Business and Economy
2019 Budget: Senate Uncovers N42 billion fraud by Ministry of Trade and Investment.
The Senate Committee on Trade and Investment chair by Senator Sabo Mohammed on Monday has uncovered a N42 billion misappropriation from the 2019 budget proposals by the Federal Ministry of Industry, Trade and Investment. adsbygoogle || []).push({}); js">
This was revealed when an illegal company, Special Economic Zone Company listed for N42 billion popped up during the presentation of 2018 performance leading to rejection of N15, 633 billion 2019 budget proposals.
Informavores gathered that the Chairman of the Committee Senator Sabo Mohammed, APC member, representing Jigawa North West pointed the attention of the Minister of Industry, Trade and Investment, Dr Okechukwu Enelama to item number 2 on page 7 which has N42.091 billion budgetary allocation for Nigeria Special Economic Zone Company not known to be one of the 17 agencies under the Ministry .
The Minister in his response said “the exercise was established through Presidential initiative and approval given it at Cabinet meeting in May 2018” .
“private partnership is one of the areas that this government is focused for infrastructure, and the second area is industrialization and the two have something in common.” , Dr Okechukwu Enelama continued.
“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. ”
Meanwhile, According to the document containing information on the establishment of the company as obtained from Corporate Affairs Commission (CAC) by Chairman of the Committee, the company was registered as Nigeria Sez Investment Company Limited and not Nigeria Special Economic Zone Company listed the documents presented by the Minister .
He said, “Ownership of the company as clearly stated in the document obtained from CAC on the 26th of last month designated as Directors are Dr Bakari Wadinga , Mr Olufemi Edun and Ms Oluwadara Owoyemi .
“The document clearly States that the company is a private company and that liability of the members are limited by share which as also shown, gives federal government 25% and 75% to the private individuals ” he continued .
Despite the effort of Dr Enelama to convince the chairman and other members of the committee that the initiative was driven by the federal government, they all declared that the process of putting it up “is misnomer and nothing but financial ambush to the Nigeria “.
The committee subsequently instructed the embattled Minister to forward detailed written explanation on how the company crept into appropriation list.
It also directed him to forward its management staff, list of its staff strength and statement of account as pre-requisite for consideration of the 2019 budget proposals .
Author Profile
Latest entries
Oil and GasMarch 1, 2020Senate wouldn’t pass Petroleum Industry Bill Except… – Senator Mohammed
Business and EconomyJanuary 29, 2020Kaduna Senator Introduces ‘Factoring Bill’ to Promote Nation’s International Businesses 
ArticleJanuary 5, 2020Legislative Aides’ Protests and the Futility of Mob Mentality in National Assembly – Kevin Oji
CrimeMay 23, 2019Why Drugs Traffickers Are Not Caught – FAAN
Business and Economy
FG, Afreximbank Assess Nigeria’s Readiness for Africa Energy Bank Commencement
Ahead of the commencement of operations of the Africa Energy Bank (AEB) in Abuja, the Federal Government and the African Export-Import Bank (Afreximbank) teams have assessed the country’s readiness to host the bank.
adsbygoogle || []).push({});
A statement issued on Thursday by Nneamaka Okafor, Special Adviser, Media and Communications to Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), stated that the assessment followed the visit of Dr. Benedict Oramah, President, African Export-Import Bank (Afreximbank).
According to the statement, the visit/assessment was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank, a landmark initiative expected to transform the continent’s energy landscape.
“The establishment of the bank is a collaborative move between Afreximbank and the African Petroleum Producers Organisation (APPO), which will see the bank take off with an asset base of five billion dollars.
“It is projected to grow to 120 billion dollars in five years’ time, marking a significant milestone in Africa’s quest for energy security and sustainability.
“Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.”
Okafor quoted Lokpobiri as reiterating during the meeting, Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential.
He called on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents.
“The bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation and economic prosperity.
“Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the statement quoted Lokpobiri as saying.
Following the discussions, the minister and Afreximbank president proceeded to the AEB Headquarters for an inspection to assess the level of readiness ahead of the commencement of operations.
The visit provided first hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.
Speaking on the significance of the AEB, The Afreximbank President, Oramah, emphasised the bank’s role in bridging Africa’s energy financing gap.
According to him, the establishment of the AEB is a game-changer for the continent.
He commended Nigeria for taking the bull by the horn in hosting the AEB headquarters and expressed confidence in Nigeria’s oil and gas portfolio, as it would not only benefit the sector, but would guarantee immediate benefit for Nigeria.
The bank was initially scheduled to commence operations January this year. (NAN)
Author Profile
Latest entries
ReligiousMarch 3, 2025NGIJ Felicitates with President Tinubu, Nigerian Muslims on Ramadan
NewsMarch 3, 2025NLM Mobilization Director charges members to take structural formation serious
Guest WriterMarch 2, 2025Ajia Felicitates Emir of Ilorin, Kwara People and Muslims Worldwide on Ramadan
NewsFebruary 21, 2025NLM Rejigs Leadership Structure, Says It’s time for Leadership by Productivity
Business and Economy
Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo
By Abah Benjamin Eneojoh
The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.
adsbygoogle || []).push({});
js">
Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.
The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.
At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.
The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.
The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.
Author Profile
Latest entries
ReligiousMarch 3, 2025NGIJ Felicitates with President Tinubu, Nigerian Muslims on RamadanNewsMarch 3, 2025NLM Mobilization Director charges members to take structural formation seriousGuest WriterMarch 2, 2025Ajia Felicitates Emir of Ilorin, Kwara People and Muslims Worldwide on RamadanNewsFebruary 21, 2025NLM Rejigs Leadership Structure, Says It’s time for Leadership by Productivity
Business and Economy
Naira appreciates N28.85 against dollar at official market
The Naira on Thursday, November 21st, 2024 appreciated at the official market trading at N1,658.67 against the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N28.
adsbygoogle || []).push({});
This represents a 1.7 per cent gain, compared to the previous trading date on Wednesday when it exchanged at N1,687.52 to a dollar.
However, the total daily turnover reduced to 163.66 million dollars on Thursday, down from to 173.29 million dollars recorded on Wednesday.
At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,707.50 and N1,631.00 against the dollar.
Source: NAN
Author Profile
Latest entries
ReligiousMarch 3, 2025NGIJ Felicitates with President Tinubu, Nigerian Muslims on RamadanNewsMarch 3, 2025NLM Mobilization Director charges members to take structural formation seriousGuest WriterMarch 2, 2025Ajia Felicitates Emir of Ilorin, Kwara People and Muslims Worldwide on RamadanNewsFebruary 21, 2025NLM Rejigs Leadership Structure, Says It’s time for Leadership by Productivity
NGIJ Felicitates with President Tinubu, Nigerian Muslims on Ramadan
Share this StoryBy AbdulRahman Obaje … Seeks Divine Intervention for …
NLM Mobilization Director charges members to take structural formation serious
Share this StoryBy AbdulRahman Obaje Alhaji Suleiman Yunusa, the National …Ajia Felicitates Emir of Ilorin, Kwara People and Muslims Worldwide on Ramadan
Share this StoryBy AbdulRahman Aliagan … Seeks Divine Intervention …
NLM Rejigs Leadership Structure, Says It’s time for Leadership by Productivity
Share this StoryBy Abdulrahman Obaje The Nigeria Liberty Movement (NLM) …
NLM FCT Chapter Postpones General Meeting, Cites Incomplete Structural Formation
Share this StoryBy AbdulRahman Obaje The Nigeria Liberty Movement has …
Comr. Okolofo Sunday salutes Hon. Zakari Dauda on his commendation
Share this StoryBy AbdulRahman Obaje Comr. Okolofo Sunday a friend …
FG, Afreximbank Assess Nigeria’s Readiness for Africa Energy Bank Commencement
Share this StoryAhead of the commencement of operations of the …
Nigeria’s Oil Production Reaches 1.53m bpd in January, Meets OPEC Quota
Share this StoryBy AbdulRahman Obaje For the first time since …
Senate charges FG to include North East in the Super Highway Projects
Share this StoryBy AbdulRahman Obaje The Senate Thursday, February 13, …
STEM: Delta government pledge robust partnership with private organisations
Share this StoryThe Delta government has assured that it will …