Senate panel insists Emefiele attending investigative hearing in person

The Senate Committee on Finance on Monday prevented the representatives of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, from addressing it on the issue of exchange rates for funding key projects, insisting that he should attend in person.

Chairman of the Committee, Solomon Adeola, asked the Deputy Governor of CBN, Mr. Adebisi Shonubi, who represented Emefiele to leave with his team because the invitation was not meant for him.

The panel also blamed Emefiele for not informing it earlier that he would be sending a representative and he was therefore asked to appear before the panel in person on Thursday.

The finance committee had summoned Emefiele, to appear before it on Monday (today).

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 (PIDF).

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 N163.8 billion.

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.