Senate discovers 13 infractions in N30trn Ways and Means loan

• Former governor of CBN Godwin Emefiele unilaterally signed billions of naira in the approval of different tranches of the loan without following due process
• Says Emefiele illegally signed billions of naira in 13 documents

The Senate ad hoc committee probing the disbursement and usage of the N30 trillion Ways and Means loan obtained during the administration of former President Muhammadu Buhari from the Central Bank of Nigeria, CBN, has discovered 13 infractions in the process of obtaining the loan.

The chairman of the committee, Senator Isah Jibrin (APC, Benue East), said former governor of CBN Godwin Emefiele unilaterally signed billions of naira in the approval of different tranches of the loan without following due process.

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

He disclosed this on Tuesday during an interactive session with the CBN team led by Bala Bello, one of the deputy governors of the apex bank.

The committee chairman said Emefiele ought to have approved the loans in conjunction with the CBN board of directors, but he unilaterally signed the loans, which is contrary to the requirement of 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, however, informed that the committee will summon the CBN governor, Olayemi Cardoso, to give a detailed account of what he knows about 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.