Senate panel throws out Emefiele’s team at investigative hearing

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The Senate Committee on Finance has rejected the representatives of the Governor of Central Bank of Nigeria, Godwin Emefiele from addressing the issue of exchange rates for funding key projects.

The panel led by Solomon Adeola, asked the Deputy Governor of CBN, Mr. Adebisi Shonubi and the reamining of their team to leave the senate building, claiming the invitation was not meant for them.

The committee fault Emefiele for not informing them that he would be sending representatives.

The panel however asked the CBN governor to appear before the panel again on Thursday.

Emefiele was expected at the Senate panel with detailed explanations on the rationale behind the exchange rates the CBN used for three key projects under the Presidential Infrastructure Development Fund.

The multi-billion-dollar projects are being funded by the Nigeria Sovereign Investment Authority.

The PIDF was earmarked from the dollar-denominated Sovereign Wealth Fund to partly fund the Lagos–Ibadan Expressway, Second Niger Bridge, Abuja–Kano Expressway, East-West Road and Mambilla Hydro Project.

The first three projects had already been funded to the tune of N163.8bn.

The panel demanded the appearance of the CBN governor during an interactive session between the panel and the Managing Director of NSIA, Mr Uche Orji.

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