Audit observed that the sum of N2,103,959,366.10, being accrued interest from five estate developers, was waived by the Bank’s Operational Management without the approval of this Board. Further examination revealed that from the amount, the sum of N812,570,825.29 was granted to three of the developers as credit adjustments. This was also not approved by the Board.
The Managing Director is required to justify why the sum of N2,103,959,366.10 was waived without approval of the Board or to recover the amount from the estate developers, otherwise, sanctions stated in FR3115 should apply.
Furthermore, this issue should be examined by the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and related offences Commission (ICPC).
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