Access Bank and other Nigerian banks played major roles in the fuel subsidy scandal of 2011 and have several questions to answer, a PREMIUM TIMES investigation has shown.

Sources at Access Bank, the Central Bank of Nigeria (CBN), and the oil industry say that although there is no apparent focus on the role of Nigerian banks in the whole scandal, some of them, particularly the major players like Access Bank helped perpetrate the fraud.

While N240billion was approved in the 2011 budget as petrol subsidy, Ngozi Okonjo-Iweala, Nigeria’s finance minister last week told the Nigerian Senate that the Federal Government actually paid 2.19 trillion as subsidy to petrol importers...Read more: http://premiumtimesng.com/business/6114-EXCLUSIVE-Access-Bank-CBN-others-culpable-subsidy-fraud.html