Senate Probes N30 Trillion Loan Anomalies Under Buhari, Summons Ex-CBN Governor Emefiele

The Senate, Nigeria’s apex legislative body, is set to question Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), following the discovery of several irregularities in the acquisition of the N30 trillion Ways and Means loan during the tenure of former President Muhammadu Buhari.

The revelations came to light during a recent meeting between the Senate’s ad hoc committee, tasked with investigating the loan’s disbursement and utilization, and senior officials from the CBN.

Chaired by Senator Isah Jibrin of Kogi East, the committee highlighted a series of infractions allegedly committed by Emefiele, including the unilateral authorization of substantial loan tranches without adhering to the required procedural norms. According to the committee, the standard practice mandates the CBN’s committee of governors as the authorized signatories for the Ways and Means account. However, documents reviewed by the committee purportedly show Emefiele’s signature authorizing billions of naira across approximately 13 instances, bypassing the prescribed process.

The meeting, which also saw the participation of a delegation from the CBN led by Deputy Governor Bala Bello, served as a platform for the committee to seek clarity on the total figure related to the Ways and Means loan and to advocate for the full implementation of the bank’s Anchor Borrowers Programme. While praising the 70% achievement mark of the program, Senator Jibrin emphasized the necessity of realizing the remaining 30%.

The committee expressed its intent to hold the current CBN governor accountable for the actions of his predecessor, suggesting that the incumbent should be prepared to represent Emefiele, including addressing queries related to his tenure. The senators made it clear that should the need arise, they would not hesitate to directly summon Emefiele to provide explanations regarding the alleged infractions.