N30 trillion Ways and Means loan: Emefiele indicted, Senate summons Cardoso

The Senate Ad-hoc Committee probing the acquisition and expenditure of the N30 trillion Ways and Means loans from the Central Bank of Nigeria (CBN) during the former President Muhammadu Buhari-led administration has disclosed the uncovering of significant infractions in the process of obtaining the overdraft.

During a meeting held at the National Assembly on Tuesday, chaired by Senator Isah Jibrin (Kogi East), along with other committee members and officials from the CBN, it was revealed that certain irregularities had occurred.

Jibrin expressed concerns over the actions taken by the immediate past CBN Governor, Godwin Emefiele, alleging that he unilaterally signed off billions of naira in approval of different tranches of the loans without adhering to due process.

He accused Emefiele of illegally signing off billions of naira in 13 documents without authorisation.

“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,” stated Senator Jibrin.

He emphasised that Emefiele’s actions were contrary to the requirements of the CBN Act, and as such, approvals should have been made in conjunction with the CBN Board of Directors.

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

Regarding the Anchors Borrowers Programme implemented during the Buhari administration, Jibrin acknowledged the progress made but stressed the need to ensure completion of the remaining 30 per cent.

“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,” he said.

Furthermore, the committee announced plans to summon the current CBN Governor, Olayemi Cardoso, to provide insights into the Ways and Means facility and clarify the actions taken during Emefiele’s tenure.

“Emefiele should explain to the existing governor. We will invite the governor, and if he does not have a response, he will contact Emefiele,” Jibrin affirmed.

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