Chukwu David 
The Senate yesterday resolved to carry out a holistic investigation into the disbursement of loans by Development Bank of Nigeria, NIRSAL, and related Banks to Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria from 2015 to date. The Senate took the decision following a motion sponsored by Senator Ali Ndume and co-sponsored by 64 other Senators on “The need to holistically investigate the disbursement of loans by Development Bank of Nigeria, NIRSAL, and related Banks to Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria from 2015 to date.”
Consequently, the apex legislative Assembly constituted a seven-man Ad-hoc Committee, Chaired by the Deputy Senate Leader and Senator representing Ebonyi South Senatorial District, David Umahi. Other members of the Ad-hoc Committee as announced by the President of the Senate, Godswill Akpabio, are Senators; Babangida Oseni, Ali Ndume, Sani Musa, Tokunbo Abiru, Ipalibo Banigo and Chizoba Chukwu.
It is pertinent to note that the same motion by Ndume and three others was investigated by an Ad-hoc Committee set up in the 9th Senate, of which a report was submitted by the Panel headed by Senator Sani Musa (APC, Niger East). However, Ndume brought a fresh motion last week Wednesday, asking the Chamber to set up an Ad-hoc Committee, to carry out a holistic investigation into the alleged uneven disbursement of N500 billion loans to six geo-political zones by the Development Bank of Nigeria.
The lawmaker entitled the motion: “Uneven Disbursement Of Half A Trillion Naira Loan To The Six Geopolitical Zones By The Development Bank Of Nigeria.” While presenting the same motion in the 9th Senate, Ndume noted that there was a huge disparity and uneven disbursement of half a trillion naira loan by the Development Bank of Nigeria to the six geopolitical zones in the country, in 2021.
He said that the Bank’s Annual Integrated Statutory Report 2021 obtained by him on July 13, 2022, from the its website showed that the bank disbursed loans worth N483, 000, 000, 000 out of which only 11 per cent went to the 19 states of northern Nigeria, while 47 per cent went to Lagos State alone. He also noted that the 11 per cent of the loan that went to the entire northern States amounted to about N53.1bn while the 47 per cent that went to Lagos State alone amounted to about N227bn.
Ndume further added that the South-West accessed the lion’s share which was 57 per cent of the total loan, which was estimated to be about N274, 740, 000,000. Contributing to the debate on the motion, Senator Seriake Dickson (PDP Bayelsa) while suggesting an additional prayer asked that the Ad-hoc investigation should be extended to look at all intervention loans by the Central Bank of Nigeria (CBN) including COVID-19 palliative, Anchor Borrowers loan, among others.
Also, in his contribution, Senator Orji Uzor Kalu (Abia North) said that loans are gotten up in application and following satisfaction of requisite requirements including bank guarantees.
