The special investigative panel, led by Jim Obazee and appointed by President Bola Tinubu, has broadened its scope to encompass companies linked to key figures at the Central Bank of Nigeria (CBN). This expansion follows allegations of irregularities in anchor borrowers’ loans and forex operations.
Recent reports suggest that the investigative panel, headed by Jim Obazee and established by President Bola Tinubu in July to scrutinize and restructure the Central Bank of Nigeria (CBN), has extended its reach to include businesses and establishments owned by prominent figures within the apex bank, including its board members.
As reported by the Daily Sun, some of these companies were allegedly used as channels for anchor borrowers’ loans and foreign exchange manipulations.
This development has triggered apprehension among associates of high-ranking CBN officials, as investigators and security agencies summon them for interrogation one after another. The presidential deadline for loan recovery expires today, September 18th, heightening tension as uncertainties loom over the presidency's next course of action.
Certain legitimate farmers, who received portions of the anchor borrowers’ facility, cited factors like floods and the disruptions caused by the COVID-19 pandemic as reasons for their inability to repay.
These issues compound the allegations of fund diversion involving CBN officials and other stakeholders, who are accused of politicizing an initiative designed to address food scarcity in Nigeria. A source emphasized,
"This is not a witch-hunt but a call to service to restore the dignity of the apex bank. We are leaving no stone unturned to conduct a thorough investigation. There are no sacred cows or sacrificial lambs."
The probe encompasses matters concerning anchor borrowers’ facilities and foreign exchange round-tripping. With acute dollar scarcity, the investigative team is delving into what led to this situation and who bears responsibility.
The anchor borrowers’ loans, amounting to over N1.1 trillion, were facilitated by the ousted CBN management. However, investigators believe insufficient efforts were made to recover these loans. Out of the N1.1 trillion disbursed by the CBN to ABP beneficiaries, only a little over N546 billion was repaid.
President Tinubu, perturbed by this situation, has instructed that the outstanding N577 billion be reclaimed from defaulting farmers and CBN officials, along with their associates allegedly involved in redirecting the funds to other private ventures.
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