The Nigerian Senate has taken decisive action, inaugurating an ad-hoc committee to delve into allegations of corruption that have marred the efficiency of the Central Bank of Nigeria’s (CBN) Ways and Means and Anchor Borrowers Programme. Led by Senate President Godswill Akpabio, the ceremony marked a significant step following a resolution passed by federal lawmakers.
In response to mounting concerns, the Red Chamber initiated the investigation, focusing on the misuse of funds allocated to state governments, manufacturers, aviation, banks, and excessive funding in the power sector. These concerns have contributed to the nation’s escalating debt profile, as reported by Channels TV.
The decision to launch the investigation stemmed from a rigorous debate on the report of the National Assembly Joint Committees on Banking, Insurance, and Other Financial Institutions (BIOFI), Finance, National Planning, Agriculture, and Appropriation concerning the state of the economy.
During the deliberation in early February, Senator Adamu Aliero revealed startling revelations, indicating that certain state governors and former senators had received substantial sums amounting to N18 billion as “shock absorbers” under the Ways and Means Act since 2015. This controversy spurred calls for a specialized committee to scrutinize the N30 trillion intervention disbursements, a portion of which constituted grants.
Addressing the newly formed ad-hoc committee chaired by Senator Isah Jibrin, Senate President Akpabio stressed the importance of an impartial and diligent investigation, urging members to prioritize the national interest over personal or partisan agendas.
In attendance at the inauguration were key figures including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, CBN Governor Olayemi Cardoso, and other officials representing beneficiary ministries, departments, agencies, institutions, states, and local governments.
Meanwhile, earlier reports by SaharaReporters in January shed light on alleged corruption within the Anchor Borrowers’ Programme, operated by the Development Finance Department of the CBN. Sources implicated former director Yusuf Philip Yila, accusing him of awarding contracts to associates and facilitating fraudulent transactions under the programme.
Additionally, Thomas Etuh, former Chairman of TAK Agro Group, faced accusations of profiting from fraudulent activities and diverting funds from the sale of fertilizer under the Presidential Fertiliser Initiative (PFI), introduced during the tenure of former President Muhammadu Buhari to enhance domestic fertilizer production.
The Senate’s investigative efforts signal a determined stance against corruption, aiming to restore accountability and integrity within critical financial institutions, while addressing systemic issues that have impeded national progress.
