The ad hoc committee probing the disbursement and usage of the N30 trillion Ways and Means loan obtained by the administration of former President Muhammadu Buhari from the CBN has discovered some infractions in obtaining the loan.

Chairman of the Committee, Isah Jibrin, disclosed this on Tuesday during an interactive session with the CBN team led by one of its deputy governors, Bala Bello.
Mr Jibrin said a former Governor of the CBN, Godwin Emefiele, unilaterally signed billions of naira in the approval of different tranches of the loan without following due process.

The committee chairman was, however, not specific on the total amount of the billions of naira approved by Mr Emefiele, though he said the former CBN boss illegally signed the money in 13 documents.

Mr Jibrin, the Kogi East senator, said Mr Emefiele ought to have approved the loans in conjunction with the CBN board of directors, but he unilaterally signed the loans contrary to the requirement of the CBN Act.

"The Committee of Governors ought to be the signatory 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,” Mr Jibrin said.

Anchor Borrowers Programme

The committee chairman said documents on the Anchors Borrowers Programme implemented by former President Buhari’s administration indicated that about 70 per cent of the programme had been executed.

“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 said.

Mr Jibrin, however, said the committee would summon the incumbent CBN Governor, Olayemi Cardoso, to give a detailed account of what he knew about the 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” he said.

Culled from Premium Times Nigeria