a “discovery” as inaccurate and misleading, stating that no cash was “stashed” in the regional office’s vault. Sterling Bank affirmed its full compliance with all guidelines on the distribution of the redesigned notes since their inception.
Amid ongoing challenges with the new currency’s distribution, Sterling Bank has been praised for its customer‑focused initiatives. Videos from the previous week showed the bank’s branches handing out bottles of water to customers waiting to withdraw cash, a practice later adopted by other banks.
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