Fresh Trouble for Emefiele as FG Discovers Illegal Usage of N30 Trillion Ways and Means Loan

• The committee investigating the CBN's N30 trillion Ways and Means loan to the federal government found irregularities in its approval
• The committee chairman, Isah Jibrin, said that the former CBN governor allegedly signed several loan tranches unilaterally
• He hinted that the current CBN governor, Olayemi Cardoso, will be invited to give a detailed account of the ways and means

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

The Central Bank of Nigeria's (CBN) N30 trillion Ways and Means loan to the federal government is currently being investigated by an ad hoc committee.

The group said irregularities were found in the loan approval procedure.

The committee chairman, Isah Jibrin made this revelation on Tuesday during a discussion with the CBN team, which Bala Bello, a central bank deputy governor, chaired.

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Emefiele signed the loan solely

Godwin Emefiele, the former governor of the CBN, allegedly signed billions of naira on several loan tranches unilaterally and without following the proper procedures, according to Jibrin in a BusinessDay report.

Jibrin said that Emefiele had fraudulently signed billions of naira in 13 documents, although he did not specify how much had been allowed by the former governor.

The committee chairman stated that Emefiele should have authorised the loans in consultation with the CBN board of directors but signed the loans on its initiative, violating the CBN Act.

He stated that while the CBN officials could make presentations on the ways and means and the beneficiaries of those loans, there were issues with approvals.

He said:

“The committee of governors ought to be the signatories to the ways and means account, but in the document we have here, the governor signed billions of naira in about 13 places. We believe that the committee of governors must give every approval, including the governor and the deputies; that is the standard rule.

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Cardoso-led CBN sacks directors, Emefiele’s appointees affected

According to the chairman, the current governor of the CBN, Olayemi Cardoso, would be called by the committee to thoroughly explain his knowledge of the methods and procedures.

“Emefiele should explain to the existing governor. We will invite the governor, and if he does not respond, he will contact Emefiele,” he said.

He said Legit.ng reported that Ajuri Ngelale, spokesperson for President Bola Tinubu, said Emefiele pulled billions of dollars from Nigeria's foreign reserves without the approval of former president Muhammadu Buhari.

Ngelale said the approvals for the release of funds did not have the signature of Buhari, Daily Trust reported.

Cardoso-led CBN sacks directors

Legit.ng reported that with the departure of some of the directors, there are signs that Olayemi Cardoso has started what is perceived as a gradual cleansing at the top bank.

It was gathered that a few of the directors who were asked to leave were employed by Emefiele.

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A close associate of one of the directors who wished to remain anonymous said the dismissal was not so much a retirement as an outright firing.

Source: Legit.ng