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2019 Budget: Senate Exposes N42bn Fraud by Ministry of Trade and Investment

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Dr. Okechukwu Enelamah
  • 2019 Budget: Senate Exposes N42bn Fraud by Ministry of Trade and Investment

One of the series of allegations surrounding the N8.08 trillion 2019 proposed budget was exposed on Monday when the Senate Appropriation Committee on Trade and Investment uncovered N42 billion allocated to a fake private company in the 2019 budget by the Ministry of Trade and Investment.

The Chairman of the Senate Committee, Senator Sabo Mohammed from Jigawa Northwest, called the attention of Dr Okechukwu Enelamah, the Minister of Trade and Investment, who appeared before the Senate Committee to defend the Ministry’s 2019 budget, to N42 billion allocated to the Nigeria Special Economic Zone Company, according to the Chairman the company is fake.

Dr Okechukwu Enelamah claimed the said private company was established through a Presidential initiative and was approved during a cabinet meeting in May 2018.

Enelamah stated: “One of the areas that this government has focused on is infrastructure. The second area is industrialisation and the two have something in common.”

“If the government tries to do it alone, it would be extremely tasking. So the President directed that we should bring other partners that can combine with whatever monies we have to build world-class infrastructure which led to the establishment of the company in partnership with other investors.”

Following Enelamah’s presentation, Senator Sabo once again referred the minister to item 2 on page 7 of the proposed budget, which contained the N42.091 billion allocated to the Nigeria Special Economic Zone, a company that does not exist.

He reportedly presented a document obtained from the Corporate Affair Commission (CAC) which showed the actual company’s name is Nigeria Sez Investment Company Limited as against the Nigeria Special Economic Zone that was written in the proposed budget presented by the ministry.

Nigeria Sez Investment Company Limited, according to the CAC document as read by Senator Sabo, listed Dr. Bakari Wadinga, Mr. Olufemi Edun and Ms. Olwadara Owoyemi as directors.

The document also states that the company is a private company and liability of the members are limited by share which gives Federal Government 25 per cent and 75 per cent to the private individuals.

Efforts by the Minister to convince the Committee that the initiative was driven by the government didn’t yield result as the Committee stood its ground and described the process as a financial ambush on the nation.

The Committee, therefore, directed the Minister to forward the details on how the fake company got into the 2019 appropriation list. Enelamah was also asked to present information regarding the company’s supposed management staff, list of staff strength and account statement.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Government

Lai Mohammed Says Buhari Has Recovered Over N800bn in Looted Funds

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President Muhammadu Buhari

Buhari Has Recovered Over N800bn in Looted Funds

President Muhammadu Buhari government has recovered over N800 billion looted by corrupt Nigerians since the beginning of this administration in 2015.

Alhaji Lai Mohammed, the Minister of Information and Culture, disclosed this on Tuesday at a press conference held in Abuja.

He said, “This administration’s fight against corruption is as strong as ever, and we have the records to back up this claim.

“This administration has recorded over 1,400 convictions, including high profile ones, and recovered funds in excess of N800bn, not to talk of forfeiture of ill-gotten properties.”

President Muhammadu Buhari has made recovery of Nigeria’s stolen assets one of his priorities since he became president in 2015.

Several of Nigeria’s untouchables have been convicted despite political experts and social commentators saying the war against corruption should not be only against opposition but also against those in the ruling party that seems to have been overlooked.

Still, the ruling party has insisted that members of the party have been convicted and one of such is Kalu.

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Government

President Buhari Names Railway Stations After Tinubu, Jonathan, Fashola, Others

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Buhari

Buhari Names Railway Stations After Prominent Nigerians

President Muhammadu Buhari on Monday named railway stations after Tinubu, Jonathan and other prominent Nigerians.

In a statement released through the Ministry of Transportation and signed by Eric Ojiekwe, Director, Press and Public Relations of the Ministry, the Minister of Transportation, Rotimi Amaechi, disclosed that the deserving citizens have contributed to the progress and development of their respective communities and the nation at large.

According to the statement, for the Lagos-Ibadan with extension to the Lagos Port Complex at Apapa railway station, the beneficiaries are:

Bola Ahmed Tinubu (Apapa station)

Mobolaji Johnson (Ebute Metta Station)

Babatunde Raji Fashola (Agege station),

Lateef Jakande (Agbado station) and

Prof. Yemi Osinbajo (Kajola station).

Others are Funmilayo Ransome-Kuti (Papalanto station)

Prof. Wole Soyinka (Abeokuta station),

Aremo Segun Osoba(Olodo station)

Chief Ladoka Akintola (Omio-Adio station)

Chief Obafemi Awolowo (Ibadan station)

and Chief Alex Ekwueme (Operation Control Centre)

For the Itakpe-Ajaokuta/Aladja-Warri Railway, the names are:

Alhaji Adamu Attah (Itakpe station)

Dr. Olushola Saraki (Ajaokuta station)

Admiral Augustus Aikhomu (Itogbo station)

Brigadier General George Innih (Agenebode station)

Anthony Eromosele Enahoro (Uromi station)

Chief Tom Ikimi (Ekehen station) and

Brig. Gen. Samuel Osaigbovo Ogbemudia (rtd) (Igbanke station)

Others according to the statement include:

Goodluck Ebele Jonathan (Agbor Station Complex)

Brigadier General David Ejoor (Abraka station)

Micheal Ibru (Opara station)

Alfred Rewane (Ujevwu station) and

Vice Admiral Mike Akhigbe (Railway Village, Agbor).

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President Muhammadu Buhari Arrives Bamako, Mali on Thursday

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Buhari arrives Bamako, Mali

President Buhari Arrives Bamako, Mali for ECOWAS Peace Mission

President Muhammadu Buhari has arrived Bamako, Mali on Thursday following the briefing received from the former President Goodluck Ebele Jonathan led ECOWAS Special Envoy to the country.

On Wednesday the presidency had tweeted that “President @MBuhari will Thursday depart for Bamako, the Republic of Mali on a one-day visit, following the briefing by the ECOWAS Special Envoy to the country, former President @GEJonathan.”

On Thursday, the presidency said President Buhari has arrived Bamako, Mali.

“President @MBuhari in Bamako, Republic of Mali, today, on a one-day visit. He’s meeting with fellow ECOWAS leaders led by President Mahamadou Issoufou of Niger Republic for consultations towards finding a lasting solution to the political crisis in Mali. ”

“President @MBuhari is in Bamako, Mali today, on an ECOWAS Peace Mission. #PMBinMali”

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