Yobe State Microfinance Bank raises alarm over diversion of N4.3bn new Naira notes meant for residents


The Yobe State Microfinance Bank Managing Director, Sheriff Almuhajir, has raised the alarm alleging that the sum of N4.3 billion approved by the Central Bank of Nigeria (CBN) for banks in the state has been diverted somewhere else.

Speaking mostly in Hausa Language mixed with English Language, Almuhajir, who made the allegation in a video he posted on his Facebook page on Tuesday, claimed that out of the N4.3 billion allocated to the state by the CBN, Damaturu branch, more than N700 million was meant for Point Of Sale (POS) agents in the state.

Almuhajir, who insisted that his claim can be verified anywhere said, “My people of Yobe State and Damaturu in particular, I want to tell you that I got reliable information that the Central Bank of Nigeria, Damaturu Branch, has brought N1000 denominations of 4.3 billion naira to Yobe State.

“More than N700 million of the amount was meant for POS agents. But the question I want to ask then is where are these monies?

“I can authoritatively tell you that N4.3 billion was not shared in Yobe state.

“I can also tell you that we don’t have N1 billion of the new currency in circulation in this state. What is the population of the Yobe State?

“How many commercial banks do we have in this state. How many ATM machines do we have?”

The microfinance bank CEO argued that even if the ATM machines would be dispensing cash every minute, the amount could not be withdrawn in a week.

“Even if the ATM machines have been dispensing cash every minute between last week and today, I can assure that we have not withdrawn N1 billion in this state.

“We saw how people sleep at ATM machines. There has never been a time when you don’t see people in long queues at ATM points.

“It’s pathetic that we have got to a stage where children can’t go to school, small business owners have closed shops all because there is no cash at hand to run the business. The poor man’s life has been made difficult.

“I insist that these monies are not in Yobe State; if you’re in doubt, prove me wrong. Show me where they are kept. Or in whose possession they are, the people that got the money.”

“I am very optimistic that these monies were diverted out of the state and we won’t accept that.

“Even though I am aware that investigation is ongoing, we want stakeholders to come together and find out where the monies were taken to. Because the monies were never dispensed to our people.

“How can a very few people hold us to ransom? We can’t even pay for little things.

“We don’t even have up to 50 ATMs in the state, so how can people withdraw N4.3 billion in a short period of time?”