Ways and Means: Senate accuses CBN of obstructing investigations

The Senate Ad-hoc Committee investigating the Ways and Means facility granted to the Federal Government between 2015 and 2023 has accused the Central Bank of Nigeria (CBN) of frustrating its efforts to uncover how the loans were utilized.

Speaking after receiving an interim report from its consultants during a meeting on Tuesday, the committee chairman, Senator Isah Jibrin, criticized the CBN for allegedly withholding crucial documents needed to complete the investigation.

Jibrin expressed dissatisfaction with the apex bank’s level of cooperation, stating, “The Central Bank of Nigeria has refused to make relevant documents available to the consultants to enable them to complete their assignment.”

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Although the CBN’s representative, Hamisu Abdullahi, Director of Banking Services, insisted that the bank had provided all requested documents, the committee chair strongly disagreed.

“None of the documents was submitted to us,” Jibrin countered.

“As it stands, we will not allow you to attend the next meeting because you have been coming here with the same excuses. The least ranking official who will be admitted next time should be a Deputy Governor of the CBN.”

Further expressing frustration, Jibrin emphasized the urgency of the committee’s task and blamed the CBN for delaying its findings.

“What you are telling us is not the truth. We have not received the documents. I don’t want to deceive the public here,” he stated.

He noted that the Senate President had entrusted the committee with the responsibility of conducting a thorough and swift investigation, but the CBN’s lack of cooperation was hindering progress.

“The information we have here is not different from what we have been hearing all along. We handed over the documents to the consultants, and when they compiled this interim report, our intention was to wait for the final report before making any public statements,” the Senate Committee chairman explained.

“But we’ve been compelled to release this interim report to the public so that Nigerians know exactly where the problem lies. The problem is that the Central Bank of Nigeria has consistently refused to provide the documents we need to complete this assignment. That is the truth.”

Jibrin revealed that repeated attempts to obtain the documents had been unsuccessful, despite assurances from CBN officials.

“I was at the CBN at one point, and I met with Bala, the Deputy Governor. He made promises, but nothing came out of it. The clerk has visited multiple times—still nothing. Even the consultants took it upon themselves to engage directly with the CBN after we introduced them, yet nothing has been forthcoming,” he lamented.

He warned that the committee would not tolerate further delays and demanded that all necessary documents be made available immediately.

“Let the Nigerian public know that this assignment has been hindered by the Central Bank of Nigeria. They have withheld critical documents. After this, you must provide all the documents required by the consultants to complete this investigation,” he insisted.

Jibrin also dismissed any speculation that the committee had been compromised, affirming that it remained committed to ensuring accountability.

“The reason for this meeting is to let everyone know why we have not completed our work. It may appear as though we have compromised, but that is not the case. This is a critical national assignment. We need to know how these funds were utilized,” he stated.

He further stressed the importance of transparency, revealing that preliminary findings already indicated serious irregularities.

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“Preliminary reports show major infractions, particularly on the part of the Central Bank of Nigeria. We need to verify this, and that requires full access to all relevant documents—without exception. Whatever the consultants need to complete this job efficiently, you must provide,” he directed.

Setting a deadline for compliance, Jibrin warned that failure to submit the required documents would not be tolerated.

“As it stands, we have no choice but to give the CBN a firm deadline to provide the documents. They must ensure that all requested records are sent to the consultants without further excuses,” he declared.

However, in response, the CBN representative, Abdullahi, maintained that the bank had submitted all necessary documents.

“We provided a schedule summarizing direct and indirect Ways and Means financing. That folder was sent to an email provided by this committee. We have responded to that email three times, and we can resend the documents right now if needed,” Abdullahi argued.

He further stated, “If any document is missing, let us know. All required records are in that folder. Once the consultant reviews the documents, if any additional records are needed, they should specify which ones. We are ready to provide them separately.”