The Senate panel investigating the N30 trillion Ways and Means loans obtained from the Central Bank of Nigeria (CBN) during the tenure of Godwin Emefiele as the CBN Governor by the Federal Government has indicated its intention to request an extension of the investigation timeline.
Initially, at the panel’s inauguration on March 11, 2024, Senate President GodsWill Akpabio granted the panel a six-week ultimatum to scrutinize the loans.
The panel was also mandated to examine the over-N1 trillion Anchor Borrowers’ Programme initiated by the CBN under the previous administration, with instructions to leave no stone unturned.
Led by Senator Isah Jibrin of the APC representing Kogi East, the panel reported uncovering approximately 13 financial irregularities allegedly linked to the loan acquisition process.
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Additionally, the Senate revealed plans to summon the CBN Governor, Olayemi Cardoso, and certain directors of the apex bank, particularly those who served under Emefiele.
Despite making progress, the Senate’s proceedings were interrupted by recess and adjournment after two to three meetings.
The six-week deadline lapsed on April 26, 2024.
In response to the missed deadline, Jibrin, the panel’s chairman, informed our correspondent that they intend to request an extension when the Senate reconvenes.
He emphasized their commitment to conducting a comprehensive investigation.
The National Assembly, previously scheduled to resume on April 23, is now slated to reconvene on Tuesday, April 30, following rescheduling.
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