Why we are speaking with CBN about what we found at Wadata – Benue Police tell Neusroom
Barely 24 hours before the newly-designed naira notes will be released to the Nigerian public, a video emerged on social media on Tuesday, December 14, 2022, showing sacks of what was perceived to be damaged naira notes inside the Wadata Police Barrack in Benue State.
Neusroom could not immediately confirm the authenticity of the video when it started circulating on Tuesday.
Many users and eyewitnesses seen in the footage from the site where the bags were discovered claimed the bags contained damaged naira notes. According to at least 10 tweets examined by Neusroom, social media users claimed the ‘damaged naira notes’ were discovered by the Economic and Financial Crimes Commission (EFCC).
Although no credible media reported the viral report as a fact, since the Central Bank of Nigeria (CBN) announced on October 26, 2022, that ₦200, ₦500, and ₦1000 notes would be redesigned and will cease to be legal tender from January 15, 2023, there have been a series of reports claiming that millions of naira notes stashed in different locations across the country are being returned by some Nigerians who fear that the naira notes may become useless when it ceases to become a legal tender from January 2023.
This is why reports of the Benue discovery of supposed damaged naira notes also sparked reactions from Nigerians on social media who believe the alleged cash were looted funds.
The Benue State Police Command has, however, debunked reports that the bags discovered in Wadata was full of damaged naira notes.
Anene Sewuese Catherine, the Benue Police spokesperson told Neusroom, on Wednesday, December 14, 2022, that the narrative behind the viral video is false.
Anene said that the discovery was not made inside the Wadata Police Barracks as the viral reports claimed but in a shop nearby owned by one Mr Isah Suleiman, who tendered a document issued to him by CBN that allows him to use waste papers, supposedly banknotes from CBN, and process them into mosquito repellents.
“Police detectives sent on an investigation to the scene recovered wasted papers in a shop close to Wadata Police Barracks, Makurdi,” she said in a message sent to Neusroom.
Prior to 2020, spoiled paper banknotes were disposed of by burning in the open air in 12 disposal centres across the country. This negatively impacted the environment and a new method where the notes are recycled for other useful purposes was adopted by CBN.
Companies interested in converting old banknotes into useful products are required to submit proposals to the apex bank and a licence is issued to them upon meeting all the required standards.
Old paper banknotes can be recycled into tissue paper, while polymer banknotes are used to make plastic chairs, and tables, among other things.
Anene added that the “investigation has been extended to CBN” to confirm if Suleiman was licensed to recycle old banknotes.
