CBN investigator explores banks’ handling of N1.27tn intervention funds

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CBN delays monetary policy committee meeting again amid inflation surge
CBN delays monetary policy committee meeting again amid inflation surge

The ongoing investigation into the activities of the Central Bank of Nigeria (CBN) could potentially involve the Chief Executive Officers (CEOs) and top management staff of banks.

This development comes as discrepancies in the management of intervention funds by deposit money banks have come to light.

Investigator examines CBN’s financial reports

The investigation, conducted by a Special Investigator appointed by President Bola Tinubu, is also scrutinizing the CBN’s audited annual financial reports.

The probe seeks to shed light on irregularities discovered within the financial accounts of the CBN. It’s worth noting that the CBN recently released its financial accounts for the years 2016 to 2022.

The investigation is part of the government’s anti-corruption efforts, and preliminary reports indicate that some top bank officials may be invited as the investigation progresses.

These officials may be questioned about undisbursed intervention funds, which currently amount to approximately N1.27 trillion across five banks.

These funds encompass various lending facilities provided by the CBN to support sectors such as agriculture, healthcare, and more.