A Senate ad-hoc committee investigating the utilization of the N30 trillion Ways and Means loans obtained from the Central Bank of Nigeria during the tenure of former President Muhammadu Buhari has revealed new irregularities in the process. As a result, the committee has announced its intention to summon the current CBN Governor, Olayemi Cardoso, to provide clarification on certain discrepancies.
The revelation came to light during a meeting between the Chairman of the Senate committee, Senator Isah Jibrin (representing Kogi East), and other committee members with officials of the CBN at the National Assembly on Tuesday. The CBN delegation was led by one of its deputy governors, Bala Bello.
The committee’s investigation focuses on the disbursement and utilization of the N30 trillion Ways and Means loans acquired during the Buhari administration. Senator Jibrin alleged that the former CBN Governor, Godwin Emefiele, unilaterally approved billions of naira across various tranches of the loans without following due process.
Jibrin further accused Emefiele of signing billions of naira in 13 documents without proper authorization, stressing that such actions were contrary to the requirements of the CBN. He emphasized that loan approvals should have involved the CBN Board of Directors, rather than being unilaterally authorized by the governor.
The committee chairman also addressed the progress of the Anchor Borrowers Programme initiated by the Buhari administration, noting that approximately 70% of the program had been executed, leaving 30% incomplete.
In response to the irregularities uncovered, Senator Jibrin announced that the committee would summon the current CBN governor, Cardoso, to provide detailed insights into the Ways and Means facility and related matters. He emphasized the need for accountability and transparency in the management of such significant financial resources.
Jibrin emphasized that Governor Cardoso, who succeeded Emefiele, should provide explanations regarding the actions taken during Emefiele’s tenure, including any unresolved issues. The committee expects Governor Cardoso to provide necessary clarifications and ensure accountability in the utilization of the loans.
