The Senate through its Adhoc Committee set up to investigate Ways and Means borrowings says it has uncovered 13 alleged infractions in the approval of the advances by the Central Bank of Nigeria, CBN.
Chairman of the Committee, Isah Jibrin at the first interactive meeting with CBN officials led by the Deputy Governor, Bala Bello says the approvals which were supposed to have been given by the Council of Governors were unilaterally granted and signed by the former CBN Governor, Godwin Emefiele
Senator Jibrin further stated that it has observed that some of the Ways and Means were not attached to particular projects.
On the Anchors Borrowings Programme, the Committee expressed satisfaction at the recovery rate of the loans which it puts at 70%, and wants the
balance of 30% owed by mostly small holder farmers repaid.
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The Committee also called on the CBN to go after commercials banks to recover N358 billion Anchor Borrower Loans guaranteed by them. The lawmakers asked the apex bank to seek the cooperation of the affected commercial banks to recover the loans, or it might be compelled to ask for debiting of their accounts.
The Senate Committee subsequently asked the CBN, led by the Deputy Governor, Corporate Service, Bala Bello to furnish it with relevant documents to assist in their investigation.
The Committee says it may consider extending invitation to the former CBN Governor, Godwin Emefiele as last resort.
(Editor: Terverr Tyav)
