It Is The Height Of Banditry – Okechukwu Applauds CBN’s Move To Fine Banks Over Cash Scarcity

A founding member of the All Progressives Congress (APC) Osita Okechukwu, has stated that the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stopped the bandits of Deposit Money Banks, (DMBs) who are deliberately frustrating Nigerians.

Naijaonpoint reports that the CBN had sanctioned nine Deposit Money Banks with fines totalling ₦1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season.

Each of the banks was fined ₦150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.

The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.

The fines will be directly debited from the banks’ accounts with the CBN.

Speaking in Abuja on Wednesday, Okechukwu insisted that it is an act of banditry for DMBs to deliberately deny cash to ATMs especially during the Christmas season.

Applauding the CBN Governor for his move, the former Director General of Voice of Nigeria (VON) urged Cardoso to conduct more investigations, adding that the banks have many other fault lines which killed laudable program of previous administration and if not curbed will derail the Renewed Hope Agenda of President Bola Ahmed Tinubu.

He noted that CBN Governor should critically re-examine the multifaceted DMBs fault lines which engendered high inflation and economic hardship.

According to Okechukwu: “Daniel has come to judgment as CBN fined Deposit Money Banks, DMBs, N1.35 billion for failing to make Naira notes available through Automated Teller Machines, ATMs, during the Yuletide session. It’s height of banditry simple and short as it denied many Nigerians rice on their table.”