The ongoing investigation into the Central Bank of Nigeria's activities, led by Special Investigator Jim Obazee, may also extend to Chief Executive Officers and top management staff of banks regarding the management of N1.27tn in intervention funds. As part of this effort, some bank CEOs will be invited to address any potential discrepancies.
Obazee has already submitted an interim report to the President's office, providing an initial overview of the investigation's findings. This preliminary report serves to inform the President of the progress made so far and will guide key decisions to move the country forward.
In response to the interim report, there has been a change in leadership at the CBN. The President and his team are currently reviewing the report and considering appropriate actions.
The investigation focuses on N1.27tn in intervention funds held in the accounts of five banks, namely Access Bank, Fidelity Bank, Guarantee Trust Bank, United Bank for Africa, and Zenith Bank. These funds encompass various lending facilities provided by the CBN, including programs like the Accelerated Agriculture Development Scheme, Anchor Borrowers' Programme, Commercial Agriculture Credit Scheme, Healthcare Sector Intervention Facility, Paddy Aggregation Scheme, and others.
To provide some specifics:
- Access Bank holds at least N530.07bn in intervention funds, covering various schemes such as the Commercial Agriculture Credit Scheme, agent network expansion, salary bailout, excess crude account loans, and more.
- Fidelity Bank has N310.52bn in intervention funds, including state bailout funds, Real Sector Support Facility, Commercial Agriculture Credit Scheme, Paddy Aggregation Scheme, and the 100 for 100 PPP.
- Zenith Bank accounts for N288.42bn in intervention funds, involving Commercial Agriculture Credit Scheme Loans, Power & Aviation Intervention Fund, salary bailout, excess crude loan facility, Real Sector Support Facility, and Non-Oil Export Stimulation Facility.
- Guarantee Trust Bank holds N115.09bn, and United Bank for Africa has N25.16bn in intervention funds as of June 30, 2023.
These findings are part of the ongoing investigation into the management of intervention funds within these banks.
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