N30tn loans: Senate finds new loan violations, summons Cardoso
The Senate Committee investigating how the N30 trillion loans were obtained and used by the past administration has found some problems in the process of getting the overdraft.
So, the committee plans to call the current CBN Governor, Olayemi Cardoso, to explain certain details about the problem.
This was revealed when Senator Isah Jibrin (from Kogi East) and other committee members met with CBN officials at the National Assembly.
The CBN team was led by one of its deputy governors, Bala Bello.
The committee is looking into how the N30 trillion loans during the Buhari administration were distributed and used.
Jibrin accused the former CBN governor, Godwin Emefiele, of approving billions of naira in loans without following the right procedures.
He said Emefiele should have gotten approval from the CBN Board of Directors but he signed the loans on his own, which goes against the CBN Act.
Jibrin wants to know the total amount of the loans and how they were used.
He also mentioned that 70% of the Anchor Borrowers Programme has been completed and wants to ensure the remaining 30% is finished.
The committee will call the current CBN governor, Cardoso, to explain more about the loans. If Cardoso can’t answer, he will contact Emefiele for clarification.