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N30trn Ways and Means: Emefiele illegally approved billions of naira for Buhari – Senate

The senate says the process through which the Central Bank of Nigeria awarded N30 trillion Ways and Means loan to the former President Muhammadu Buhari government was fraught with illegality.

This is as the Nigeria upper legislative chamber disclosed that 13 irregularities and infractions were discovered in the process of obtaining the loan.

The Senate ad hoc committee probing the disbursement and usage of the loan by Buhari’s government made the disclosure on Tuesday.

The chairman of the committee, Senator Isah Jibrin (APC, Benue East), said former governor of CBN Godwin Emefiele single-handedly signed billions of naira in the approval of different tranches of the loan.

Speaking during an interactive session with the CBN team led by Bala Bello, one of the deputy governors of the apex bank, he stated that Emefiele did not follow due process in these signings, adding that the erstwhile CBN’s helmsman illegally signed billions of naira in 13 documents.

He asserted that Emefiele actions violated extant laws of the CBNm

The committee chairman said Emefiele ought to have consulted and get the consent of the CBN board of directors before signing off on the loans.

“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

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