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Monday, May 20, 2024

Senate panel investigating N30trillionn loans to seek extension

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The Senate panel delving into the controversial N30tn Ways and Means loans obtained from the Central Bank of Nigeria under the leadership of Godwin Emefiele by the Federal Government is set to request more time for its investigation. Originally given a six-week mandate at its inauguration on March 11, 2024, by Senate President GodsWill Akpabio, the panel, led by Senator Isah Jibrin, has encountered complexities requiring additional time.

The probe, which also encompasses the over-N1tn Anchor Borrowers’ Programme of the CBN during the previous administration, has unearthed approximately 13 financial irregularities associated with the loan acquisition process. The panel intends to summon CBN Governor Olayemi Cardoso and certain bank directors, particularly those closely associated with Emefiele.

Despite the lapse of the initial deadline on April 26, 2024, due to Senate recess, Jibrin asserts the panel’s commitment to a thorough investigation and plans to request an extension upon the Senate’s resumption on April 30. This extension aims to ensure comprehensive scrutiny of the matter at hand.

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