The ad-hoc committee investigating the disbursement and utilization of the N30 trillion Ways and Means loan to the federal government by the Central Bank of Nigeria (CBN) has unearthed irregularities in the loan approval process.
Isah Jibrin, Chairman of the Committee, revealed that Godwin Emefiele, the former governor of the CBN, unilaterally approved billions of naira across multiple tranches of the loan without adhering to due process.
Though Jibrin did not specify the exact amount unlawfully approved by Emefiele, he stated that Emefiele signed billions of naira in 13 documents without the required approval from the CBN board of directors, as mandated by the CBN Act.
During an interactive session with the CBN team led by one of the deputy governors, Bala Bello, on Tuesday, Jibrin raised concerns about the lack of proper approvals and emphasized the abnormality of Emefiele’s unilateral actions.
Jibrin highlighted the standard protocol, stating that approvals should be granted by the committee of governors, consisting of the governor and the deputies. However, he expressed dismay over Emefiele’s sole authorization in numerous instances, which he deemed questionable.
The committee intends to summon the current CBN governor, Olayemi Cardoso, to provide further insights into the Ways and Means program and shed light on Emefiele’s actions during his tenure.
Jibrin emphasized the need for transparency and accountability in the management of government loans, signaling the committee’s commitment to ensuring proper oversight of financial affairs.
