Tag: funds

  • Breakdown of recovered looted funds, assets

    Cash Recoveries
    Serial Items Naira US Dollar GB Pounds Euro
    1 EFCC Cash at hand 39,169,911,023.00 128,494,076.66 2,355 11,250
    2 Royalty/tax/payment to FGN account in JP Morgan account New York 4,642,958,711.48 40,727,253.65
    3 ONSA Funds Recovery Account in CBN 5,665,305,527.41 8,000,000.00
    4 VAT recovered from companies by ONSA 529,588,293.47
    5 EFCC Recovered Funds Account in CBN 19,267,730,359.36 455,253.80
    6 ICPC Revenue Collection Recovery in CBN 869,957,444.89
    7 Office of the Attorney General 5,500,000,000 5,500,000
    8 DSS Recoveries 47,707,000.5 1,943,000.5 3,506,000.46
    9 ICPC Cash Asset Recovery 2,632,196,271.71
    Total 78,325,354,631.82 185,119,584.61 3,508,355.46 11,250
    Recoveries Under Interim Forfeiture
    Serial Items Naira US Dollar GB Pounds Euro
    1 Cash in bank under interim forfeiture 8,281,577,243.92 1,819,866,364.73 3,800.00 113,399.17
    2 Amount frozen in bank 48,159,179,518.90 7,131,369,498.49 605,647.55
    3 Value of properties under interim forfeiture 41,534,605,998.00 77,844,600.00 1,875,000.00 190,000.00
    4 Value of cars under interim forfeiture 52,500,000.00
    5 ONSA Funds under interim forfeiture 27,001,464,125.20 43,771,433.73
    6 Value of Assets Recovered by ONSA 512,000,000.00
    7 ONSA Assets under interim forfeiture 260,000,000.00
    8 DSS Recoveries Frozen in Banks 658,929,000.00 226,476.20
    9 EFCC Cash in Bank under final forfeiture 103,225,209.41 17,165,547.00
    Total 126,563,481,095.43 9,090,243,920.15 2,484,447.55 303,399.17
    Grand Total 204,888,835,727.25 9,275,363,504.76 5,992,803.01 314,649.17
    Funds Awaiting Return From Foreign Jurisdictions
    Jurisdiction US Dollar GB Pounds Euro
    1 Switzerland 321000000
    2 UK 6900000
    3 UAE 310501 11826.11
    4 USA 6225.1
    Total 321,316,726.1 6,900,000 11,826.11
    Non Cash Recoveries
    Serial Items Quantity
    ICPC EFCC ONSA
    1 Farmland 22
    2 Plot of Land 4
    3 Uncompleted Building 1
    4 Completed Building 33 145 4
    5 Vehicles 22 3
    6 Maritime Vessels 5

  • More foreign carriers may pull out of Nigeria over difficulties in repatriating funds

    More foreign carriers may pull out of Nigeria over difficulties in repatriating ticket sales in dollars as well as the harsh operating environment, The Nation has learnt.

    Two foreign carriers, Iberia and United Airlines, have announced their exit from Nigeria, citing operational and financil challenges.

    But, British Airways said at the weekend that it had no plans to exit Nigeria because of difficulty in repatriating ticket sales.

    The Country Manager, Mr Kola Olayinka,  in a statement, gave the clarification against reports that it planned to stop flying into Nigeria.

    Olayinka  said : “ British Airways has a long history in Nigeria, having begun operations in the country 80 years ago as Imperial Airways.

    “ Nigeria remains a strategic market for BA and our operations locally are very strong.  We have not issued any statements at any time indicating that we are on the verge of terminating operations in the country.   We will continue to operate to Nigeria.”

    Meanwhile, investigations reveal that $ 600 million are trapped in the country from ticket sales that cannot be repatriated by foreign carriers to their home countries on account of the new foreign exchange policy .

    A source hinted at the weekend that three other carriers, Etihad Airways, Qatar Airways and Air France may have issued notice to the Ministry of Aviation to restrict flights to Nigeria if the current foreign exchange policy  is not reviewed.

    The International Air Transport Association (IATA) has commenced discussions with the Office of the Vice President , Ministries of Finance and Aviation on how to resolve the problem.

    Some $575 million was due to carriers as of March 31, 2016 according to IATA, even after the Central Bank of Nigeria released funds to pay off part of the backlog.

  • Idle pension funds

    •Government should find ways to tap into the money without jeopardising the goal

    The pension funds story somewhat reminds of the allegory of the dweller on the banks of the River Niger that would rather wash with spittle: A Federal Government on the brink of fiscal insolvency looking in all directions for funds to finance critical infrastructure; a pension system nearly bursting its seams with a huge potentially investible funds standing at an impressive N5.46tn by March ending. Then, a paltry spend of N1.3 billion representing some 0.01 percent out of the whopping N1.16 trillion allowable under the scheme for investment in infrastructure bonds and funds by December 2015. What emerges is a nation with abundant pool of investible funds at its backyard and yet locked in endless quest for offshore funds.

    With shrinking petrodollars and yawning infrastructure gap, it is understandable that the nation’s focus would shift to the pension funds as an alternative source of revenue to finance infrastructure. Indeed, we recall that the Minister of Power, Works and Housing, Babatunde Fashola, at the Nigerian Pension Industry Strategy Implementation Road Map Retreat in January stridently made the case for channelling the nation’s pension funds towards building of roads, hospitals, educational facilities, railways, inland water ways to generate employment, create wealth and improve the standard of living of the citizens.

    Much as such calls are hard to fault at this time, a number of factors are hard to gloss over.

    The first is that pension funds are by nature highly regulated, hence the use of the funds for investments is somewhat restricted. Indeed, under the current National Pension Commission’s (PenCom) guidelines, only a maximum of 20 percent of the total value of pension fund assets could be invested in infrastructure – 15 percent through infrastructure bonds, and another five per cent through infrastructure funds – all of which have stringent conditions attached.

    Second, given the terrible mess made of the old pension scheme, PenCom has understandably been rather careful in erecting necessary safeguards, hence the preponderance of the entire assets – some N3.68tn or 67.47 per cent –in the relatively safe Federal Government’s securities. Indeed, one hallmark of the new pension scheme is the guarantee of security of the funds, the reason it has earned its place as a success story.

    Third is the challenge of finding investible vehicles with low risk profiles and with sufficient comfort to the fund custodians. The simple truth is that a good number of the projects on which the funds are being sought are either poorly conceived or not entirely bankable. That would no doubt explain the rather poor state of utilisation of the infrastructure portfolio recorded last December. To compound the problem is the legal system that has proven time and again as an investors’ nightmare, particularly in an environment where something as ordinary as contracts are not only difficult to enforce, but can drag on interminably to the point of frustrating the would-be investors.

    Be that as it may, we are still of the view that current exigencies call for new thinking on the use of the funds. Indeed, as experience of the South African Public Investment Corporation (PIC) with its highly diversified portfolio worth $150 billion has shown, the funds have the potential to provide a big catalyst to the domestic economy, as well as being a ready vehicle for trans-border investments.

    In the circumstance, the least we expect of the Federal Government at this time is to work with the relevant stakeholders to address these and many of such thorny issues, and by so doing evolve an agreeable framework to ensure utilisation of the portion of the funds earmarked for infrastructure.

  • Govt plans N750b agric funds

    The Federal Government is discussing with some multilateral international financial institutions to create a financing pool of some N750 billion for the Nigerian agricultural sector.

    Minister of State for Agriculture, Mr. Heineken Lokpobiri, said the government is in discussions with the African Development Bank (AfDB) and Islamic Development Bank (IDB) to create a N750 billion agricultural fund that could provide amenable finance to operators in the Nigerian agricultural sector.

    According to him, access to finance has been one of the major challenges of the agricultural sector and government is working to address this and other challenges.

    He said the funds would through the Bank of Agriculture and other commercial banks lend money to farmers at a single-digit interest rate in order to boost the development of the sector.

    He said the Islamic Development Bank has indicated that it could provide $2.5 billion, about N498 billion, while AfDB has also shown interest in financing the sector. Nigeria’s former Minister of Agriculture, Dr. Akinwunmi Adesina, is now AfDB president.

    Lokpobiri, who spoke at the annual poultry summit of the Poultry Association of Nigeria (PAN) in Lagos, indicated that the new funds might come at below nine per cent, noting that though there are existing funds from the Central Bank of Nigeria (CBN) that farmers can access at interest rate of nine per cent, the contention is that nine per cent is still high for agricultural businesses.

    He added that part of government’s social investment of about N93 billion in 2016 would be given to the association to boost the country’s poultry industry.

    He stressed the importance of developing the agriculture sector, noting that Nigeria is losing on both fronts by expending scarce foreign exchange on food imports and exposing itself to smuggled products with health hazards.

    In his address, President, Poultry Association of Nigeria (PAN), Dr. Ayoola Oduntan, said the poultry sub-sector deserves better attention from the government as it contributes more than 25 per cent of the Agricultural Gross Domestic Product (AGDP) with an annual turnover  in excess of N800 billion.

    He lamented that the past 16 months have been the most challenging period for the Nigerian poultry industry with the outbreak of Avian Influenza, which occurred in January 2015 and have been ravaging the industry since then.

    “We have had over 3.5 million birds officially depopulated and the farms quarantined without payment of compensation to about 80 per cent of the farmers.

  • Paucity of  funds, others  stifle culture,  tourism

    Paucity of funds, others stifle culture, tourism

    In the last one year, the parastatals and agencies in the culture and tourism sector have been on sabbatical – in terms of events and programmes. They could neither hold  their major programmes nor attend foreign events – no thanks to paucity of funds, writes Assistant Editor (Arts) OZOLUA UHAKHEME 

    President Muhamadu Buhari’s administration may have some ‘soft spots’ for culture and tourism. In fact, it surprised many pundits by its attitudes towards the sector when the heat was on other sectors. Contrary to their expectation, apart from its Permanent Secretary Mrs Nkechi Ejele, none of the director-generals in the Ministry of Information and Culture was sacked during the November 2015 February 2016 mass sack of permanent secretaries and Director-Generals of federal government parastatals and agencies. Except for the streamlining and tagging of the ministry, which did not reflect tourism but accommodated information, the sector was never rattled.

    However, in the last one year, the parastatals and agencies in the sector have been on sabbatical in terms of events and programmes.

    They could neither hold most of their major programmes nor attend foreign events as a result of paucity of funds. These included world trade market, international travel trade shows, workshops, lectures, symposia, national art competition, crafts expo, National Festival for Arts and Culture (NAFEST) among others.

    But, the administration’s resolve to diversify the nation’s economic base has shifted more attention to the creative sector as a veritable tool for the realisation of this plan.

    Little wonder the ministry has in the past few months been working in collaboration with the British Council and Tony Elumelu Foundation to achieve its objective of moving away from paying lip service to the sector in order to harness their potentials. Since the administration came on board in May last year, one of the tasks before the ministry has been how to work out long term strategies to develop culture and tourism sector and move it into the mainstream of the economy.

    The recent national summit on culture and tourism with the theme, “Repositioning Culture and Tourism in a Diversified Economy”, held in Abuja by the ministry is a pointer to government’s readiness to explore the abundant opportunities in the creative sector to boost the economy. The policy thrust of the summit is to develop a sustainable tourism industry that is driven by our cultural heritage.

    Buhari said at the summit that one of the most remarkable traits of development since the middle of the 20th Century has been the mobilisation of culture and tourism as a preferred form of economic development at local, regional and national levels. “Indeed, many governments have integrated tourism firmly into their economic development strategies in recognition of its potential and as response to particular moments,” he noted.

    He stressed that the road for ‘us as a nation to achieve our set objectives of diversifying our economic base will depend partly upon the quality of design and implementation of tourism policies; we must develop appropriate policies and the right attitudes towards achieving the desired goals.’ How does Nigeria reposition its culture and tourism sector in a diversified economy?

    Minister of Information and Culture identified the following areas for consideration while working out long term strategies. They included strong public and private sector collaboration, enabling law for the preservation and protection of our cultural heritage, involvement of local community leading to overall economic development of the area, compatibility of the type and scale of development with the environment and socio-cultural characteristics of the local community, infrastructural development-roads, constant electricity supply, decent hotel accommodation, efficient transportation and effective communication.

    In his submission at the summit on the way forward, Prof Sule Bello of the Department of History, Ahmadu Bello University, Zaria said the nation’s cultures and tourism resources should form the bases for its economic diversification and development. He noted that there is need for the overall enablement and modernisation of the informal sector considering the colossal failures represented in white elephant projects such as the Ajaokuta steel complex.

    Part of the resolutions at the end of the summit included: To create positive image for our national buildings, corporate offices and edifices, there is need to adorn them with Nigerian artworks. The interior and exterior decorations (of private and public corporate) offices of our political leaders, chief executives, and Nigerian Embassies should make strong cultural statements. The Presidency should lead the way by ensuring that the furniture in the President’s office etc are designed by our master carvers, thus creating employment opportunities for the artists and designers.

    • More stringent legislation need to be in place to protect national monuments from the growing cases of trafficking and willful destruction across the country. Measures should be put in place to protect the nation’s cultural sites during times of conflict by engendering communal ownership of such sites.
    • Museums and indigenous languages/cultural/crafts centres should be made part of requirements for building schools across the country in order to orientate our younger generations on our history and cultural values as part of their education. Also, a law should be promulgated to compel Local Government Councils to establish and maintain community museums and craft centres and fund at least one community festival yearly.
    • Libraries at all our Embassies and High Commissions should be stocked with books published by Nigerian writers. Government can acquire copies and give out as part of its traditional souvenirs to foreign visitors. Also, the presence of cultural experts in our embassies as cultural attaches is strategic and can fast-track the repositioning of Nigeria’s image abroad.

    Mohammed believes unless massive investments in infrastructure were made, diversification of the economy into tourism might remain a mirage.

    Mohammed, who kicked started the sectoral debate on the diversification of the economy on the floor of the House of Representatives, disclosed that the culture and tourism sector could only account for a paltry 1.5 percent of the nation’s Gross Domestic Product (GDP).

    The lawmakers had asked the minister the road map prepared by his ministry to turn the culture and tourism sector into a foreign exchange earner capable of driving the economy.

    Speaker Yakubu Dogara noted that the time for paying lip -service to economic diversification was over.

    “With the fall in crude oil prices, Nigeria really has no choice but to stop paying lip- service to the urgent need for diversification of sources of revenue for Nigeria.

    “The acute scarcity of foreign exchange, power supply challenges, falling GDP, fuel scarcity are some of the current matters of urgent national importance to be fixed.

    “It is our belief that Nigeria possesses the human and material resources required to successfully transform our economy and earn the needed foreign exchange for Nigeria. It is time for Nigeria to develop and transform into a knowledge – based economy.

    “Indeed ICT, agriculture, solid minerals, culture, tourism and entertainment; trade, investment and manufacturing; taxation and finance policies; science and technology; efficient Infrastructure such as power, transportation, etc have huge roles to play in the diversification of the Nigerian economy,” he said.

    In his presentation, the minister said the abysmal economic performance of the sector was due to a number of factors which lacking and decaying infrastructures was most critical.

    He cited the neglect suffered by the sector with zero allocation for capital projects for nine parastatals and the Ministry in 2015.

    He said though, 2015 this year’s budget allocation was better, the ministry would still present a supplementary budget to the National Assembly to be able to execute some of its programmes for the sector.

    In addition, he regretted that negative perception of Nigeria as an insecure and corrupt country contributed largely to the slow growth of the tourism sector.

    The negative perception, according to him was not helped by the incessant travel advisories issued by Western countries which discourage potential tourists hereby leading to low turn of tourists annually.

    Mohammed said being the only sector that has the potentials of gainfully employing the unskilled and uneducated Nigerians, the negative perception must be worked on.

    Towards this end, he said, there is a need for a change in visa regime as Nigeria is in dire need  of tourism-friendly visa, that will make visits to Nigeria less cumbersome.

    He said though Nigeria would be working with other countries towards a change in attitude on perception, “It’s better to take control of narratives on Nigeria to change the perception.  There is a need for us to take control of the perception

    “We will exploit diplomatic channels to ensure that countries are more circumspect in issuing negative travel advisories in respect of Nigeria,” he added.

    While disclosing that his Ministry has gone into Memoranda of Understanding  (MoU) with two local and foreign organisations on capacity building for local creative arts, the minister stressed the need for the private sector to drive the sector.

    Saying that the sector cannot be a stand-alone, Mohammed said database, which is critical to the sector, was lacking because of lack of information from those in charge, such as the Immigration Service, hotels among others.

    According to him, without the support of the ministries of Foreign Affairs, Commerce and Industry, Environment, Immigration Service, security agencies as well as investments in basic infrastructures, the sector cannot function optimally.

    While seeking the support of the lawmakers, he disclosed that a number of bills were being prepared for presentation to the National Assembly on how to reposition the sector, citing the National Tourism Development Fund, which, he said, will be the legal framework for funding capital projects in the sector.

    The minister assured the lawmakers that the sector is capable of contributing 2.5 percent to the GDP within three years if the policies and programmes were vigorously executed.

    For now, the minister’s intentions seem good but they will only be appreciated when they are translated into reality. Until then, it is not morning yet in the culture and tourism sector.

  • AGF denies frustrating recovery of looted funds

    AGF denies frustrating recovery of looted funds

    •Malami replies Buhari’s query

    Minister of Justice and Attorney General of the Federation (AGF) Abubakar Malami has denied allegation that he was frustrating moves by the Federal Government to recover looted public funds.

    Malami’s position is contained in his response to a query issued to him in relation to a petition written against him to President Muhammadu Buhari by a security expert, George Uboh, of Panic Alert Security System (PASS).

    Uboh was engaged by the AGF on February 9 to recover public funds stashed away by individuals in different Nigerian banks and some Ministries, Departments and Agencies (MDAs). The minister revoked Uboh’s appointment through a letter dated March 24 on the grounds that he exceeded his brief.

    Angered by the development, Uboh petitioned the President, alleging among others, that the minister had allegedly entered into an unholy alliance with authorities of the affected banks.

    He was particular about the case of Access Bank Plc, alleging that a senior official of the bank called him, few days before Malami revoked his contract, that the AGF has agreed to prevail on him to soft pedal.

    Uboh’s petitions are captioned: “AGF Malami’s failure to recover over N300 billion traced by our firm within 27 days; AGF worked against us” and Abubakar Malami’s failure to allow us trace the N1.993 trillion EFCC failed to remit to the FGN, while promising to set up a phantom committee to investigate EFCC.”

    Malami described as false Uboh’s claims that he deliberately frustrated him in his (Uboh’s) effort to recover the over N300 traced to some Nigerian banks, and that he (Malami) made an unholy alliance with the banking sector mafia not to cooperate with PASS, and/or that he promised Access Bank that he would call Uboh to soft pedal on the bank.

    The AGF said: “I must state that the above allegations are untrue, incorrect, false, a figment of the imagination of the author and a smear campaign by Dr. Uboh to tarnish my name.

    “I did not make, never made and will never make any alliance with anyone in and outside of the banking industry to frustrate PASS or any firm from recovering any FGN’s funds stashed/trapped in the listed banks or any bank or company in Nigeria or elsewhere.

  • Bello vows to recover ‘stolen’ funds

    Bello vows to recover ‘stolen’ funds

    Kogi State Governor Yahaya Bello has vowed to recover the funds allegedly looted through organised syndicate of ghost workers and ghost schools.

    He identified failed school project contracts as another means through which the state’s resources were allegedly siphoned.

    The governor, who addressed youth and women groups from the 21 local governments, who visited him in Lokoja, the capital, as part of activities marking his 100 days in office, said there was no going back in ensuring that stolen funds, which ought to have been used to better the lot of the people, were recovered.

    He said: “The workers verification has uncovered the fraudulent activities of civil servants. This government will recover the looted fund and it will be used to provide social amenities for the people, especially those at the grassroots.”

    Bello, who said no society could progress without the core values of character and integrity, stressed that ethnicity and religious sentiment would not be condoned by his administration.

    He said his government’s efforts to stop corruption had started yielding results.

    The governor said the task force on forestry had started recovering money from the checkpoints designated for revenue collection.

    According to him, N13 million was realised from a checkpoint last month, as against the previous practice where the revenues accruing to the state were shared among “godfathers, fake consultants and corrupt civil servants, and a paltry sum would be deposited in the treasury.”

    Bello said he would not foist any project on communities, adding that projects would be sited, based on the need of the areas.

    He urged youths to consider Kogi first in whatever they do, to enable them have the state of their dream.

    The Special Adviser to the Governor on Youth Empowerment and Sport, Comrade Aromeh Adoji, said Kogi had a youth population of over 1.8 million.

    “There is need for the government to accord the population the desired attention in the interest of peace and security.”

    He said the government had entered into an agreement with the Central Bank of Nigeria (CBN) and other viable organisations to enhance youth and women empowerment.

    Adoji advised youths to support the government, saying from the appointment made so far, youths were adequately represented.

  • Aregbesola: Osun didn’t mismanage bailout funds

    Aregbesola: Osun didn’t mismanage bailout funds

    •ICPC ‘never indicted Osun’

    Osun State Governor Rauf Aregbesola said yesterday that the state has not been indicted by the Independent Corrupt Practices and other Related Offences Commission (ICPC) on the disbursement of bail-out cash.

    The governor, who spoke to workers at Osogbo township stadium during the Workers’ Day event, said the anti-corruption agency had written to him to clarify the matter.

    According to the governor, there was no truth in the rumour that Osun was among the states indicted by the anti graft body.

    He said: “I want to also assure you, contrary to the insinuation being made by our traducers, who claimed we diverted the bailout funds, that nothing of such happened. This is the concoction of a mischievous opposition and their media conspirators.

    “The ICPC never indicted us. Other media agencies reported the ICPC accurately that the data it published on disbursement of bailout funds by states was as at October last year and this was given to them by us. How could we then have indicted ourselves?

    “I am happy that ICPC has cleared the air. We demanded for N64.3 billion to cover outstanding salaries, pension and gratuities up till June 2015 for the state workers and N23.8 billion to cover the salaries, pension and gratuities for the local government workers for the same period.

    “However, we got N25.8 billion for state and N9.1 billion for local government, totaling N34.9 billion. So, we can all see that this is a far cry from what we needed and asked for. We got this far only because of exceptional financial engineering, extreme prudence and commendable cooperation of Labour. I must also let you know that there is no way we could have diverted the funds, knowing that it was not sufficient for our needs in the first place.”

    Aregbesola assured the workers that the worst was over and that the state would be out of the woods soon.

    He added that governors had a fruitful meeting with President Muhammadu Buhari, who has been very concerned about welfare of the states.

    He praised the workers for their loyalty, dedication, hard work and their exhibition of the fear of God during the challenging period.

    Chairman of the Nigerian Labour Congress in Osun State, Comrade Babatunde Jacob Adekomi, noted the commitment of the workers in the face of harsh economic conditions.

    Adekomi said workers have passion for the development of the state, which explained why workers decided to troop out to celebrate the Workers’ Day.

  • AON to pay NCAA’s unremitted funds

    AON to pay NCAA’s unremitted funds

    Airline Operators of Nigeria (AON) has pledged to ensure that all outstanding debts are paid to the Nigerian Civil Aviation Authority (NCAA) as agreed.

    The pledge was made yesterday in Lagos during a meeting between the management of the regulatory authority led by its Director-General, Capt. Muhtar Usman and the operators at the NCAA Conference Room.

    Meggison said it is incontrovertible that operators are heavily indebted but promised that all unremitted funds will be fully paid.

  • ‘Why NLNG disburses funds for CSR projects with caution’

    ‘Why NLNG disburses funds for CSR projects with caution’

    The Nigeria Liquefied and Natural Gas Limited’s (NLNG’s) decision to follow due process, especially in disbursing of funds for Corporate Social Responsibility (CSR) projects, such as building of roads and hospitals, among others, is borne out of the need to avoid illegalities, its Chief Executive Officer, Babs Omotowa has said.

    He said other factors included the need to avoid making illegal payments, or a repeat of the Halliburton’s scandal in the country.

    Speaking at a forum in Lagos, Omotowa said the firm was cautious of giving money for projects construction in the Niger Delta region without due diligence and accountability.

    He said NLNG cherishes its name in Nigeria and beyond, and as a result, wants to see where and what its money is being spent on. “NLNG has partnered the Niger Delta Development Commission (NDDC) before on issues bordering on the growth of the region. The issue is about the interest of the Niger-Delta.  Our aim is to transform the region by making it an industrial hub like Dubai.

    “We are executing more projects in the Niger-Delta than any other company. I cannot see any company who has offered N60 billion to build road. I do not know any company that has done the kind of thing we have done in Bonny. We provide N3billion every year to develop the town.

    “However, we want to see where our money is spent. The N2billion each given to six federal universities for the construction of laboratories was well monitored. We have offered NDDC an option in the area of roads and hospitals in the Niger-Delta that are not covered in the budget. We told them to partner with us (NLNG) on those projects,” he added.

    Omotowa said NLNG cannot defy court order by paying money to NDDC for projects it has executed in the region. “But if you want us to pay you as against what the court has decided, that amounts to illegalities.  If you remember the Halliburton case, we don’t want such issue again. When you make illegal payments, if the world gets to know, it will affect the image of the company involved. There is nothing more corrupt than that. We are willing to work with them (NDDC) provided a due process is followed. Right from 2007, my predecessors have offered NDDC opportunities to work with them,” he added.