AGS NEWS – The amount of unused social intervention funds held by nine Deposit Money Banks has decreased to N399.34 billion, despite the Central Bank of Nigeria (CBN) discontinuing the programme a year ago.

As of December 31, 2023, the funds stood at N531.4 billion, meaning N132.05 billion was withdrawn between January and June 2024 without explanation in the banks’ financial statements.

This lack of transparency has raised concerns about the management of the funds.

Last October, CBN Governor Olayemi Cardoso stopped development finance interventions, refocusing the CBN on its core mandate.

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However, a recent analysis showed that intervention funds remain with the banks. Zenith Bank holds the largest amount, followed by Access Bank, with varying amounts in other banks like Sterling, UBA, and GTBank.

Experts, including Dr. Muda Yusuf and Professor Akpan Ekpo, have called for the CBN to clarify the depletion of the funds and provide transparency on their management.

The CBN has yet to respond to inquiries on the matter.