Senate Gives Fresh Update On Probe Of Emefiele’s ₦30 Trillion ‘Ways and Means’ Loan

Senator Isah Jibrin, Chair of the Senate committee investigating the ₦30 trillion Ways and Means loans obtained by the Federal Government from the Godwin Emefiele-led Central Bank of Nigeria (CBN), has confirmed that the investigation is ongoing and has not been abandoned.

Senator Jibrin told Punch that any reports suggesting the probe had been abandoned are completely unfounded.

On Tuesday, February 20, the Senate resolved to investigate the ₦30 trillion loan, highlighting that the alleged reckless expenditure of the CBN overdraft has significantly contributed to the current food and security crises in the country.

After its formation, the committee identified 13 violations in the loan acquisition process from the CBN.

In response to media reports, Senator Jibrin emphasized that the figures under investigation are well-known, as the Ways and Means advances provided to former President Muhammadu Buhari by Emefiele are already public knowledge.

Senator Jibrin stated, “We received some preliminary documents and decided to delve deeper after our interactions with the CBN governor, Olayemi Cardoso, the Minister of Finance, several CBN directors, and others. Following these discussions, we realized the need for a comprehensive, step-by-step breakdown of how the money was spent.

“We have requested additional documents from the Accountant-General concerning the Ways and Means loan, and we believe the delay is due to efforts to compile accurate information to avoid misleading us and Nigerians.

“We have not gone into limbo; we only needed additional documents from the Accountant-General’s office to continue the investigation. The amount under probe is ₦30 trillion. I don’t understand why people are spreading falsehoods for selfish purposes.”

He added that although the committee’s original deadline has passed, the delay was necessary to ensure a thorough investigation.

He said, “The committee was given a time frame that has elapsed, but we cannot submit a rushed report. We have sent reminders to the Accountant-General’s Office, and once we have the necessary documents, we will move to the next phase of the probe.”