The Economic and Organised Crimes Office (EOCO) is instituting investigations into directors of over 65 of the collapsed Microfinance Institutions in receivership.
The directors are to be investigated on their individual roles in the use of depositor funds.
Citi News sources say that records of many of the companies cannot be traced while many of the directors cannot also be located. In line with the Banking sector reforms, the Central Bank in May revoked the licenses of 347 insolvent microfinance institutions.
The Receivers have subsequently taken steps to begin repayment of depositors’ funds. EOCO according to Citi News sources is assisting the Receiver to locate, interrogate and conduct investigations into the conduct of directors of these companies.
Source:Fiilafmonline/CitiNews
