Massive Government Funds Mishandling Under Investigation As House Committee Summons Top Officials Including CBN Governor More Details

The House of Representatives Special Committee, which was tasked with investigating the use of take-off grants, bailout funds, and intervention allocations to government institutions, called on key government agencies to provide answers regarding their fund management practices on Thursday.

The session, held at the National Assembly in Abuja, is part of a broader investigation that was initiated following a resolution passed by the House on March 6, 2025.

The motion, brought forward by House Minority Leader Kingsley Chinda, raised concerns over the alleged diversion and mismanagement of government intervention funds.

Chinda emphasized the need for transparency, stating, “The House is concerned that ongoing allegations of fund diversion and mismanagement, as well as the failure to use these funds for their intended purposes, are severely undermining the effectiveness of critical public services and projects.”

In response to these concerns, Speaker Tajudeen Abbas established a Special Committee, led by Emeka Chinedu (PDP, Imo), to examine the utilization of funds by Ministries, Departments, Agencies, and Government-Owned Enterprises from 2015 to the present.

During the hearing, John Hammah, the Acting Director of Development Finance at the Central Bank of Nigeria (CBN), appeared on behalf of CBN Governor Olayemi Cardoso. Hammah assured the committee of the bank’s cooperation but requested more time to provide accurate data for the period under investigation.

“Mr. Chairman and honourable members, we only received your invitation yesterday. We have swiftly prepared this report but now realize the broader scope of your investigation. We kindly request additional time to present comprehensive data,” Hammah explained.

After discussions, Committee Chairman Emeka Chinedu granted the CBN a two-week extension, with a stipulation for Governor Olayemi Cardoso to appear in person on May 2, 2025.

The Accountant General’s Office and the Ministry of Health were also granted the same two-week extension to submit detailed records of disbursements made to various agencies.

The hearing also saw officials from the Economic and Financial Crimes Commission (EFCC) in attendance. The EFCC’s secretary, Muhammad Hammajoda, urged the Accountant General’s office to provide a formal, structured report outlining the amounts disbursed and their intended purposes.

“We require a formal report detailing the amounts and the purpose of each disbursement. Once we receive this, we will thoroughly analyze the documents,” Hammajoda remarked.