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HomeBankingN8bn CBN mutilated currency scam: WEMA Bank staff reveals how N340m was...

N8bn CBN mutilated currency scam: WEMA Bank staff reveals how N340m was defrauded

A member of staff of Wema Bank, Mrs Abosede Oyelakin, Thursday revealled how some members of staff of the bank allegedly defrauded both the bank and the Central Bank of Nigeria (CBN) of over N340 million in the mutilated currency scam case going on at a Federal High Court, Ibadan, Oyo state capital.‎

As the first prosecution witness in the case before Justice Joyce Abdulmalik, the witness spoke on the process of gathering and taking mutilated currency to the Ibadan branch of the apex bank, saying the process lead to the bank recording a shortage of over N340 million in the mutilated currency deals between 2010 and 2013.
Oyelakin, who is the Team Leader, Inspection Department at the Southwest Regional Office of Wema Bank, in Ibadan, gave details of how the accused persons, Oyelakin, a co-staff Ademola Oni and Esther Afolabi allegedly replaced several packs of N1,000 mutilated currency with N10, N20, N50 and lower denominations to gain over N340 million.
The transactions were carried out with 173 boxes which were supposed to contain N1.7 billion but which fell short of over N340 million.

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