CBN Investigator Probes UBA, Access Bank, Zenith Bank, Others Over N1.27tn Intervention Funds

The Chief Executive Officers and top management staff of banks may also be probed during the ongoing investigation of the activities of the Central Bank of Nigeria, Punch reports.

It was gathered that some bank CEOs would be invited in an effort to confirm any irregularities around the management of intervention funds by deposit money banks.

This came after a team investigating the apex bank discovered discrepancies and irregularities in the financial accounts.

President Tinubu had on July 28 appointed a former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the activities of the apex bank under its suspended governor, Godwin Emefiele.

According to a top official, who spoke with Punch on the condition of anonymity, some top bank officials will be invited as the investigations proceed over undisbursed intervention funds.

This was based on an analysis of the half-year financial statements of Access Bank, Guarantee Trust Bank, United Bank for Africa, and Zenith Bank.

The intervention funds cover lending facilities provided by the CBN through local banks, and the facilities include Accelerated Agriculture Development Scheme, Anchor Borrowers’ Programme, Commercial Agriculture Credit Scheme, Healthcare Sector Intervention Facility, and Paddy Aggregation Scheme.

They also include Micro, Small, and Medium Enterprises Development Fund, Real Sector Support Facility, 100 for 100 Policy on Production and Productivity, Export Facilitation Initiative, and the Creative Industry Financing Initiative.

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