CBN Governor Emefiele to be Arrested? Senate Issues Threat with Reason

CBN Governor Emefiele to be Arrested? Senate Issues Threat with Reason

  • Godwin Emefiele, CBN's governor, and the MD of the Bank of Industry, Olukayode Pitan, are on the verge of being arrested
  • The Senate on Wednesday, November 30, stated that the duo and heads of some other agencies failed to honour its invitation on the disbursement of N500 billion
  • It was claimed that the agencies connived to shortchange some regions in the disbursement of the funds meant for all geopolitical zones

Abuja - Following what the Senate described as uneven disbursement of N500 billion development fund across the six geo-political zones, it has threatened to issue an arrest warrant on the governor of the Central Bank of Nigeria, Godwin Emefiele.

The Senate's Adhoc committee on the issue on Wednesday, November 30, also threatened to issue an arrest warrant on the managing director of Bank of Industry (BoI), Olukayode Pitan, as well as the heads of some financial institutions, New Telegraph reports.

Read also

Enemies fueling insecurity in Igboland to undermine Peter Obi, Ohanaeze says

Godwin Emefiele
The Senate said Emefiele and others failed to honour its invitation (Photo: @cenbank)
Source: Twitter

According to the red chamber's committee, Emefiele, Pitan, and others involved failed to honour its invitation.

Even more, the committee threatened to arrest the managing director of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu Abdulhamid, and the director-general of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Olawale Fasanya, for their alleged failure to appear at a session of the probe.

Part of the committee's task is to investigate claims that the above-mentioned institutions connived to shortchange some zones in the disbursement of funds meant for small and medium-scale businesses across the country.

Emefiele, others ignore Senate's invitation

Senator Sani Musa (APC Niger East), the chairman of the committee, disclosed that of the five government agencies invited for the probe, only two appeared on Wednesday, Vanguard reports.

Musa noted that CBN, BOI, and NIRSAL failed to honour the invitation without any formal notice and explanation about their absence.

Read also

CBN finally speaks on plans to print 5,000 naira notes after a video surfaced online

He said:

“Out of these five, only two came while the remaining three which are the CBN, BOI, and NIRSAL, were conspicuously absent without any letter from them explaining why.
“Assignment before this committee is a very important one, requiring cooperation and compliance from all those linked to issues at hand.
“MD of DBN and his counterpart from the Bank of Agriculture are here for required clarifications and explanations, making it mandatory for the CBN Governor, MD of BOI, and DG of NISRAL to appear unfailingly in subsequent sessions or risk being coerced through the issuance of a warrant of arrest.”

CBN spends N538.59m disposing of 1.51 billion dirty naira notes in 2020 in fulfilment of its mandate

The Central Bank of Nigeria said it disposed of 1.51 billion pieces of banknotes worth N698.48 billion in 2020.

This was disclosed in the recently released Annual Report 2020 as compiled by the CBN’s Currency Operations Department.

In Nigeria, the Central Bank of Nigeria (CBN) destroys unfit banknotes on a regular basis under strict security and with the authorization of Section 18(d) of the CBN Act 2007, which mandates the destruction of currency notes and coins withdrawn from circulation under the provisions of Section 20(3) of the said Act or otherwise deemed unfit for use by the Bank.


Online view pixel