In 2014, then-President Goodluck Jonathan was determined to provide Nigeria with a stable power supply. As part of his vision, he directed the Central Bank of Nigeria (CBN) to collaborate with several banks to participate in the Nigerian Electricity Market Stabilization Facility (NEMSF).
To facilitate this initiative, the NESI Stabilization Strategy Limited was incorporated. Among the banks selected to participate was Access Bank Plc. However, external auditors later revealed that Access Bank had engaged in manipulation by unlawfully arranging and collecting 1.9535 percent of the disbursements allocated to them for their role in the NEMSF.
Specifically, Access Bank received N726,314,137.45 from Nigeria’s coffers. A document, which is now in the custody of SecretsReporters, details a probe conducted by a committee led by Jim Obazee. The committee indicted Access Bank for the criminal diversion of Nigeria’s funds, accusing the bank of failing to utilize the funds for their intended purpose over several years.
At today’s exchange rate, the funds held by Access Bank are worth over N7 billion. The committee has recommended that Access Bank refund the money, a directive which has not yet been complied with.