N193 Billion Intervention Funds Missing Under Emefiele’s Tenure – CBN

N193 Billion Intervention Funds Missing Under Emefiele’s Tenure – CBN

The Central Bank of Nigeria (CBN) has disclosed that a substantial portion of the N10.3 trillion disbursed as intervention funds during Godwin Emefiele’s tenure is unaccounted for……READ ALSO Naira Gains Strength Against Dollar Following CBN’s Forex Backlog Clearance

According to the apex bank, out of the total intervention funds disbursed, a staggering N193 billion has been reported missing, with an additional N418.9 billion deemed doubtful.

Doubtful loans are characterized by uncertain prospects of full repayment, ranging from partial to complete loss unless corrective measures are implemented.

This revelation was made in a report last updated in September 2023, outlining the breakdown of intervention funds deployed by the bank over the years.

The report indicates that while N4.4 trillion of the disbursed funds has been repaid, approximately N5.8 trillion remains outstanding.

Furthermore, it highlights that certain loans have extended repayment tenures, with only N969.8 billion classified as past due, suggesting a repayment rate of 75.8% relative to the amounts due.

Additionally, the report reveals that N289 billion of the outstanding loans are performing, N67.9 billion are classified as substandard, while N193.9 billion are declared lost.

It’s worth noting that CBN Governor Yemi Cardoso has frequently criticized the handling of intervention funds during Emefiele’s leadership, citing concerns about inadequate implementation.

Join our channel for more latest news https://whatsapp.com/channel/0029VaV4jB6DuMRgwqnJCF32