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Senate Panel Rejects Emefiele’s Team

The Senate Committee on finance prevented the representatives of the Central Bank of Nigeria governor, Godwin Emefiele, from addressing it on the issue of exchange rates for funding key projects.

The committee, which was led by its chairman, 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 them.

The panel also blamed Mr.  Emefiele for not informing it earlier that he would be sending a representative. The CBN governor was therefore asked to appear before the panel again on Thursday.

The finance committee had summoned the CBN Governor, to appear before it today and he  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.

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