According to the Bank, a social media report, claimed that CCCN had filed a petition to the Economic and Financial Crimes Commission (EFCC), calling for Bello’s probe, claiming he diverted the N50 billion Rediscounting and Refinancing Facility (RRF), provided by the Federal Government. The Bank explained that the N50 billion, which was wrongly referred to as RRF was the Export Development Fund (EDF), was released to the management of the Bank by the Central Bank of Nigeria (CBN), to support export-oriented projects towards achieving the Government’s Zero Oil Plan. The Bank has found it necessary to put the records straight and allay the concerns of our numerous stakeholders. “The current management of the Bank resumed office in April 2017, to replace the erstwhile management. “Moreover, such individuals may not be happy with the spirited efforts of the Bank to recover the huge amount of bad loans”.

Source: The Guardian July 22, 2020 04:17 UTC