General News
Rogue of Ages: How Access Bank Kept Nigeria’s Multi Billion Naira Electricity Funds Hidden For Ten Years
Secrets Reporters
The year was 2014 and then President Goodluck Jonathan was desperate to see Nigeria have steady power supply. To achieve his vision, the Central Bank of Nigeria (CBN) was asked to contact some banks who will participate in the Nigerian Electricity Market Stabilization Facility.
To start it, there was first the incorporation of NESI Stabilization strategy limited. One of the banks selected for such was Access Bank Plc. According to external auditors, Access Bank engaged in manipulation by unlawfully arranging and collecting 1.9535 percent of the disbursements paid to them for participating in the Nigerian Electricity Market Stabilization Facility (NEMSF).
The bank got N726,314,137.45 from Nigeria’s coffer. In a document probing the CBN by the Jim Obazee led committee which is in SecretsReporters custody, the committee indicted the bank for participating in such criminal diversion of Nigeria’s fund for years without carrying out the purpose for which it was given.
The money with Access Bank at today’s exchange rate is worth over N7 billion. The bank has been asked to refund back the money according to the committee’s recommendation, which is yet to refunded back till date.
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