Approximately N531.4 billion of the Central Bank of Nigeria’s intervention funds lie unused within the coffers of nine Deposit Money Banks in the country, investigations by The PUNCH have revealed.
This revelation follows the suspension of all CBN intervention funds by the current governor of the apex bank, Olayemi Cardoso. Last October, upon assuming office, Cardoso halted all development finance interventions, citing a blurring of lines between monetary policy and fiscal intervention.
Under the previous administration led by Godwin Emefiele, the CBN had engaged in various intervention programs, including the Anchor Borrowers Programme, the 100-for-100 Policy on Production and Productivity, and others, resulting in over N9.71 trillion in development finance intervention disbursements.
Cardoso emphasized the need to refocus the CBN on its core mandate and transition away from direct development finance interventions to more limited advisory roles supporting economic growth.
However, recent findings indicate that nine banks still hold over N530 billion in unused intervention funds. Zenith Bank leads with N157.81 billion, followed by Fidelity Bank with N98.85 billion and Access Bank with N94.63 billion. Other banks holding substantial amounts include Sterling Bank, GTBank, UBA, FCMB, Stanbic IBTC, and Wema Bank.
These funds were intended for disbursement to beneficiaries but remain unutilized, as revealed in the banks’ latest financial statements.
Efforts to recover these unused funds are underway, although specific details on the recovery process are yet to be finalized. Meanwhile, commercial banks assert that they will retain the funds until directed otherwise by the CBN.
In related developments, the Nigerian Financial Intelligence Unit and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending are pursuing defaulters in the N1 trillion Anchor Borrowers’ loan scheme to recover outstanding debts. Over N1 trillion was disbursed to beneficiaries, with only 30% recovered thus far.
Additionally, an email communication confirms the suspension of new applications under CBN development finance intervention programs, signaling a shift in the apex bank’s approach to economic intervention. However, existing intervention funds with approved interest rates are expected to be fully repaid in accordance with existing terms and conditions.
