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Senate wants CBN gov, Cardoso, to explain why Emefiele unilaterally approved N30tn loans under Buhari



Olayemi Cardoso

The Senate Ad-hoc Committee has concluded plans to summon the current Central Bank of Nigeria, Olayemi Cardoso over 13 infractions noted in the N30tn Ways and Means loans obtained from the apex bank and spent by the former President Muhammadu Buhari-led administration.

Cardoso is expected to explain certain details regarding the infraction.

This came to the fore when Chairman of the Senate committee, Senator Isah Jibrin (Kogi East), and other members of the panel met with officials of the CBN at the National Assembly on Tuesday.

The team of CBN officials was led by one of the deputy governors of the apex bank, Bala Bello.

Jibrin alleged that the immediate past former governor of the CBN, Godwin Emefiele, unilaterally signed billions of naira in the approval of different tranches of the loans without following due process.

The senator said, “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.”

READ ALSO:CBN to clear FX backlogs of remaining five banks in few days, says Cardoso

The Kogi lawmaker also accused Emefiele of illegally signing billions of naira in 13 documents.

According to the committee chairman, Emefiele ought to have approved the loans in conjunction with the CBN Board of Directors, stressing that he unilaterally signed the loans contrary to the requirements of the CBN Act.

Jibrin said, “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.”

The committee chairman further noted that documents available to him on the Anchors Borrowers Programme implemented by the Buhari’s administration indicated that about 70 per cent of the programme had been executed, leaving the remaining 30 per cent.

He 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.”

By Babajide Okeowo

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