ATM Fraud: Fake Naira Notes Being Put Inside ATM Machines

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The House of Representatives has directed its Committee on Banking and Currency to investigate an alleged dispensing of fake naira notes by some Automated Teller Machines, ATMs, in some elements of the country.

Moving the motion under matters of urgent national importance, Hon. Yusuf Ayo Tajudeen, noted that in 2001 the Central Bank of Nigeria, CBN, introduced ATMs as a platform for transacting business by customers and used as payment modules in carrying out other businesses such as for instance money transfer, payment of utilities and similar transactions which had impacted positively on banking operations, service delivery and safety of customers fund.

Mint Scandal: N2.1 Billion Worth Of N1,000 Notes Missing

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The board of directors of the Nigeria Security Printing and Minting Company (NSPMC) met yesterday over the scandal that rocked the establishment where it was revealed that a whopping N2.1 billion of newly printed N1,000 notes have mysteriously gone missing.

The board meeting, chaired by the Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, decided to expand the investigation and audit the production of other currency denominations to ascertain the quantity of money that has actually gone missing over the years. LEADERSHIP had exclusively reported that an acting managing director, Ahmed Bamali, had been appointed to head the Mint company while Ehi Okomoyon, who was the chief executive, was asked to proceed on indefinite leave.