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CBN FINES STANBIC IBTC BANK

The country's apex financial institution, the Central Bank of Nigeria (CBN), has fined Stanbic IBTC Bank N47 million for failing to abide with the guidelines of the N200 billion Commercial Agricultural Credit Scheme (CACS).
In its CACS monthly performance report for March, the CBN stated: “In the period under review, N470 million was withdrawn from Stanbic IBTC Bank in respect of Albookys Nigeria Ltd. Due to contravention of the CACS guidelines, the bank was sanctioned with a penalty charge of N47.708 million.”

CACS is a government sponsored programme aimed at boosting the operations of commercial agriculture industries through long term credit facilities at concessioned interest rates.
The CBN report disclosed that, so far, 29 of the 36 state governors had accessed funds from the scheme, and N175 billion of the N200 billion had been disbursed.
“During the period, Abia State Government accessed N1.0 billion while Rivers and Bauchi state governments accessed additional N3.0 billion and N1.0 billion respectively from the CACS fund. The number of state governments participating in the scheme, therefore, stands at 29. These state governments accessed funds for on-lending to farmers’ unions, co-operatives and financing of other areas of agricultural interventions in their various states,” the report read.
“During the period under review (March 2012), N10.71 billion was released to six banks with respect to 18 CACS projects, bringing total releases by the CBN, since inception of the scheme in 2009, to N175.525 billion.
Eighteen banks, including Access, Fidelity, FirstBank, Guaranty, Ecobank, Diamond, Sterling, Citibank, Wema, Mainstream, Enterprise and FCMB have participated under the scheme.
“Since inception in 2009, the CBN has released N175.525 billion for disbursement to 222 beneficiaries made up of 193 private promoters and 29 state governments that accessed N33.0 billion," the regulatory bank said.
“The analysis of number of projects financed under CACS by value chain showed that of the 195 CACS private sector sponsored projects, production accounted for 47 percent and dominated the activities funded while processing accounted for 39 percent. These activities were distantly followed by marketing, storage and input supplies which registered 8 percent, 5.9 percent and 1.0 percent respectively."-DAILYTIMES

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