The Bank of Industry (BoI) in Nigeria said allegations over the misapplication of the cement funds which had prompted investigations by the Economic and Financial Crimes Commission (EFCC) had now been resolved.
BoI was appointed in 2009 to manage the fund that accrued from levies on imported cement for the development of Nigeria’s cement industry.
Bol further explained that new terms had been reached on how to manage the funds which had grown from N9bn (US$31.9m) in 2011 to N13.2bn (US$468m) last week.
Bol's statement siad: "The management of the bank had since February 2016 met and agreed with the Chairman of the Board of Cement Technology Institute of Nigeria (CTIN) and President of Dangote Group, Alhaji Aliko Dangote on further utilisation of the fund, based on agreement by the two parties-BoI and CTIN.
"Going forward, effective from 17 February, 2016 BoI and CTIN agreed that the bank should invest the sum that has now risen to N13.3bn in the money market on behalf of the institute at an interest rate of nine per cent.”
The bank, however, maintained that the fund was not misapplied, as stated in the said petition as the bank had furnished EFCC.