We wish to issue a clarification regarding our report published on October 9, 2023, titled: “Panic as CBN Investigator Probes Wema Bank, Officials, and Other Banks Over Intervention Funds.”
The report, which was sourced from a publication by The Punch Newspaper, stated that the Special Investigator appointed by President Bola Ahmed Tinubu in 2023, Jim Obazee, was investigating Wema Bank Plc alongside other financial institutions, including Access Bank Plc, Zenith Bank Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, Stanbic IBTC Holdings, and FCMB Group, as well as their management officials. The investigation was focused on the handling of ₦1.27 trillion in CBN Intervention Funds disbursed through various schemes between 2016 and 2022.
These intervention schemes included: Accelerated Agriculture Development Scheme; Anchor Borrowers’ Programme; Commercial Agriculture Credit Scheme; Healthcare Sector Intervention Facility; Paddy Aggregation Scheme; Micro, Small, and Medium Enterprises Development Fund; Real Sector Support Facility; The “100 for 100” Policy on Production and Productivity; Export Facilitation Initiative and Creative Industry Financing Initiative.
It is important to note that the report did not accuse any of the NAMED BANKS OR THEIR OFFICIALS OF ANY WRONG, DIVERSION OR MISAPPROPRIATION OF FUNDS. It merely stated that these institutions were subjects of an ongoing review by the Special Investigator regarding the management and utilisation of the intervention funds, and that they could be invited to provide clarifications as part of the process.
However, following concerns raised by one of the banks Wema Bank Plc, about the report and in the spirit of professionalism, responsibility, and good faith, we have decided to take down the said reports from our website.
We regret any inconvenience or misunderstanding the publication may have caused and reaffirm our commitment to accurate and responsible journalism.
Signed:
Editor
About The Author
