Emefiele: Banks CEOs, Top Staff To Be Probe Over N1.27 Trillion Intervention Funds
Central Bank of Nigeria, Special Investigator, Jim Obazee says the Chief Executive Officers and top management staff of banks will also be probed over N1.27tn intervention funds.
He said that some bank CEOs would be invited to ascertain any discrepancies around the management of intervention funds by deposit money banks.
This is contained in an interim report by Obazee had submitted to the President’s office.
Multiple officials said the preliminary report was submitted for necessary action by the President.
The CBN Special Investigator submitted a preliminary report to the President’s Office over a week ago. The investigation continues but the preliminary report is meant to give the President an idea of what has been discovered so far,”
The intervention funds cover lending facilities provided by the CBN through local banks, and the facilities include the Accelerated Agriculture Development Scheme, Anchor Borrowers’ Programme, Commercial Agriculture Credit Scheme, Healthcare Sector Intervention Facility, and Paddy Aggregation Scheme.
They also include the Micro, Small, and Medium Enterprises Development Fund, the Real Sector Support Facility, the 100 for 100 Policy on Production and Productivity, the Export Facilitation Initiative, and the Creative Industry Financing Initiative.
there was at least N530.07bn worth of intervention funds in Access Bank.
This included about N3.56bn under the Commercial Agriculture Credit Scheme, N1.57bn to facilitate the rapid rollout of agent networks across Nigeria supporting the expansion of a shared Agent Network, N58.84bn under the salary bailout fund, N99.04bn outstanding balance on the excess crude account loans, N9.34bn for the Real Sector Support Facility, N1.14bn for the Accelerated Agricultural Development Scheme.
It also included N955.61m for the Creative Industry Financing Initiative, N8.62bn for the Non-Oil Export Stimulation Facility, and N17.64bn for the Health Sector Intervention Facility, among others.
N310.52bn of the intervention funds sit in Fidelity Bank. It included N80.65bn state bailout fund, N190.06bn Real Sector Support Facility – Differentiated Cash Reserves Requirement, N7.28bn Commercial Agriculture Credit Scheme, N2.5bn Paddy Aggregation Scheme, and N6.36bn 100 for 100 PPP.
N288.42bn of the intervention funds are in Zenith Bank. It included N23.54bn Commercial Agriculture Credit Scheme Loan, N1.86bn Power & Aviation Intervention Fund, N125.14bn salary bailout fund, N71.53bn Excess Crude Loan Facility, N28.73bn Real Sector Support Facility and N9.13bn Non-Oil Export Stimulation Facility.
N115.09bn in GT Bank and N25.16bn in UBA as of June 30, 2023.
