• Home
  • About Us
  • Contact Us
Tuesday, November 28, 2023
Star Lite News
  • Home
  • News
    • All
    • Business
    Emefiele

    High Court Again Grants Emefiele Bail Of N300m

    Caleb Muftwang

    Appeal Court Sacks Plateau Gov, Declares APC Candidate Winner

    Sam Larry-Naira Marley

    MohBad: Naira Marley, Sam Larry Regain Freedom

    Bola Tinubu

    President Tinubu Cancels 40% IGR Deduction From Universities

    NLC

    NLC Strike: Labour Barricades NASS Entrances, Locks Out Staff, Others

    NLC-TUC

    FULL TEXT: NLC, TUC Declare Strike In Imo Few Days Before Election

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Nuel Asii

    New Release: Rescue by Nuel Asii

    Senator

    Senator To Meet Cycling Davido’s Fan, Pledges To Sponsor His Music Career

    Sinead O’Connor’s

    Irish Singer Sinéad O’Connor Dies Aged 56

    Davido

    U.S City Declares July 7 As Davido Day

    Iyabo Oko

    Veteran Nollywood Actress, Iyabo Oko Is Dead

    Al Pacino

    Al Pacino, 83, Set To Become Father Again After Revealing Girlfriend, 29, Is Pregnant

  • Lifestyle

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    Emefiele

    High Court Again Grants Emefiele Bail Of N300m

    Caleb Muftwang

    Appeal Court Sacks Plateau Gov, Declares APC Candidate Winner

    Sam Larry-Naira Marley

    MohBad: Naira Marley, Sam Larry Regain Freedom

    Bola Tinubu

    President Tinubu Cancels 40% IGR Deduction From Universities

    NLC

    NLC Strike: Labour Barricades NASS Entrances, Locks Out Staff, Others

    NLC-TUC

    FULL TEXT: NLC, TUC Declare Strike In Imo Few Days Before Election

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Nuel Asii

    New Release: Rescue by Nuel Asii

    Senator

    Senator To Meet Cycling Davido’s Fan, Pledges To Sponsor His Music Career

    Sinead O’Connor’s

    Irish Singer Sinéad O’Connor Dies Aged 56

    Davido

    U.S City Declares July 7 As Davido Day

    Iyabo Oko

    Veteran Nollywood Actress, Iyabo Oko Is Dead

    Al Pacino

    Al Pacino, 83, Set To Become Father Again After Revealing Girlfriend, 29, Is Pregnant

  • Lifestyle

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home News

Wema Bank MD, Moruf Oseni, paniky as CBN investigator probes bank over intervention funds BY Olumide Ogunleye

starliteadmin by starliteadmin
October 9, 2023
in News
0
Managing Director of Wema Bank Plc-Mr. Moruf Oseni
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

Special investigator, Mr. Jim Obazee appointed to probe the activities of the Central Bank of Nigeria (CBN) and its related entities, may soon invite the managing director of Wema Bank Plc, Mr. Moruf Oseni and other senior officials of the bank over the management of intervention funds released to the lender by the apex bank.

The development gathered is causing panic and disquiet at the bank’s headquarters in Lagos.

According to a report by The Punch, the bank’s executives will be invited for questioning as the investigations proceed over N1.27 trillion undisbursed intervention funds in some commercial banks in Nigeria, in which Wema Bank was mentioned.

It was learnt that the move is to ascertain any discrepancies around the management of intervention funds by the lender.

This came after a team investigating the apex bank discovered discrepancies and irregularities in the financial accounts.

In August, the CBN released its financial accounts for the years 2016 to 2022 amid an ongoing probe of the financial services sector regulator by a special investigator appointed by President Bola Tinubu.

Tinubu had on July 28 appointed a former chief executive officer of the Financial Reporting Council of Nigeria, Jim Obazee, as special investigator to probe the activities of the apex bank under its suspended governor, Godwin Emefiele.

The secretary to the Government of the Federation, George Akume, recently said the Federal Government would soon unveil the audit report of the probe of the CBN.

The SGF said that the probe report of the CBN when made public, would reveal how poor governance brought the country to the present predicament.

According to him, the report will enable Nigerians to know what really went wrong and how the country got to its present situation.

This online platform learnt that the bank and its officials will be made to face the wrath of the law if found culpable.

According to the report, the agricultural sector has been the major beneficiary of the intervention funds, especially through the Anchor Borrower Fund and the Commercial Agriculture Credit Scheme.

About nine banks have at least N208.33bn undisbursed funds from the CBN for the Anchor Borrower Fund and the Commercial Agriculture Credit Scheme at little interest rates.

According to the first half financial statements released to the Nigerian Exchange Limited, Wema Bank Plc claimed that it had N848.23m of the AB Fund in its coffers from N1.96bn signifying that it had disbursed N846.26bn between January and June 2023.

The Anchor Borrowers’ Programme was established by the CBN in line with its developmental function. It was launched by former president Muhammadu Buhari on November 17, 2015, to create a link between anchor companies involved in the processing and smallholder farmers of key agricultural commodities.

The CACS is a scheme powered by the CBN in collaboration with the Federal Government represented by the Federal Ministry of Agriculture and Rural Development with the aim of providing concessionary funding for agriculture so as to promote commercial agricultural enterprises in Nigeria.

So far, there have been controversies over the beneficiaries and repayments of the ABP fund.

Mabel Adeteye, head of Brand & Marketing Communications, Wema Bank Plc, did not respond to enquiries as at press time.

Tags: CBNCentral Bank of NigeriaGeorge Akumehead of Brand & Marketing CommunicationsMabel AdeteyeManaging Director of Wema Bank PlcMr. Jim ObazeeMr. Moruf OseniSecretary to the Government of the FederationSpecial InvestigatorStarlitenewsWema Bank Plc
Previous Post

Sustainable Partnership: Dangote Cement Fetes Senior Citizens In Ogun

Next Post

Access Holdings, Art X Collective To Inspire Africa’s Emerging Talent With The Access Art X Prize 2023

starliteadmin

starliteadmin

Related Posts

Emefiele

High Court Again Grants Emefiele Bail Of N300m

by starliteadmin
November 22, 2023
0

A High Court sitting in Abuja has granted the embattled former governor of the Central Bank of Nigeria (CBN), Godwin...

Caleb Muftwang

Appeal Court Sacks Plateau Gov, Declares APC Candidate Winner

by starliteadmin
November 20, 2023
0

The Court of Appeal sitting in Abuja has nullified the election of Governor Caleb Muftwang of Plateau State. A three-member...

Sam Larry-Naira Marley

MohBad: Naira Marley, Sam Larry Regain Freedom

by starliteadmin
November 19, 2023
0

EMBATTLED Nigerian artiste Azeez Fashola, popularly known as Naira Marley, and Lagos socialite, Balogun Eletu, also known as Sam Larry,...

Bola Tinubu

President Tinubu Cancels 40% IGR Deduction From Universities

by starliteadmin
November 17, 2023
0

President Bola Tinubu has announced the cancellation of the automatic deduction of 40% from the internally generated revenues of federal...

NLC

NLC Strike: Labour Barricades NASS Entrances, Locks Out Staff, Others

by starliteadmin
November 15, 2023
0

The Organised Labour under the auspices of the Parliamentary Staff Association of Nigeria (PASAN), on Tuesday, blocked all entrances to...

NLC-TUC

FULL TEXT: NLC, TUC Declare Strike In Imo Few Days Before Election

by starliteadmin
November 10, 2023
0

The leaders of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) have directed their members and affiliates in Imo...

Next Post
Access ART X Prize 2023

Access Holdings, Art X Collective To Inspire Africa’s Emerging Talent With The Access Art X Prize 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • A Day With Legends of Nollywood

    Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0
  • RECRA 2023 Host Gov. Babajide Sanwo-Olu, Bldr. (Dr.) Abdulhakeem Odegade, Paul Obazele, Other Eminent Personalities

    0 shares
    Share 0 Tweet 0
  • Akmodel M.D. Bldr.(Dr.) Odegade, Mr. Olajide Lawal, Nancy Isime, Others Receives Award At Eko Heritage Awards (Photos)

    0 shares
    Share 0 Tweet 0
  • Akmodel First Physical Allocation At Akmar Flourish Gardens Epe (Photos)

    0 shares
    Share 0 Tweet 0
  • M.D Of AKMODEL GROUPS, Bldr. (Dr.) Odegade, Paul Obazele, Favour Benson, Mrs Janet Mordi (M.D Zekod Farms LTD.) Mr. Ralph (Viju Industries), Others Attends RECRA 2023 (Photos)

    0 shares
    Share 0 Tweet 0

Recent Posts

  • Accessprenuer: Over 50 Corps Members Win Access Bank Business Empowerment Grants Across Nigeria
  • Fidelity Bank Set To Host 2 Days Of Family Entertainment
  • Zenith Bank Signs MoU With The French Government For The Establishment Of A Subsidiary In France
  • Police Arrest Mastermind Behind Dangote-Cement-Price-Slash Scam
  • Union Bank And BFREE Forge Strategic Partnership To Revitalize Loan Portfolios
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.