The Deputy Governor of CBN Corporate Services, Bala Bello expressed remorse for the lack of oversight provided by the CBN’s previous administration and assured lawmakers that the new administration was making every effort to collect unpaid loans.
The Senate has announced that should the current leadership of the Central Bank of Nigeria (CBN) fail to offer necessary explanations, it will invite Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), to explain the N30 trillion “Ways and Means” that President Muhammadu Buhari administration obtained while he was in office.
This was revealed by the Chairman of the Senate committee on ‘Ways and Means’ Senator Isah Jibrin (APC, Kogi East) on Tuesday, when top officials of the CBN led by the deputy governor, appeared before the committee at the National Assembly in Abuja.
OrderPaper recalls that the Senate had set up an ad hoc Committee to investigate the printing of 30 trillion by the CBN through its Ways and Means overdraft and the disbursement of Anchors Borrowers Programme under the Muhammadu Buhari administration.
The “Ways and Means” is a kind of loan facility that the CBN uses to finance or cater for the federal government’s budget shortfalls or in times of emergency.
READ ALSO: Senate inaugurates committee to probe Buhari’s N30 Trillion Ways and Means
Senator Jibrin told reporters following the meeting with the senior CBN officials that the committee had discovered Emefiele’s improper decision-making, citing multiple instances in which he had granted clearances unilaterally in the documents presented to the committee.
“The CBN made a presentation on the ‘Ways and Means’ and the Anchor Borrowers Scheme, and we were able to extract so much information from them that will prepare us for the next line of discussion with them. We were able to make presentations on the Ways and means concerning the beneficiaries of those loans.
“But we had issues, issues of approval. We discovered that the CBN governor unilaterally gave approvals and we feel that is abnormal. We asked them for explanations in that regard, but they don’t have immediate explanations and I want to believe that they want to go back home, check their records and at the next meeting, they will be able to provide us with those explanations.
“We believe that every approval must be given by a committee of members, the governor and the deputy, that is the standard. When the governor alone gives approval, that also is confusing and, they will provide answers to us. ”
The Deputy Governor of CBN Corporate Services, Bala Bello expressed remorse for the lack of oversight provided by the CBN’s previous administration under Emefiele. He gave the lawmakers his word that the new administration was making every effort to collect unpaid loans.
“On our part, I want to tell you that the new management of CBN has given us a mandate to get the money back. We have the responsibility for recovering this money, they belong to taxpayers. It saddens my heart to answer questions on things we don’t know. But we inherit both assets and liabilities. Things could have been done better.”
STAR Check: Nigerians, particularly, constituents of Kogi East district, can keep tabs on the legislative performance of Sen. Jibrin throughout the 10th senate here.
