OrderPaperToday – The Central Bank of Nigeria (CBN) has come under probe over its various intervention projects.This is because the House of Representatives has mandated its committee on Banking and Currency to investigate the legality and propriety of contractual

transactions and other related matters. The committee chaired by Mr. Jones Onyereri is asked to report back to the House in 4 weeks.
The CBN probe by the House followed a motion entitled “need to investigate the level of compliance by the Central Bank of Nigeria

(CBN) with the laws in its various intervention projects” sponsored by Mr. Toby Okechukwu during Thursday plenary session.
The lawmaker who noted that the CBN has continuously executed various intervention projects in the education and other sectors across the country running into over N400 billion, alleged that the apex bank did not follow due process as provided in the laws for the engagement of consultants and contractors for the execution of the projects.
Mr. Okechukwu noted that CBN awarded the contracts without the involvement of the Bureau of Public Procurement (BPP) as required in the public procurement act,

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2007, which runs contrary to the Federal Government’s policies and determination to curb economic waste, ensure accountability and strict adherence of the rule of law.
He queried the source of the funds for these intervention projects and wondered if the CBN was complying with the provisions of

the Central Bank of Nigeria Act, 2007, Fiscal Responsibility Act, 2011 and the Federal Government’s directive regarding the treasury single account.

Reported by Alex Okoro| Oct. 29, 2015

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