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Senate threatens CBN Gov, BOI MD, others with warrant of arrest over N500b DBN Fund

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For failing to honour its invitation . Senate’s Ad – Hoc Committee on uneven disbursement of N500billion development fund across the six geo – political zones by Development Bank of Nigeria ( DBN) has threatened to issue warrant of arrests on the Governor of Central Bank of Nigeria , Godwin Emefiele and heads of affected financial institutions

Apart from the CBN Governor, the Committee headed by Senator Sani Musa (APC Niger East), also threatened to arrest the Managing Director of Bank of Industry , Olukayode Pitan, 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 .
Heads of the five agencies incurred the wrath of the Committee with their conspicuous absence at investigative hearing carried out on Wednesday on the alleged uneven disbursement of N500billion development fund.

Irked by their absence at the session, the Chairman of the Committee , Senator Sani Musa said out of the eight relevant government agencies needed for the investigation , five were invited to appear before the committee at the Wednesday session.
“Out of these five, only two came while the remaining three who are the CBN, BOI and NIRSAL, were conspicuously absent without any letter from them explaining why .
“Assignment before this committee is a very important one, requiring cooperation and compliance from all those linked to issues at hand .
“MD of DBN and his counterpart from the Bank of Agriculture are here for required clarifications and explanations , making it mandatory for CBN Gov , MD of BOI and DG of NISRAL to appear unfailingly in subsequent sessions or risk being coerced through issuance of warrant of arrest”, he said .
He added that Ministers of Finance , Zainab Ahmed, Trade and Investment , Niyi Adebayo and Humanitarian Affairs, Sadiya Umar Farouq, will appear before the committee on Thursday this week for required submissions on roles played in the alleged uneven disbursement of funds .
But in his submission before the committee, the Managing Director of DBN, Tony Okpanachi denied deliberate lopsidedness in the disbursement of the fund.
He said laid down criteria set by the Central Bank of Nigeria were used for fund disbursement .
“Our lending has criteria and they are the same with those set by the Central Bank of Nigeria,” he said.
He explaibed that for a business to qualify for the DBN loan, it must have less than 250 employees and must not have done a turnover of more than N1.1 billion.
“We do a risk assessment of the participating financial institutions (PFIs) before they begin to lend to businesses. We don’t want to give out money and the money fritters away. So we track the end users of the loans yearly,” he said.
He added that the location of the registered MSMEs in Nigeria also explained the reason for the loan’s disbursement.
Statustically, he explained to the committee members that out of the registered MSMEs across Nigeria, Lagos alone has 25%, South West 23%, South South 18%, South East 10%, North Central 10%, North West 9%, FCT 4% and North East 2%.
He however informed the committee that DBN has asked participating financial institutions to build the capacity of smallscale businesses, and train them on how to structure their businesses for them to be able to access the loans.
“For DBN, it’s a continuous process to get more businesses on board,” he stressed .

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Legislature

NASS modifies NDLEA Act, Prescribes Life Imprisonment for Drug Traffickers

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The National Assembly has modified the National Drug Law Enforcement Agency (NDLEA) Act to prescribe life imprisonment for individuals found guilty of storing, transporting, or concealing illicit drugs and substances. 

The amendment was adopted on Thursday during plenary, presided over by Deputy Senate President Barau Jibrin, following broad support from the senators.

The amendment reflects a harmonised position of the Senate and the House of Representatives on Section 11 of the NDLEA Act. 

The House had earlier passed an amendment prescribing life imprisonment for drug traffickers, while the Senate had proposed the death penalty.

To reconcile the differences, a conference committee of both chambers was convened. Senator Tahir Monguno, Chairman of the Senate Committee on Judiciary, Human Rights, and Legal Matters, presented the harmonised version to the Senate. 

He urged lawmakers to adopt the House’s position of life imprisonment, arguing that enforcing the death penalty could lead to the execution of over 900 accused persons currently awaiting trial for drug-related offenses.

The Deputy Senate President who presided over the plenary had put the resolution to a voice vote, and the majority of senators supported the amendment. 

The approved version stipulates life imprisonment for offenders.
The amended section now reads:
“Anybody who is unlawfully involved in the storage, custody, movement, carriage, or concealment of dangerous drugs or controlled substances and who, while so involved, is armed with any offensive weapon or is disguised in any way, shall be guilty of an offence under this Act and liable on conviction to be sentenced to life imprisonment.”
This amendment aims to strengthen the fight against drug trafficking while addressing concerns over human rights and the judicial implications of the death penalty.
The move is part of efforts to curb the growing menace of drug trafficking and its adverse effects on Nigerian society. According to Senator Monguno, the life imprisonment penalty strikes a balance between deterrence and humane judicial practice.
With the amendment, the NDLEA now has a robust legal framework to prosecute offenders and combat drug-related crimes effectively.

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Legislature

President Tinubu urges Senate to approve ₦1.767trn External Loan

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Bola Ahmed Tinubu

President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $2.209 billion (₦1.767 trillion) external borrowing plan to finance part of the ₦9.17 trillion fiscal deficit in the 2024 budget. The loan, included in the 2024 Appropriation Act, is critical to the government’s broader strategy for economic recovery and growth.
In a letter to Senate President Godswill Akpabio, President Tinubu noted that the borrowing aligns with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. He also indicated that the Federal Executive Council (FEC) had approved the plan.
The President explained that the funds would be sourced through Eurobonds or similar external financial instruments. A detailed summary of the loan’s terms and conditions accompanied the letter to guide legislative scrutiny.
“This borrowing is necessary to address the budget deficit and fulfill our fiscal strategy for 2024. Swift approval will enable us to move forward with mobilizing these funds,” the President stated, emphasizing the urgency of the request.
Senate President Akpabio referred the matter to the Committee on Local and Foreign Deb

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Legislature

Senator Natasha Transforms Kogi Central Schools with 5,000 Digital Learning Devices

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By Isah Bala

Access to quality education is a cornerstone of societal progress, and Senator Natasha Akpoti-Uduaghan is embodying this vision by bringing transformative educational tools to Kogi Central. In a groundbreaking initiative, the senator recently provided 5,000 digital learning devices to public primary and secondary schools in her district, aiming to bridge the digital divide and set a new educational standard.

The devices, unveiled at Abdul Aziz Attah Memorial College (AAAMCO), are preloaded with the Nigerian curriculum from UBEC and internationally acclaimed educational resources, including Khan Academy and Discovery Kids. Through this initiative, students will experience interactive learning, enabling them to explore subjects in depth, enhance digital literacy, and engage with complex topics in a hands-on way.

This project is just the beginning of Senator Natasha’s ambitious plan to make “smart schools” the norm in Kogi Central. She envisions a future where every child in her district has equal access to digital learning, stating, “My dream is to equip all public primary and secondary schools in Kogi Central with digital learning devices before the end of my tenure in 2027.”

Beyond device distribution, the senator’s initiative includes UBEC-led teacher training to ensure educators are equipped to integrate these tools into their classrooms effectively.
With this dual approach of student and teacher empowerment, Senator Natasha is laying a foundation that will support digital literacy and skill development for years to come.

Senator Natasha’s commitment to educational advancement represents a significant step forward for Kogi Central, ensuring that young students have access to the tools they need to succeed in an increasingly digital world. This initiative marks her dedication to the constituency that entrusted her with this mandate.

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