Patience Okoro Eye, Afolabi Olufemi, Kolawole Babalola, Olaniran Muniru Adeola, Fatai Yusuf Adekunle, and Ilori Adekunle Sunday, all top officials of the Central Bank from various states, were arrested over Briquetting scam. In banking parlance, Briquetting is the disintegration and destruction of counted and
audited dirty notes. By this practice, depositor banks usually take mutilated notes to the CBN in exchange for fresh notes equivalent of the amount deposited.
But instead of destroying these notes, these suspects collude with depositor bank staff to substitute the notes with newspapers neatly cut to Naira sizes and proceed to recycle the dirty Naira notes for their own personal use and destroy the newspapers instead.
During a recent Briquetting exercise, an investigation team found a box filled with old newspapers rather than bundles N1000 notes and another box that was supposed to contain N500 notes to the tune of N5b but was filled with old newspapers….. dt were meant to b used by suya n bòlì sellers to package hot suya n bòlì for buyers……