By Daniel Edu
The Chief Executive Officers (CEOs) and top management staff of several banks are under scrutiny amid the ongoing investigation into the activities of the Central Bank of Nigeria (CBN) during former Governor Godwin Emefiele’s tenure. Special Investigator Jim Obazee is leading the inquiry, focusing on un-disbursed intervention funds.
According to an anonymous official cited by The Punch, approximately N1.27tn in intervention funds are held in the accounts of five commercial banks: Access Bank, Fidelity Bank, Guarantee Trust Bank, United Bank for Africa, and Zenith Bank. These funds cover various lending facilities provided by the CBN, including initiatives like the Accelerated Agriculture Development Scheme, Anchor Borrowers’ Programme, Commercial Agriculture Credit Scheme, Healthcare Sector Intervention Facility, and Paddy Aggregation Scheme, among others.
Access Bank reportedly holds at least N530.07bn of these intervention funds, including allocations for schemes like the Commercial Agriculture Credit Scheme and the Real Sector Support Facility. Fidelity Bank accounts for N310.52bn of the funds, while Zenith Bank holds around N288.42bn. GT Bank and UBA have N115.09bn and N25.16bn, respectively, in intervention funds as of June 30, 2023.
It’s noted that the agricultural sector has been a major recipient of these intervention funds, especially through programs like the Anchor Borrower Fund and the Commercial Agriculture Credit Scheme. Several banks, including Guaranty Trust Holding Company, Wema Bank, Sterling Financial Holdings, United Bank for Africa, Access Holdings, Zenith Bank Plc, Fidelity Bank, Stanbic IBTC Holdings, and FCMB Group, have substantial undisbursed funds from these schemes, totaling N208.33bn.
The ongoing investigation aims to shed light on these funds, raising questions about their allocation, management, and potential impact on the national economy.
