N193 Billion Intervention Funds Missing Under Emefiele – CBN

The Central Bank of Nigeria (CBN) has revealed that a total of N10.3 trillion was disbursed as intervention funds under Godwin Emefiele.

The apex bank said out of the intervention funds, N193 billion has been declared missing and another N418.9 billion remains doubtful.

A doubtful loan is one for which full repayment is questionable and uncertain. The degree of repayment of loans in question ranges from a complete loss to an uncertain loss unless corrective actions are taken.

The apex bank made this known in a report, which was last updated in September 2023, which detailed the breakdown of the bank’s intervention funds over the years.

The report said, out of the N10.3 trillion in intervention funds, N4.4 trillion has been repaid, while approximately N5.8 trillion remains outstanding.

According to the report seen by Daily Trust, some of the loans are tenured, meaning they only fall due when the principal repayments mature.

However, only N969.8 billion of the outstanding amount was past due, as some loans had repayment tenures extending years beyond 2023. Based on this, the report claimed the percentage of repayments to amounts due was 75.8%.

The apex bank report also indicates that N289 billion of the loans are performing, N67.9 billion is substandard and N418.9 billion is doubtful and N193.9 billion of the loans are lost.

Recall that the CBN governor, Yemi Cardoso, has repeatedly criticised the intervention funds carried out under the leadership of Emefiele, claiming that the bank could not implement the interventions appropriately.