Over N500bn old Naira notes yet to be returned to CBN — EFCC points at politicians

Abdulrasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), reveals that politicians have over N500 billion hoarded in old naira notes that are yet to be returned to the Central Bank of Nigeria (CBN).

The commission’s chairman made this known in an interview on Channels TV’s Politics Today, on 23rd February 2023.

According to Bawa, the EFCC had obtained significant intelligence on the methods that politicians were using to purchase votes during elections.

In his words, “The only option politicians have now is to buy votes, as BVAS will do a lot of wonders. They want to maximize the numbers they have. That is the intelligence we have and I am happy that all the security agencies are working to make sure the election is successful.

“Some people stashed money for the purpose of the election. Even as of today we still have over N500 billion old naira notes that are yet to be returned to the CBN. And the CBN has printed N500 billion new naira notes which is in circulation.

“We have our own way of getting such Intel and God willing we are going to use it maximally this time around.”