Senate Uncovers 13 Violations In N30 Trillion Ways And Means Loan

Adoga Stephen By Adoga Stephen - Editor-In-Chief
2 Min Read

The Senate ad hoc committee investigating the disbursement and use of the N30 trillion Ways and Means loan obtained during former President Muhammadu Buhari‘s administration from the Central Bank of Nigeria has identified 13 violations in the loan acquisition process.

Senator Isah Jibrin (APC, Benue East), the committee’s chairman, stated that former CBN governor Godwin Emefiele approved billions of naira in various stages of the loan without following the proper procedures.

Senator Jibrin revealed that Emefiele signed billions of naira in 13 documents illegally.

During a meeting with the CBN team led by deputy governor Bala Bello, Senator Jibrin shared that Emefiele should have obtained approval for the loans from the CBN board of directors, but he signed them unilaterally, which goes against the CBN Act.

“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,” Senator Jibrin 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.”

Senator Jibrin stated that the committee plans to call upon CBN Governor Olayemi Cardoso to provide a thorough explanation of his knowledge regarding the ways and means.

“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,” he stressed.

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By Adoga Stephen Editor-In-Chief
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Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.