 has resulted in the freezing of approximately $5.7 million allocated to Yobe State under the World Bank’s Multi-Sectoral Crisis Recovery Project, which is focused on revitalizing northeastern Nigeria.){kind=link}
The suspension of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) has resulted in the freezing of approximately $5.7 million allocated to Yobe State under the World Bank’s Multi-Sectoral Crisis Recovery Project, which is focused on revitalizing northeastern Nigeria.
A restructuring report on the project, obtained by Sunday PUNCH, revealed that access to the funds was blocked following the revocation of Heritage Bank’s licence in June 2024. Yobe State has only been able to recover around $0.5 million of the total amount.
The World Bank team is currently exploring options to recover the remaining $5.2 million, according to the report.
“Following the CBN’s decision to revoke Heritage Bank’s licence on June 3, 2024, approximately $5.7 million allocated to Yobe State remained inaccessible.
However, the state has successfully retrieved more than $0.5 million,” the report stated. “The team is collaborating with the World Bank Financial Advisory to identify the best approach to reclaim the remaining funds.”
The Multi-Sectoral Crisis Recovery Project, launched in 2017 and scheduled to end on May 31, 2025, aims to improve access to essential services and livelihood opportunities in conflict-affected states including Adamawa, Borno, and Yobe.
Despite ongoing security challenges, the project has disbursed a total of $378.2 million and achieved full utilisation of funds.
However, with the official closure of the project on May 31, 2025, it appears unlikely that the frozen Yobe funds will be recovered in time.
Since its inception, the initiative has positively impacted over 1.4 million people by enhancing livelihoods and developing social infrastructure such as roads, health centres, and schools. Nearly 2,000 subprojects—including roads, bridges, schools, and water and sanitation facilities—have been completed, though some road constructions in Adamawa and Yobe remain unfinished due to security issues.
While the overall performance of the project has been rated satisfactory by the World Bank, the Heritage Bank licence revocation has created significant hurdles in managing funds, particularly restricting Yobe State’s access.
The report highlights ongoing cooperation between project managers and World Bank financial advisors to expedite the recovery of frozen funds and mitigate delays in project activities.
Despite these obstacles, the project has achieved many milestones. More than 1.3 million individuals have experienced improved livelihoods, with women constituting 49% of participants engaged in peacebuilding and fostering social cohesion.
Infrastructure upgrades have improved service delivery for over 2.5 million people, with rehabilitated schools and healthcare facilities enhancing education and medical outcomes.
Additionally, the report emphasizes the role of technical assistance in strengthening the skills of researchers, educators, and community leaders, which supports the long-term recovery efforts within the Lake Chad Basin region.