Senate to Summon Former CBN Governor Emefiele Over N30 Trillion ‘Ways and Means’ Loans

The Senate has announced its intention to invite the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to explain the circumstances surrounding the N30 trillion ‘Ways and Means’ obtained during his tenure if the current CBN leadership fails to provide satisfactory explanations.

Senator Jibrin Isah, the chairman of the Senate committee on ‘Ways and Means’, made this known after a meeting with top CBN officials, including the deputy governor, at the National Assembly in Abuja.

The Senate had previously set up an ad-hoc committee, led by Senator Isah, to investigate the utilization of the N30 trillion ‘Ways and Means’ loans and the Anchor Borrowers’ Programme under the administration of President Muhammadu Buhari.

‘Ways and Means’ is a loan facility through which the CBN finances the government’s budget shortfalls.

Senator Isah stated that the committee found instances where Emefiele unilaterally gave approvals, which he deemed illegal, and requested explanations from the CBN officials. He emphasized that every approval should be given by a committee of members, including the governor and deputy governor.

If the current CBN leadership fails to provide the necessary answers, the committee is prepared to summon Emefiele to provide clarification.

Regarding the Anchor Borrowers’ Scheme, Senator Isah noted that the performance has been impressive, with about 70 percent of the loans settled. However, he raised concerns about the remaining 30 percent, which were given to low-income farmers who may struggle to meet expectations due to lack of necessary equipment and know-how.

The committee advised the CBN to work with commercial banks, which guaranteed the loans, to recover the outstanding amounts. They stressed that the credit risk lies with the commercial banks, and they should take necessary steps to recover the funds from the borrowers.

Daily Trust