Senate Slams CBN For Obstructing N30trn Ways And Means Probe

Senate Slams CBN For Obstructing N30trn Ways And Means Probe

The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of frustrating its investigation into the N30 trillion Ways and Means Advance and the Anchor Borrowers’ programme under former President Muhammadu Buhari’s administration.

The committee made the accusation after receiving an interim report from its consultants at a meeting where they expressed frustration over the bank’s failure to provide crucial documents required for the probe. The committee, which was inaugurated a year ago by Senate President Godswill Akpabio, stated that the delay has significantly stalled progress on the investigation.

Chairman of the committee, Senator Isah Jibrin, criticised the CBN for withholding vital information, despite multiple requests, revealing major infractions with the preliminary reports of the CBN.

He dismissed speculations that the Senate had been compromised or gone to sleep, reaffirming its commitment to ensuring accountability and transparency in the management of public funds.

“The information we have here is not different from what we have heard all along. What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report,” he said.

“But we’ve been compelled to make available this interim report to the general public so that they know that we let them know where the problem is, and the problem is that the Central Bank of Nigeria has denied us consistently the documents that we need to complete this assignment. That is the truth.

“It was at the CBN sometimes, I met Bala the deputy governor. And they promised, but nothing came out of it. The Clerk has been there several times. Nothing has come out of it. The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.”

Although Hamisu Abdullahi, the Director of Banking Services at the Central Bank of Nigeria (CBN), claimed that the apex bank had provided all the requested documents, Senator Isah Jibrin, the committee chairman, refuted the claim, insisting that the facts tell a different story.

The committee issued a strong warning to the CBN representatives, emphasizing the need for full disclosure of how the funds were utilized to address Nigeria’s economic challenges.