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“In the period under review, N470 million was withdrawn from Stanbic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."
She also stated that there was a subsisting Federal Government
Circular which directed that withdrawals from the Police Pension Fund
should be by way of e-payment to beneficiaries accounts but that despite
this circular, that her bosses issued cheques in her name with which
she accessed funds from the Police Pension Funds domiciled at a first
generation bank, First Bank of Nigeria Plc.
She also stated that she handed over the monies as soon as she cashed the cheques from First Bank Plc.
The accused persons are scheduled to appear before the court again on Tuesday for their bail applications to be heard-pmnews
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