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N500bn Fund: Senate threatens CBN Gov, BoI MD, others with warrants of arrest

T he Senate Adhoc Committee on Uneven Disbursement of N500 billion development fund across the six geo-political zones, yesterday threatened to issue warrants of arrest on the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and Managing Director of Bank of Industry (BoI), Olukayode Pitan as well as the heads of other financial institutions for failing to honour its invitation. The committee which is investigating the disbursement the fund, also threatened to arrest the Managing Director of Nigeria incentive- Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu Abdulhamid and the Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Olawale Fasanya, for their alleged failure to appear at yesterday’s session of the probe.

The committee is investigating allegations that these institutions connived to shortchange some zones in the disbursement of fund meant for small and medium scale enterprises in the country. Chairman of the Committee, Senator Sani Musa (APC Niger East), said whereas eight government agencies were needed for the investigation, five of the were invited to Wednesday’s session but only two honoured the invitation. According to him, the CBN, BOI and NIRSAL, were conspicuously absent without any formal explanations.




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