By Adewale Sanyaolu

FOLLOWING the visit of the operatives of the Economic and Financial Crimes Commission (EFCC) to the Bank of Industry (Bol) Lagos office on Monday, the bank has clarified that the issues surrounding the N13 billion Cement Technology Institute of Nigeria (CTIN) De­velopment Fund, upon which the bank got an invitation, had since been resolved.

The Cement Development Fund established the fund to primarily develop human ca­pacity, promote research and development with a view to do­mesticating technology in the cement industry in the country.

Acting Managing Director of Bol, Mr. Waheed Olagunju, at a media briefing held in Lagos yesterday, to clarify the bank’s position over the visit of EFCC in connection with the N13 billion cement development fund, explained that contrary to claims, he never declined the anti graft agency’s invitation.

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Olagunju disclosed that EFFC extended an invitation to him to be present at its office on Monday, but could not honour the invitation due to the Stake­holders’ Forum on the Nigerian Automotive Industry, which held same day. ‘‘But despite my inability to be honour the invi­tation of EFCC,I had detailed some of my colleagues to stand in for me. While they were in the office, gathering the docu­ments in relation to the cement development fund, the opera­tives stormed the office.

For a fund that has been in our custody since 2011, it will take some time putting all docu­ments in relation to the trans­action together, and that was exactly what Bol officials were doing when the operatives came visiting.

I have since visited their of­fice on Tuesday, and I have made useful statements in re­lation to the cement develop­ment fund. Bol and EFCC are partners in progress, and I have nothing against their request to beam a searchlight on our activi­ties,’’ he said. But a letter from Dangote with reference number CTIN/BOT/1/ and addressed to the EFCC Chairman dated June 20, 2016, advised the EFCC to discontinue investigations of the subject in respect of Bol.

‘‘Further to our petition on the subject dated November 23, 2105. We have engaged the management of Bol on the recovery/management of the CTIN funds in the custody of the Bank. These engagements had resulted in an agreement in principle, between CTIN and Bol for the latter to manage the funds on condition of a satisfac­tory interest rate to be agreed by both parties,’’ the letter reads in part.