The Senate Ad-hoc Committee investigating the utilization of N30 trillion Ways and Means loans acquired from the Central Bank of Nigeria (CBN) during the former President Muhammadu Buhari-led administration has disclosed uncovering infractions in the process of obtaining the overdraft. Consequently, the committee has announced its intention to summon the current CBN Governor, Olayemi Cardoso, to provide clarifications on specific details related to these infractions.
This revelation emerged during a meeting between the Chairman of the Senate committee, Senator Isah Jibrin (representing Kogi East), and other panel members with officials from the CBN at the National Assembly on Tuesday. The CBN delegation, led by one of its deputy governors, Bala Bello, engaged with the committee on matters concerning the disbursement and utilization of the N30 trillion Ways and Means loans obtained during the tenure of the Buhari administration.
Senator Jibrin alleged that the immediate past governor of the CBN, Godwin Emefiele, unilaterally approved substantial amounts of money across various tranches of the loans without adhering to due process. He accused Emefiele of signing billions of naira in approval documents without proper oversight, emphasizing that such actions contradicted the provisions of the CBN Act, which require approval from the CBN Board of Directors.
Highlighting discrepancies in the process, Jibrin emphasized the need to ascertain the total amount involved in the Ways and Means loans and demanded clarity on the sums signed off by Emefiele. Additionally, he commended the progress made in the implementation of the Anchor Borrowers Programme initiated during Buhari’s administration but stressed the importance of completing the remaining 30 percent of the program.
Furthermore, Jibrin announced the committee’s intention to summon the current CBN governor, Cardoso, to provide insights into his knowledge of the Ways and Means facility and to seek explanations on matters inherited from his predecessor, Emefiele. He emphasized the importance of accountability and stated that if Cardoso lacks adequate responses, he should liaise with Emefiele for necessary clarifications.
