N30tn Loans: Senate Discovers New Infractions, Summons CBN Gov

The Senate Ad-hoc Committee investigating the acquisition and utilisation of the N30 trillion Ways and Means loans from the Central Bank of Nigeria during the tenure of former President Muhammadu Buhari has announced the discovery of certain irregularities in the process of obtaining the overdraft.

Consequently, the committee has finalized arrangements to call upon the current CBN Governor, Olayemi Cardoso, to provide clarification on specific aspects related to the irregularity.

During a meeting at the National Assembly on Tuesday, Senator Isah Jibrin (Kogi East), alongside fellow committee members, engaged in discussions with officials from the Central Bank of Nigeria (CBN). The delegation from the CBN, led by Deputy Governor Bala Bello, gathered with the Senate committee to address inquiries regarding the disbursement and utilization of the N30 trillion Ways and Means loans obtained during the tenure of the Buhari administration.

This interaction served as a platform for the committee to delve into the details surrounding the acquisition and expenditure of these significant funds, seeking transparency and accountability from the CBN officials.

As discussions unfolded, it became evident to the Senate committee that certain irregularities had surfaced in the process of obtaining the overdraft. Consequently, the committee resolved to summon the current CBN Governor, Olayemi Cardoso, to provide further elucidation on these discrepancies. This decision underscores the committee’s commitment to thorough investigation and oversight, aiming to ensure adherence to proper procedures and accountability in the handling of public finances.

According to Jibrin, the former governor of the CBN, Godwin Emefiele, is accused of single-handedly authorizing the disbursement of billions of naira across various segments of the loans without adhering to proper procedures. The Kogi lawmaker further alleged that Emefiele’s actions involved the unlawful signing of billions of naira in a total of 13 documents, raising concerns about the legality and transparency of the loan approval process.

These allegations leveled against Emefiele highlight concerns regarding the handling of the loan disbursements and the role of the former CBN governor in overseeing these transactions. Jibrin’s assertions underscore the importance of ensuring due diligence and adherence to established protocols in financial matters, particularly concerning significant sums of public funds. As investigations progress, the focus remains on clarifying the circumstances surrounding Emefiele’s actions and addressing any potential irregularities in the loan approval process.

According to the committee chairman, Emefiele ought to have approved the loans in conjunction with the CBN Board of Directors, stressing that he unilaterally signed the loans contrary to the requirements of the CBN Act.

Jibrin said, “The committee of governors ought to be the signatories to the Ways and Means account but in the document we have here, the governor signed billions of naira in about 13 places.

“We want to know the total figure of the Ways and Means. We want to know the summation of the figure.”

The committee chairman further noted that documents available to him on the Anchors Borrowers Programme implemented by the Buhari’s administration indicated that about 70 per cent of the programme had been executed, leaving the remaining 30 per cent.

He said, “On the Anchor Borrowers Programme, you have done well. You did about 70 per cent but we must ensure the completion of the remaining 30 per cent.”

Jibrin, however, informed that the committee would summon the current CBN governor, Cardoso, to give a detailed account of what he knew about the Ways and Means facility.

The senator said, “Your governor who took over from Emefiele should be able to stand for Emefiele because he took over from him, including his assets.

“Emefiele should provide an explanation to the existing governor.  We will invite the governor and in case he does not have a response, he will contact Emefiele.”