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Senate Summons CBN Officials Over N30tn Loans

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The Senate has said it will quiz some officials of the Central Bank of Nigeria on how the N30tn Ways and Means loan was obtained and spent by the Federal Government during the Muhammadu Buhari-led administration.

The Chairman of the Senate Ad-hoc Committee Senator Isah Jibrin, who made the disclosure in an exclusive interview with The PUNCH, also revealed that the panel would commence the probe this week.

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The Senate had on Tuesday appointed Jibrin as the chairman of the panel to probe the N30tn Ways and Means loan released by the then CBN Governor, Godwin Emefiele, to the Buhari administration.

The ‘Ways and Means’ is an overdraft taken directly from the central bank to fund budget deficits or address national contingency needs. This usually follows the approval of the executive arm of government and is meant to be ratified by the parliament.

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The Senate had last week Tuesday resolved to probe the N30tn facility, stating that the alleged reckless spending of the overdraft collected from the CBN largely accounted for the food and security crises currently facing the country.

The red chamber then resolved to set up an Ad -hoc committee to investigate how the fund was spent, explaining that the details of how it was spent were deliberately not made available to the National Assembly.

However, the chairman of the panel, also known as Echocho, said the panel had started some background checks based on some documents in its possession.

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In an exclusive interview with The PUNCH on Thursday, he said, “We are looking at next week for the investigation at the committee level, but as chairman, I am not waiting for that. I have some documents; I want to write to CBN to provide me with information on some areas.

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“Because Ways and means cover very large latitude, so based on the information that I have now, I am going to write to seek clarifications on certain issues thereafter the committee will meet.”

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He added that the Ways and Means loan also came up in December 2022 towards the end of the ninth Senate.

Senator added, “I have some documents and I want to leverage on those documents by going through them to ask questions from the CBN to seek further clarifications. Thereafter, we will now invite CBN officials who were engaged under Emefiele, although he is no longer there.

“They were a part of it, they have to come and explain to us. The terms of reference are very simple.

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“These monies were given out. We want to know the agencies that benefited from those monies.

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“We also want to know the individual Nigerians who benefited. We want to know the terms and conditions. The CBN is not Father Christmas. They are loans; we want to know the beneficiaries of those loans.

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“What are the terms and conditions of those loans? What are the collaterals collected to fall back on when there is a default? Have they been repaid? What are the repayment schedules? In case of default do we have collateral? So those are the issues, we are not witch-hunting anybody.”

He further explained, “This country belongs to all of us, we want to know what actually transpired because we are where we are today because of those reckless exercises.

“I will call it reckless because when you are taking a decision as an economist because I want to believe, we have economists there when you take a particular decision, you should be able to ascertain the possible impact of that decision on the larger community.

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“You either withdraw or you modify, that is why I am happy that the Monetary Policy Committee has been composed. You know the composition of the MPC is crucial because that is where policy measures are taken. You need to look at it, if this variable is this, and the state of the economy is XYZ, what do you do?

“How do you tinker with some of those variables so that the larger society will improve? That is why we want to unravel all that happened not to witch-hunt anybody but to know the extent to which Ways and means advances have been performed and then other decisions can be taken thereafter.”

It is unclear if the committee will also eventually summon Emefiele as the probe deepens.

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Igbineweka Elected As Benin GSM Village Chairman, Promises Transparency

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Mr. Odion Jerry Igbineweka has been elected as the Chairman of the Great GSM Association, Benin City.

Mr. Igbineweka polled a total of 103 votes to defeat his opponent, Mr. Lucky Deji who polled 55 votes, thus, he (Igbineweka) was consequently declared the winner.

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Others who emerged winners at the poll are: Gabriel Chidi, Secretary General; Endurance Itoya, Treasurer (unopposed); Francis Agbonifo, Financial Secretary (unopposed); Amadin David, Public Relations Officer, and Osemwengie Efosa, Provost, respectively.

In his acceptance speech, the newly elected chairman promised to run a transparent and accountable leadership during his tenure in office.

READ ALSO: VIDEO: Jubilation As Ojiezele Emerges Chairman Of Great GSM Association Benin

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The chairman also promised to run an open door policy and be accountable to the members of the association.

The chairman who was flanked with other members of his executive, reiterated that the welfare of every member will be his concern just as he called on the aggrieved individuals in the association to play by the rules governing the body for the peace and progress of the GSM Village.

He urged those who could not meet up with the standard set up by the association to contest for any positions this period, should try and regularize, pointing out that more years are still ahead of them to contest and lead the association.

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Igbineweka commended Edo State governor, Monday Okpebholo and his deputy, Dennis Idahosa for providing an enabling environment for those who operate at the GSM Village to carry out their day-to-day business activities.

He said there was no way businesses could have thrived when the lives and property of those doing businesses at the Village are not safe,

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He added that they will always be grateful to him and will always contribute their quota to the growth and development of the state by paying their taxes regularly for the government to carry on his ongoing developmental that have cut across the length and breadth of the state.

Lauding the sterling leadership quality of the newly sworn-in chairman, Mr. Lucky Deji, the immediate past vice chairman of the association, said Mr. Igbineweka has the leadership acumen to turn things around in the GSM Village.

He said Igbineweka is a trustworthy man that they can entrust their money with adding that, they will do all in their power to rally round him and make him succeed as the chairman of the GSM Village.

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Commending the process of the election, the Electoral Committee Chairman, Mr. Stanley Nweke Dede, said that the election was free, fair and credible.

He appealed to the chairman to be magnanimous in victory noting that he is called to serve the association and not to lord over them.

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Tributes Pour In For Late Highlife Icon, Mike Ejeagha

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Tributes have continued to pour in for late veteran Nigerian highlife musician and cultural icon, Gentleman Mike Ejeagha, who passed away at the age of 95.

The News Agency of Nigeria reports that his eldest son, Emma Ejeagha, confirmed that the revered artiste died around 8 p.m. on Friday following a prolonged illness.

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Born on April 4, 1930, in Imezi Owa, Enugu State, Ejeagha carved a timeless legacy with his unique blend of traditional Igbo folk music and storytelling.

His musical journey began in the 1960s, and by the 1980s, he had become a household name with classics like Omekagu, Uwa Mgbede Ka Mma, and Ka Esi Le Onye Isi Oche (Gwo gwo gwo ngwo).

Before his passing, Ejeagha’s music experienced a powerful resurgence in 2024, when comedian and content creator Brain Jotter, used his 1983 track, Ka Esi Le Onye Isi Oche, in a viral dance video.

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READ ALSO:Mike Ejeagha, Legendary Singer Of ‘Gwo Gwo Gwo Ngwo’, Is Dead

This propelled the song to #81 on Apple Music Nigeria, making Ejeagha the oldest Nigerian artist to ever chart.

His 1983 album, Akụkọ N’egwu Original Vol. 1, also re-entered the spotlight, breaking into the Spotify Nigeria Top 100 Albums, four decades after its release.

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Former Governor of Anambra State and 2023 presidential candidate, Peter Obi, wrote on X (formerly Twitter): “I just read the sad news of the passing of the legendary highlife musician, songwriter, folklorist, and cultural custodian, Pa Mike Ejeagha.

“His transition marks the end of an era, but not the end of his voice — his songs will continue to echo through generations as testaments to wisdom, culture, and truth,” he said.

He praised Ejeagha for using music as a tool for teaching, healing, and preserving the philosophical depth of Igbo culture.

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For over six decades, Pa Ejeagha, popularly known as Gentleman Mike Ejeagha, used music not merely as art, but as a medium for teaching, healing, and preserving the moral and philosophical wealth of the people.

“His lyrics, rich with proverbs and folk wisdom, were moral compasses for both young and old… He immortalised the essence of life—its humour, discipline, spirituality, and resilience,” he said.

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Governor of Enugu State, Dr Peter Ndubuisi, on X, also expressed deep sorrow: “Mike Ejeagha was a legend, a cultural ambassador, and a revered son of Enugu State. His fan base transcended boundaries, and he was one of the most recognisable voices in music.

“Ejeagha’s immense talent and genius lay in how he took simple indigenous folktales and turned them into unforgettable songs that resonate across cultures,” he said.

The governor pledged the state’s commitment to immortalising Ejeagha’s memory, assuring the family of full support.

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On behalf of the Enugu State Government, I offer heartfelt condolences to the Ejeagha family and assure them of our support.

“As a government, we will ensure that his memory is duly immortalised. Above all, I pray that his family experiences the comforting grace of God’s love and the fortitude to bear the loss.”

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On social media, sentiments were equally heartfelt. Cultural commentator, Anafulogo, remarked: “We Igbo people lost a special one in Gentleman Mike Ejeagha.

“Do you know how level-headed a man will be for ‘Gentleman’ to be a part of his identity?”

Also, former Vice President Atiku Abubakar reflected on the resurgence of Ejeagha’s music, thanks to Brain jotter: “It is heartwarming to note that thanks to Brain Jotter, highlife maestro Mike Ejeagha had his ‘Gwo gwo gwo ngwo’ encore dance before the curtain was drawn.

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Rest in music, Gentleman Mike Ejeagha.”

Brain jotter, whose viral video reintroduced Ejeagha to a new generation, wrote: “39 years ago, he made magic, 39 years later, we dance to it again. Now he rests but his melody lives forever. Rest on, legend.”

(NAN)

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VIDEO: Darey Art Alade, Wife Escape As Car Catches Fire On Third Mainland Bridge

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Popular Nigerian musician, Darey Art Alade, and his wife, Deola, have thanked God and well-wishers after narrowly escaping a car fire on the Third Mainland Bridge in Lagos State.

Sharing videos from the scene on Instagram on Saturday, Deola revealed that the incident occurred around 4pm on Friday when their vehicle caught fire and was completely destroyed.

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Yesterday, around 4pm, our car caught fire on the 3rd Mainland Bridge and burnt to the ground.

“It was a shocking and painful experience, but we’re incredibly grateful that the driver made it out safely. No lives were lost, and that’s what truly matters,” she wrote.

In her post, Deola emphasised the importance of life over material possessions saying, “Moments like this remind us how quickly things can change and how unimportant material things become in the face of life itself.”

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She also noted that the reason for sharing their experience was to encourage others going through sudden loss.

Deola wrote, “We’re not sharing this for sympathy but to remind someone that things can be replaced. Lives cannot. We’re choosing to remain thankful to God for protection, for perspective, and for the quiet strength to keep going.

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“If you’re navigating a sudden loss of any kind, we hope this reminds you: we can rebuild. We can begin again and find the strength to keep going. One breath, one prayer, one step at a time. We give thanks in all things. Thank you to everyone that stopped to help.”

Fans and celebrities have taken to the couple’s post to offer prayers and wishes.

Watch videos below:

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https://x.com/MobilePunch/status/1931342681902391377?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1931342681902391377%7Ctwgr%5Eabdd1e4af12dc196dbf7b8cf7d129a9017a6502e%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fpunchng.com%2Fvideo-darey-art-alade-wife-escape-as-car-catches-fire-on-third-mainland-bridge%2F

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