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By Fidel Ozugha

More infractions are appearing on how the N30tn Ways and Means loans were obtained from the Central Bank of Nigeria.

The stupendous amount was spent by the government of former President Muhammadu Buhari. The Senate Ad-hoc committee probing the process of obtaining the drafts disclosed that it has uncovered some infractions in the deal.

The ad-hoc committee, led by Senator Isah Jibrin (Kogi East), is probing the disbursement and usage of the N30tn Ways and Means loans obtained when Buhari was leading the government. Members of the committee met on Tuesday with officials of Central Bank of Nigeria (CBN) led by one of the deputy governors, Bala Bello. and concluded plans to summon the CBN Governor, Olayemi Cardoso to explain in details the occurrence of the infractions

The distinguished lawmaker leading the committee accused the immediate past former governor of the CBN, Godwin Emefiele of illegally signing billions of naira in 13 documents. He alleged that Emefiele unilaterally signed billions of naira in the approval of different tranches of the loans without following due process.

According to him, 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.

“The committee of governors ought to be the signatories to the Ways and Means account but in the document we have here, the governor (Emefiele) 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,” he explained.

The committee observed that documents available to them 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.

Senator Jibril 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.”

He informed the CBN team that the committee would summon the current CBN governor, Cardoso, to give a detailed account of what he knew about the Ways and Means facility. “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.”

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