Yobe Banks Have Diverted N4.3bn New Notes - MFB Official Cries Out

 

The Managing Director, Yobe Microfinance Bank, Sheriff Almuhajir has raised an alarm about alleged illegal activity of banks given the new naira notes totaling N4.3 billion.

 

He alleged on Tuesday that the sum of N4.3 billion disbursed by the Central Bank of Nigeria to banks in the state had been diverted.

 

Punch reported that Almuhajir made this allegation in a 4:31-seconds-video footage posted to his Facebook handle.

 

He said, “I want to tell you that I got reliable information that the Central Bank of Nigeria, Damaturu Branch, has disbursed the sum of 4.3 billion naira to banks in Yobe State.

 

He alleged that the N4.3 billion disbursed to commercial banks was not in circulation in the state, accusing some bank managers of diverting the funds out of the state.

“But the question I want to ask here is, where is this money?” he lamented.

 

He further alleged that the new naira notes currently in circulation across the state were not up to one billion Naira, stressing that even if the ATMs (Automated Teller Machines) would be dispensing cash every minute, the amount could not be withdrawn in a week.

“How many commercial banks do we have in this state? How many ATMs do we have?,” he quried.

 

The microfinance bank MD noted that Yobe State does not have up to 50 functional ATMs for people to withdraw N4.3 billion in a short period of time.

 

Almuhajir added that some Points of Sale operators provide better services than most commercial banks operating in the state.