Senate accuses CBN of blocking ₦30trn probe

The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of obstructing its investigation into the ₦30 trillion Ways and Means Advance and the Anchor Borrowers’ Programme during former President Muhammadu Buhari’s administration.

This accusation came after the committee received an interim report from its consultants, who expressed frustration over the CBN’s failure to provide essential documents required for the probe. The committee, formed a year ago by Senate President Godswill Akpabio, stated that the delay has severely hindered the investigation’s progress.

Senator Isah Jibrin, chairman of the committee, criticized the CBN for withholding critical information despite multiple requests, revealing significant issues in the preliminary reports from the bank. He dismissed speculations that the Senate had been compromised or inactive, reaffirming its dedication to ensuring transparency and accountability in the management of public funds.

“The information we have is consistent with what we’ve heard previously. We handed over the documents to the consultants, and when they provided the interim report, our plan was to wait for the final report. However, we’ve been forced to release this interim report to the public to highlight the issue—the CBN has consistently denied us the documents needed to complete our work. That is the truth,” he stated.

Jibrin further revealed that he personally visited the CBN, meeting with Deputy Governor Bala, who promised to assist, but no progress was made. The committee clerk also made repeated visits, but still, nothing materialized. Even the consultants attempted to liaise directly with the CBN, but their efforts were in vain.

While Hamisu Abdullahi, Director of Banking Services at the CBN, claimed that all requested documents had been provided, Jibrin strongly contradicted this statement, asserting that the facts did not align with the bank’s claims.

The committee issued a stern warning to the CBN, stressing the need for complete transparency regarding the utilization of funds aimed at addressing Nigeria’s economic challenges.

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