Banks accused of diverting N4.3 billion new naira notes while Nigerians suffers

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The Managing Director of the Yobe Micro Finance Bank, Sheriff Muhammad Almuhajir, has alleged that the sum of N4.3 billion disbursed by the Central Bank of Nigeria, (CBN), to banks in the State has been diverted.

The MD made the allegation in a 4:31 seconds video footage posted on his Facebook page on Tuesday.

“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.


“And more than N700 million of the amount was meant for P.O.S agents”, he claimed.

Almuhajir also alleged that the N4.3 billion disbursed to commercial banks was not in circulation in the state, thus 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 queried.

He alleged that the new Naira notes currently in circulation across the state are not up to one billion Naira.

The bank MD argued that even if the ATMs would be dispensing cash every minute, the amount could not be withdrawn in a week.

“What is the population of Yobe State?

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

He added, Yobe State does not have up to 50 functional Automated Teller Machines, (ATMs), for people to withdraw N4.3. billion in a short period of time.

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