By Sanni Onogu, Abuja

The Senate Committee on Finance on Monday walked out the representatives of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the issue of exchange rates differentials in the funding of some critical government projects.

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

Adeola said Emefiele did not inform the committee that he would not be present at the hearing.

He said that Emefiele must appear before the Committee on Wednesday by 2 pm.

The committee had on Sunday summoned Emefiele to appear before it on Monday.

The Committee said that the Governor was to explain the reason behind exchange rate differentials used for three key projects under the Presidential Infrastructure Development Fund.

The projects are being funded with the Nigeria Sovereign Investment Authority.

Adeola said the committee would only hear from Mr. Emefiele in view of the sensitive nature of the issue.

“We are aware that the deputy Governor is here and you know the way it operates.

“Even if the deputy Governor is in charge of the transaction, the Governor should be seated and if he so wishes for you to represent him, he will seek the indulgence of the committee.

“The committee would then direct that you should speak on behalf of the bank.

“I will want to believe the Governor of Central Bank is around the corner and he would soon join us.”

Adeola then asked the deputy governor if he had anything to say.

Shonubi said: “Unfortunately, the Governor of CBN is not around which is why he asked me to represent him at this sitting.

“I know he flew out of Abuja, he is actually in Edo State since last Friday. It is actually a phone call that I got to come and represent him.”

Adeola in his response said: “How can that be done on the phone? Do you know the content or what is contained in that letter and why we are here today?

“Distinguished colleagues as a tradition of this Senate whenever we invited the head of any agency to come we would like the head of the agency to come, we don’t want invitation by proxy.

“Many of these invitations are handled by the deputy Governor but since he is the head of the agency there is a need for Mr. Godwin Emefele to appear.

“I said this because during the Medium Term Expenditure Framework, we invited CBN nobody was there for an issue bordering on stamp duty collections.

“I will say that it is unfortunate that we have found ourselves in that situation we cannot go ahead without the presence of the CBN Governor and the secretariat has briefed me that we are only available on Wednesday and Wednesday is the day we are inviting the CBN Governor to appear before the Senate Committee on Finance alongside the Managing Director of the Nigerian Sovereign Wealth Investment by 2 pm.”

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

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

The Committee had at the weekend summoned the CBN governor during an interactive session between it and the Managing Director of NSIA, Mr. Uche Orji.

Orji had told the committee that the contracts for the projects were denominated in naira and that the CBN’s exchange rates for the disbursed fund were N325 to a dollar instead of the official rate of N305.

https://thenationonlineng.net/senate-panel-turns-down-cbn-governors-representative/

The Emefiele's persecution continues on. This guy's patient to withstand the continuous bickering he's suffered since he assumed office.

I rada stick to my humanitarian office and enjoy my peace than a stress-inducing portfolio.

# Rich & Stress-Free


Cc SarkinYarki FarahAideed

I hope Emefiele can refuse to appear and call their bluff! After all, the Custom's overlord, Hameed Ali, did same and is rewarded with Border closure powers.

This isn't something I would normally say, but our institutions lack power and anybody can dishonor them so long as he or she is the President's kinsman or friend.

This set of Sinate is not smiling as expected. Abi Ghana must go no come out!!

Zero joy

People do not understand the power of the national assembly.
Emefiele too does not.

Imagine Jerome Hayden, Chairman of US Federal Reserve Board sending a representative to the US Senate.
He will not.

The business of the house supersedes whatever duty he may be handling after all, He has a deputy. Same as Our CBN governor.
But in Nigeria, head of parastatals, Custom DG and many more will not honour an ordinary invitation.

Emiefele self no sabi him work, only to add useless charges to the poor masses already too much burden

These senators are just there to request personally for job slots from Emiefele...

Useless senators

Nigeria needs to adopt the unicameral legislature. The Senate is the major problem of this country....


Yam eaters everywhere.

GreyLaw:
I hope Emefiele can refuse to appear and call their bluff! After all, the Custom's overlord, Hameed Ali, did same and is rewarded with Border closure powers.

This isn't something I would normally say, but our institutions lack power and anybody can dishonor them so long as he or she is the President's kinsman or friend.

this isn't something you would normally say?
Why?
because it is true or what?

The end (Ghana must go) will justify the means

Okay

Ok. Over to Governor Godwin Emefiele.

If I were to advice the Committee of the Senate, I would have asked that they carried on the meeting with Emefiele's representative, and perhaps requested the CBN governor's physical presence at a later date, on the ground of established dissatisfaction and/or inadequacy of information, submitted by the deputy governor.

The deputy governor isn't so lowly an officer of the CBN to represent the governor, irrespective of the sensitivity of the matter.

Abi na Because he nor carry CBN yam follow body come??

GreyLaw:
I hope Emefiele can refuse to appear and call their bluff! After all, the Custom's overlord, Hameed Ali, did same and is rewarded with Border closure powers.

This isn't something I would normally say, but our institutions lack power and anybody can dishonor them so long as he or she is the President's kinsman or friend.

About Hameed Ali, isn't the constitutional age of retirement in government offices 60? Dude is 64

[quote author=Futuragetty post=83767227]People do not understand the power of the national assembly.
Emefiele too does not.

Imagine Jerome Hayden, Chairman of US Federal Reserve Board sending a representative to the US Senate.
He will not.

The business of the house supersedes whatever duty he may be handling after all, He has a deputy. Same as Our CBN governor.
But in Nigeria, head of parastatals, Custom DG and many more will not honour an ordinary invitation.
My brother this is what is called "see finish". The head of federal reserve in America will not dare to send a rep because the senate is not compromised. But in the case of Nigeria the senate is compromised so they cant exact their power. A perfect example is when oga begins to sleep with his house help, he loses his authority over her in that house. My 2 kobo contribution.

[quote author=Futuragetty post=83767227]People do not understand the power of the national assembly.
Emefiele too does not.

Imagine Jerome Hayden, Chairman of US Federal Reserve Board sending a representative to the US Senate.
He will not.

The business of the house supersedes whatever duty he may be handling after all, He has a deputy. Same as Our CBN governor.
But in Nigeria, head of parastatals, Custom DG and many more will not honour an ordinary invitation.



My brother this is what is called "see finish". The head of federal reserve in America will not dare to send a rep because the senate is not compromised. But in the case of Nigeria the senate is highly compromised so they cant exact their power. A perfect example is when oga begins to sleep with his house help, he loses his authority over her in that house. My 2 kobo contribution.

GreyLaw:
I hope Emefiele can refuse to appear and call their bluff! After all, the Custom's overlord, Hameed Ali, did same and is rewarded with Border closure powers.

This isn't something I would normally say, but our institutions lack power and anybody can dishonor them so long as he or she is the President's kinsman or friend.

Did you watch the explanation of Hameed Ali as to why borders were closed? Are you aware that the frozen chicken and turkey you consume with relish are preserved with chemicals used to preserve corpses? Are you also aware that the rice you consume is unhealthy? That you hate the President does not mean you should not examine some of his actions objectively.

Back to the matter at hand, Emefiele has largely stayed away from controversy, and he does not talk much like Emir Sanusi. He'd appear before the senate hearing as mandated. I think the Senate forced the former finance minister and former SGF out. They had information to end their jobs. Institutions are coming up.

The Senate has the power to summon the head of any federal government agency

But in Nigeria, anything goes

Futuragetty:
People do not understand the power of the national assembly.
Emefiele too does not.

Imagine Jerome Hayden, Chairman of US Federal Reserve Board sending a representative to the US Senate.
He will not.

The business of the house supersedes whatever duty he may be handling after all, He has a deputy. Same as Our CBN governor.
But in Nigeria, head of parastatals, Custom DG and many more will not honour an ordinary invitation.

Not this house that is full of charlatans

emkz:


Did you watch the explanation of Hameed Ali as to why borders were closed? Are you aware that the frozen chicken and turkey you consume with relish are preserved with chemicals used to preserve corpses? Are you also aware that the rice you consume is unhealthy? That you hate the President does not mean you should not examine some of his actions objectively.

Back to the matter at hand, Emefiele has largely stayed away from controversy, and he does not talk much like Emir Sanusi. He'd appear before the senate hearing as mandated. I think the Senate forced the former finance minister and former SGF out. They had information to end their jobs. Institutions are coming up.

Your first paragraph sounds stupid in its entirety! Why are some of you so thick to the point you never read to understand? The beans we eat in this country isn't it preserved with the worst of chemicals? What drivel did you just write up there?

Now, let me make it clear to you: my reference to Hameed Ali was obviously about his refusal to answer the Senate under Saraki; he took them for a ride and went Scot free with it. He refused to appear before the Senate in uniform and altogether ignored them.

Now tell me how my second paragraph corroborates your warped idea that I hate Buhari. Do you even know what hate is? You just come online and throw words about like a kid. I disagree with Buhari has nothing to do with hate.

Please get off my mention is you don't have something reasonable to say.

Drizzle007:


About Hameed Ali, isn't the constitutional age of retirement in government offices 60? Dude is 64

When you point that out people who worship the President will come out and say you hate him. Imagine that!

GreyLaw:


Your first paragraph sounds stupid in its entirety! Why are some of you so thick to the point you never read to understand? The beans we eat in this country isn't it preserved with the worst of chemicals? What drivel did you just write up there?

Now, let me make it clear to you: my reference to Hameed Ali was obviously about his refusal to answer the Senate under Saraki; he took them for a ride and went Scot free with it. He refused to appear before the Senate in uniform and altogether ignored them.

Now tell me how my second paragraph corroborates your warped idea that I hate Buhari. Do you even know what hate is? You just come online and throw words about like a kid. I disagree with Buhari has nothing to do with hate.

Please get off my mention is you don't have something reasonable to say.

Why are you filled with so much vile and vitriol? How has the insults and tantrums you have thrown added a feather to your cap? I don't attempt to engage some of you here because you seem to have cancerous minds spewing cancerous ideas; trying to eat away the sanity of others. Next time, marshal your points like an adult you like to believe you are, because it is only someone intellectually puerile who goes about insulting others senselessly.

If the way you write is how you speak, I think your parents need to supervise your online presence.

emkz:


Why are you filled with so much vile and vitriol? How has the insults and tantrums you have thrown added a feather to your cap? I don't attempt to engage some of you here because you seem to have cancerous minds spewing cancerous ideas; trying to eat away the sanity of others. Next time, marshal your points like an adult you like to believe you are, because it is only someone intellectually puerile who goes about insulting others senselessly.

If the way you write is how you speak, I think your parents need to supervise your online presence.

I hate reading rubbish! You must think anybody who doesn't support the president, hates him. This same attitude is what pushed you into seeing points I didn't make. What does "that you hate the president..." mean?

I had to give it to you hard knocks to rouse you from the intellectual slumber which many Nairaland users have fallen into. The moment you read a quote it becomes a Buhari-Jonathan or Igbo-Yoruba thing.

What has my parents have to do with this? You would indeed have a hard time standing face to face with me and holding an intelligent discussion, but here you are hiding behind some keyboard dragging my parents into a matter they have no idea about.

Get off my back; I don't have time for such drivel.

GreyLaw:


I hate reading rubbish! You must think anybody who doesn't support the president, hates him. This same attitude is what pushed you into seeing points I didn't make. What does "that you hate the president..." mean?

I had to give it to you hard knocks to rouse you from the intellectual slumber which many Nairaland users have fallen into. The moment you read a quote it becomes a Buhari-Jonathan or Igbo-Yoruba thing.

What has my parents have to do with this? You would indeed have a hard time standing face to face with me and holding an intelligent discussion, but here you are hiding behind some keyboard dragging my parents into a matter they have no idea about.

Get off my back; I don't have time for such drivel.

Don't be a rabble-rouser dear friend. You like to think yourself as intellectually sophisticated by being bombastic and unduly verbose. Beneath this facade, I see you as intellectually puerile, pusilanimously shallow, psychically inept and acoustically infantile.

I stand by my words: if the way you write is the way you speak, then your parents need to supervise your online presence. I am in no way insulting your parents. Try and understand.

In your warped mind, you "roused me from intellectual slumber", whereas you are still in intellectual mortuary.