Banks move to frustrate Okiro’s directives on armoured cash carrier

The foundation in collaboration with a United States firm, Global and Henkels International, consequently secured a $500 million US Export Import Bank (Exim) loan to finance the purchase, with a pledge to deliver the vehicles before the February 1 deadline.

The banks, according to top presidency sources, are doing everything possible to frustrate okiro’s directives and the efforts of the PEF, importers of the ACTVs, but the IGP on his part has vowed to withdraw policemen escorting cash in transit from any of the banks that fails to comply with the directives.

Prior to the IGP’s order, all the banks, except the Central Bank of Nigeria (CBN), use pick-up vans designed with aluminium sheets as substitutes for the internationally accepted ACTVs, a development that has made police escorts easy targets to arm hoodlums.

The internationally accepted ACTVs are the B4 and B6 levels, specifically designed to defeat attacks from AK 47 assault rifles, sub-machine guns, grenades and bombs.

The CBN had in 2005 told reporters that all the so-called bullion vans used for the movement of cash in the country failed all known standard tests for ACTVs.

In an exclusive interview with Business Day last Sunday, Okiro said he was prepared to do anything to ensure that all the banks complied with the order, pointing out that any bank that failed to acquire it would have all policemen attached to such bank withdrawn.

The banks insure the cash so it does not really matter to them if the cash is stolen in transit, but unfortunately the policemen escorting them are not insured. We are not prepared to sacrifice our men to armed bandits anymore because a few people are not ready to do the right thing, he said.

According to him, "we will not hesitate to do what is right this time. If a few people are not happy with what we are doing, we will be satisfied because we know we are doing the right thing and we will not allow anybody for any selfish reason derail our plans," Okiro said.

Dependable sources told Business Day that the banks were claiming that the time given by Okiro for the acquisition was too short and were therefore doing everything possible to frustrate the directives.

They have been lobbying people in the corridors of power for government to reverse the decision, one of the sources said.

Despite the lobbying, the source said relevant security arms of government and presidential security advisers had already given the approval for the introduction of the ACTVs

As a first step to consolidating the moves, Goodluck Jonathan, vice president, had in December presided over a workshop organised by the police foundation, as a mark of government’s approval.

The banks have gone very far and they will stop at nothing to ensure that the whole programme does not materialise. They have not really come out to say what the problem actually is, the source added.

National coordinator of the PEF, Kenny Martins, said the 500 units of the ACTVs would be delivered before the February 1 deadline.

"We need to protect the policemen accompanying the movement of cash. It is unfortunate that in the past, nobody has been very determined about protecting personnel who move cash around in the country. This time, we are prepared to take the lead in this direction and nothing is going to stop us from providing security for our policemen escorting the movement of cash across the country," Martins said.

Bruce App, a representative of Global and Henkels International, told Business Day recently that the ACTVs would be sufficient to protect the lives of the policemen and other personnel accompanying the cash while in transit.