In adopting the report of its Joint Committee on Banking, Insurance and Other Financial Institutions, Finance, National Planning, Agriculture and Appropriations, presented by Senator Yahaya Abdullahi (PDP, Kebbi North), the Senate resolved to set up an ad hoc committee to investigate how the ₦30 trillion in Ways and Means advances from the CBN was spent by the administration of President Muhammadu Buhari, together with ₦10 trillion spent on the Anchor Borrowers Programme and US$2.4 billion in foreign exchange transactions. The former Senate President, Ahmad Lawan, said the 9th Assembly approved about ₦23 trillion, not ₦30 trillion. The ad hoc committee was chaired by Senator Isah Jibrin.
What the record shows
- 20 February 2024Probe opened.
- 19 March 2024The ad hoc committee chaired by Senator Isah Jibrin said the former CBN Governor, Godwin Emefiele, had approved Ways and Means tranches alone, without the committee of governors, and said it would summon the Governor, Olayemi Cardoso.
- 25 June 2024The Senate said the investigation had not been abandoned.
- 25 February 2025After receiving an interim report from its consultants, the ad hoc committee accused the CBN of withholding the documents needed to complete the investigation. The CBN said it had provided them.
- As of 11 November 2026No final report of this probe has been found on the public record.
Opened more than 120 days ago, and no final report of the committee has been found on the public record. Interim reports and hearings are shown where known. Know of a report, hearing or outcome missing here? Send a correction.