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Senate uncovers many infractions in N30trn ways and means loans under Buhari, says Emefile signs billions of Naira without approval

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The Senate is set to summon the former Governor of the Central Bank of Nigeria, Godwin Emefiele, over 13 infractions uncovered in the process of obtaining the N30 trillion Ways and Means loan during the administration of former President Muhammadu Buhari.


The Senate ad hoc committee probing the disbursement and usage of the Ways and Means loan, which disclosed this on Tuesday, during a meeting with the officials of the apex bank, said the former governor needed to explain certain details regarding the infraction.

Isah Jibrin, Chairman of the Committee, said Godwin Emefiele, a former governor of the CBN unilaterally signed billions of naira on different tranches of the loan without following due process.

Though Jibrin was not specific on the amount illegally approved by Emefiele, he mentioned that the latter illegally signed billions of naira in 13 documents.

The committee chairman said Emefiele ought to have approved the loans in conjunction with the CBN board of directors but the latter unilaterally signed the loans which is contrary to the requirement of the CBN Act.

“The CBN officials were able to make presentations on the Ways and means, and the beneficiaries of those loans. But we had issues with approvals. There are areas where we discovered that the CBN governor (Emefiele) unilaterally approved, and we feel that that is abnormal. We have asked them for an explanation in that regard, but they don’t have an immediate explanation. I want to believe that they want to go back home and check their records and provide us with an explanation at the next meeting.

“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 believe that every approval must be given by the committee of governors, and that’s the governor and the deputies, that is the standard rule.

“But where the Governor unilaterally gave approval, that calls for questioning and I think they will provide answers to us very soon”,

The Chairman however informed that the committee will summon the current CBN governor, Olayemi Cardoso to give a detailed account of what he knew about the ways and means.

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“Your governor who took over from Emefiele should be able to stand for Emefiel because he took over from him including his assets.

“Emefiele should explain to the existing governor. We will invite the governor and in case he does not have a response, he will contact Emefiele”. He said.

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