Senate to Summon Emefiele Over N30 Trillion Loan Infractions

The Senate, the upper legislative chamber of the National Assembly, is preparing to summon the former Governor of the Central Bank of Nigeria, Godwin Emefiele, regarding 13 violations discovered in the process of securing the N30 trillion Ways and Means loan during the tenure of former President Muhammadu Buhari.

The Senate’s ad hoc committee investigating the distribution and utilization of the Ways and Means loan revealed this during a meeting with officials from the apex bank on Tuesday.

The committee expressed the need for the former governor to clarify certain aspects concerning these infractions.

Senator Isah Jibrin, the Chairman of the Senate Committee representing Kogi East, alleged during the meeting that Emefiele had unilaterally approved billions of naira across various segments of the loans without adhering to due process.

Emefiele Urged to Provide Explanations to Current Governor

Bala Bello, a deputy governor of the apex bank, led a team of CBN officials to the meeting held at the National Assembly.

“The committee of governors is supposed to be the signatories to the Ways and Means account.

However, according to the documents we have here, the governor signed off billions of naira in approximately 13 instances,” stated the committee chairman.

“We seek to ascertain the total figure of the Ways and Means loan and its overall sum.”

While commending the bank for achieving 70 percent implementation of the Anchors Borrowers Programme, the committee emphasized the importance of completing the remaining 30 percent.

“On the Anchor Borrowers Programme, commendations are due as you have achieved approximately 70 percent. However, we must ensure the remaining 30 percent is fulfilled,” said the chairman.

“Emefiele, as the former governor, should provide explanations to the current governor.

We will extend an invitation to the current governor, and if he fails to provide satisfactory responses, he will be tasked with contacting Emefiele.”

Additionally, Senator Isah Jubrin, the Chairman of the Senate committee on Ways and Means, stated, “If deemed necessary, we will not hesitate to summon the former CBN governor, Emefiele.”

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