An appointed special investigator, Mr. Jim Obazee, is set to examine the operations of the Central Bank of Nigeria (CBN) and its affiliated entities. This move may lead to the summoning of Wema Bank Plc's Managing Director, Mr. Moruf Oseni, and other senior bank officials regarding their management of intervention funds provided by the CBN.
The unfolding situation has caused unease and anxiety at Wema Bank's headquarters in Lagos, as revealed by THE WITNESS. As per a report from The Punch, the bank's top executives may be called in for questioning as investigations intensify, focusing on approximately N1.27 trillion in undisbursed intervention funds across various Nigerian commercial banks, with Wema Bank mentioned in this context.
This development arises in the wake of discrepancies and irregularities uncovered in the financial accounts of the apex bank by an investigative team. In August, the CBN released its financial accounts covering the years 2016 to 2022, coinciding with an ongoing investigation of the financial services sector regulator led by a special investigator appointed by President Bola Tinubu.
President Tinubu appointed Jim Obazee, the former CEO of the Financial Reporting Council of Nigeria, to investigate the activities of the CBN during the tenure of its suspended governor, Godwin Emefiele. George Akume, the Secretary to the Government of the Federation, has recently announced the imminent disclosure of the audit report of the CBN's probe. Akume emphasized that this report would shed light on how poor governance has contributed to the country's current challenges, offering clarity on what went wrong.
The bank and its officials could face legal consequences if found to be at fault, as suggested by this report. The agricultural sector, especially through programs like the Anchor Borrower Fund and the Commercial Agriculture Credit Scheme, has been a major beneficiary of these intervention funds. Nine banks hold at least N208.33 billion in undisbursed funds from the CBN for these programs, offered at favorable interest rates.
According to Wema Bank Plc's first-half financial statements released on the Nigerian Exchange Limited, the bank claimed to have N848.23 million of the Anchor Borrower Fund, signifying substantial disbursement between January and June 2023.
The Anchor Borrowers' Programme, aligned with the CBN's developmental function, was launched in 2015 by former President Muhammadu Buhari to facilitate a connection between anchor companies and smallholder farmers involved in key agricultural commodities' processing.
The Commercial Agriculture Credit Scheme (CACS), a CBN-powered initiative in collaboration with the Federal Government, aims to provide concessionary funding for agriculture to promote commercial agricultural enterprises in Nigeria. Controversies have arisen regarding the beneficiaries and repayments of the Anchor Borrower Program fund.
Mabel Adeteye, the head of Brand & Marketing Communications at Wema Bank Plc, had not responded to Emmynet24 News inquiries as of the time of reporting.
The unfolding situation has caused unease and anxiety at Wema Bank's headquarters in Lagos, as revealed by THE WITNESS. As per a report from The Punch, the bank's top executives may be called in for questioning as investigations intensify, focusing on approximately N1.27 trillion in undisbursed intervention funds across various Nigerian commercial banks, with Wema Bank mentioned in this context.
This development arises in the wake of discrepancies and irregularities uncovered in the financial accounts of the apex bank by an investigative team. In August, the CBN released its financial accounts covering the years 2016 to 2022, coinciding with an ongoing investigation of the financial services sector regulator led by a special investigator appointed by President Bola Tinubu.
President Tinubu appointed Jim Obazee, the former CEO of the Financial Reporting Council of Nigeria, to investigate the activities of the CBN during the tenure of its suspended governor, Godwin Emefiele. George Akume, the Secretary to the Government of the Federation, has recently announced the imminent disclosure of the audit report of the CBN's probe. Akume emphasized that this report would shed light on how poor governance has contributed to the country's current challenges, offering clarity on what went wrong.
The bank and its officials could face legal consequences if found to be at fault, as suggested by this report. The agricultural sector, especially through programs like the Anchor Borrower Fund and the Commercial Agriculture Credit Scheme, has been a major beneficiary of these intervention funds. Nine banks hold at least N208.33 billion in undisbursed funds from the CBN for these programs, offered at favorable interest rates.
According to Wema Bank Plc's first-half financial statements released on the Nigerian Exchange Limited, the bank claimed to have N848.23 million of the Anchor Borrower Fund, signifying substantial disbursement between January and June 2023.
The Anchor Borrowers' Programme, aligned with the CBN's developmental function, was launched in 2015 by former President Muhammadu Buhari to facilitate a connection between anchor companies and smallholder farmers involved in key agricultural commodities' processing.
The Commercial Agriculture Credit Scheme (CACS), a CBN-powered initiative in collaboration with the Federal Government, aims to provide concessionary funding for agriculture to promote commercial agricultural enterprises in Nigeria. Controversies have arisen regarding the beneficiaries and repayments of the Anchor Borrower Program fund.
Mabel Adeteye, the head of Brand & Marketing Communications at Wema Bank Plc, had not responded to Emmynet24 News inquiries as of the time of reporting.
Verified Source: Emmynet24
