Emefiele’s welfare schemes: Banks retain N530bn CBN funds, Cardoso likely to request reimbursement.

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Emefiele’s welfare schemes: Banks retain N530bn CBN funds, Cardoso likely to request reimbursement.

 

This followed the temporary halt of all CBN support funds by the current governor of the central bank, Olayemi Cardoso.

 

Currently, there are nine banks that still hold more than N530 billion in unutilized intervention funds on their financial books.

 

After reviewing the recent financial statements of the banks, it was observed that they still retained funds received from the central bank designated for distribution to recipients.

 

The listed banks are Wema Bank, Stanbic IBTC Bank, Access Bank Plc, Sterling Bank, Guaranty Trust Bank, First City Monument Bank, Fidelity Bank, Zenith Bank, and United Bank of Africa.

 

Zenith Bank leads with the largest sum of intervention funds, amounting to N157.81 billion.

 

Fidelity Bank N98.85bn.

 

Access Bank N94.63bn

 

Sterling Bank N80.34bn.

 

GTB N52.39bn

 

UBA N20.87bn

 

FCMB N13.17bn

 

Stanbic IBTC N11.49bn

 

Wema Bank has N1.83bn.

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