CBN Suspends Deputy Governor, Top Directors Over Fraud

One of the three deputy governors of the Central Bank of Nigeria (CBN) is currently on suspension for being involved in ‘a sophisticated plot’ to defraud the bank of huge sum of money.


Top CBN sources close to the development said two directors of the bank were also suspended over the multi-million naira scam.

The officials, who spoke on condition of anonymity, said their suspension was ordered by the CBN Governor, Mr. Godwin Emefiele after preliminary findings revealed that they might be culpable.

Recalled that the CBN had on Thursday night said it uncovered what it described as a highly sophisticated plot to defraud the bank by some people.

The bank, in a statement by the Acting Director, Corporate Communications, Isaac Okoroafor, said that some personnel within the CBN had been placed on suspension.

The need to place the officials on suspension was to allow proper investigations by relevant authorities.

The statement read, “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, the management has decided to place all key personnel involved in the transaction on suspension.”

A top ex-banker and Chief Executive Officer, Cowry Assets Management Ltd, Johnson Chukwu, commended the CBN for having what he described as a robust internal control system to intercept the fraud.

He said, "The fraud attempt was unsuccessful, so it is a plus and indicates that the CBN has a robust internal control process. It shows the level of desperation of people to make money. This kind of thing usually happens in the financial services sector, but the key thing is to ensure there is robust system to intercept it.”