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Tag: invested

  • $350m Eurobond invested by govt, documents reveal

    $350m Eurobond invested by govt, documents reveal

    The $350million Eurobond facility  for the Nigerian Bulk Electricity Trading (NBET) Plc  is not missing, contrary to an observation by Senator Dino Melaye at plenary last week.

    The cash, which is with the Nigeria Sovereign Investment Authority (NSIA), was invested and the trial balance sheet is now over $380, 148,891.

    It was learnt that the government was shocked that Melaye misled the Senate by alleging fraud in the Ministry of Power, Works and Housing.

    Tthe over $1billion Eurobond was sourced by the administration of ex-President Goodluck Jonathan, according to a fact sheet released yesterday which also indicated that out of the $1billion Eurobond, about $350million went to the NBET, about $150million to the Transmission Company of Nigeria (TCN)  and about $500million for the Nigerian National Petroleum Corporation (NNPC).

    The document indicated that since there was no “urgent need for the $350million by NBET” in January 2015, former Minister of Finance Dr. Ngozi Okonjo-Iweala advised that it should be placed with the Nigeria Sovereign Investment Authority (NSIA) to yield interest.

    Okonjo-Iweala, who was conscious of the transition to a new government, took the step to avoid the funds being tampered with.

    The document stated: “As at period ended 30 September 2017, the total managed fund of NBET was $380, 148, 891 signaling an interest of over $30million.

    “The breakdown of the investments is available at the Nigeria Sovereign Investment Authority (NSIA). No cash is either missing or stolen.

    “No amount can be withdrawn by any supervising Minister or NBET except by the express approval of the President, who has not given such permission.

    A top government source, who spoke in confidence, said: “I think the Senator should have been more diligent by asking for details from the appropriate ministry or agency instead of raising false alarm that the Buhari administration has spent the $350million. He could as well invoke the FOI Act to obtain all relevant documents.

    “Melaye simply misled his colleagues by saying emphatically that the cash had been withdrawn and shared.”

    On other issues raised, the government source added: “All the facts will be made available to the National Assembly.”

    Melaye , who is expected to move a substantive motion on the $350million on Tuesday said:  “In July 2013, the Federal Government raised $1billion from Eurobond issue from which $350 million was given to NBET (Nigerian Bulk Electricity Trading (NBET) Plc) in 2014. This money was stolen in installments .”Sometime last year, again, the Ministry of Power came up with an idea of a project they called Afam Fast Power. This project is supposed to build new generating plants to add power to our grid.

    “There are a few questions we need to ask and that is why I need the nod of the Senate to bring a substantive motion on the next legislative day.”

    “Up till date, there is no detail on building new generating plants or a feasibility study. There is no appropriation by the National Assembly for these projects.

    “The ministry has spent so far $35 million on the Afam Fast Power Project which has no appropriation or detailed feasibility study. How and when was this money appropriated? We need to find out. How was $29million purportedly paid to General Electric for turbines when $6 million was paid to others?”

    ”We need the Senate to investigate this after moving a substantive motion. I ask this house to give us the opportunity to continue with the true anti-corruption fight of the Federal Republic of Nigeria.”

    Read Also: Senate queries misuse of $1.35b power sector funds

  • We’ve invested N33b in education, says Bayelsa govt

    The Bayelsa State Government has said it invested N33 billion on infrastructure and other facilities in the Education sector.

    Education Commissioner Markson Fefegha said the investment was in line with the state of emergency the Seriake Dickson administration declared in 2012.

    A statement by Dickson’s Chief Press Secretary, Mr. Daniel Iworiso-Markson, said the commissioner spoke at the weekend when the governor hosted principals and vice-principals to a state dinner.

    Fefegha said the government was faced with falling standard of education and infrastructural decay on its assumption of office in 2012.

    Addressing the school administrators, Dickson promised to begin an annual merit award, year, to enable deserving heads of primary and secondary schools to consolidate investments in the Education sector.

    The governor urged them to see their jobs as a sacred calling aimed at nurturing young minds.

    He advised them to key into his administration’s vision for the sector, describing them as the fulcrum to drive the process.

    Referring to the education challenges in the state as monumental, Dickson expressed optimism that the vision for the sector would be realised with the implementation of his programmes and projects.

    The governor said the new model schools had received facilities, adding that all stakeholders should sustain the current achievements of his administration.

    He said: “The results of the West African Senior School Certificate (WASSC) and other examinations are indications that the investment in the sector is paying off. This is also due to the commitment of the principals and the teachers.

  • Suswam: I invested N107b in infrastructure

    Suswam: I invested N107b in infrastructure

    Former Benue State Governor Gabriel Suswam has said he invested the N107 billion, which the Justice Kpojime-led Commission of Enquiry accused him of embezzling in “critical infrastructure”.

    The Governor Samuel Ortom-led administration  said the ex-governor allegedly embezzled the money.

    Suswam, with his Finance Commissioner Omadanchi Oklobia, is on trial  at an Abuja court for alleged corruption.

    But at the burial of Terna Ugba in Ugba, Logo Local Government, at the weekend, Suswam said the N107 billion can be found in the roads, electricity and health projects his administration undertook.

    He reiterated that he invested in the three senatorial zones.

    “Both members of the ruling and opposition party are using the roads which I built but they won’t give me credit; they are bent on castigating me. But one thing is I will never fear anything, though I don’t look for trouble. Even if it means going to jail, I will go,” Suswam said.

    On the chieftaincy bill which Ortom signed into law, the former governor said he initiated the idea so Benue could have as many first class chiefs as possible.

    He advised the people to love one another despite political differences.

  • Why we invested in Chinese brands, by Elizade MD

    Elizade Nigeria Limited Managing Director Ademola Ade-Ojo has said that the company’s investment in Chinese brands is to provide more vehicular options to customers.

    Ade-Ojo spoke at the unveiling of $2 million showroom, which will take care of sales, services and spare parts.

    The showroom was meant for JAC Motors, a popular Chinese brand.

    Ade-Ojo added that JAC brands through Elizade Autoland “is poised to be meeting point for cost effective, quality vehicles for our loyal customers and others willing to believe in what we have discovered over the last three years.”

    He said it took the company three years to launch the brands because “we needed to be absolutely convinced that the JAC brand will not be a disappointment to Nigerians willing to use it for their everyday needs”.

    JAC, he said, is ranked in the top 10 auto manufacturers in China with sales close to 600,000 units last year and almost 60,000 units exported.

    On after sales, the junior Ade-Ojo said: “We intend to continue to develop other facilities across various states to further cement our conviction about the brand and to ensure that our customers will never suffer any disappointing experience whatsoever but in the meantime, our branch locations nationwide will provide needed services to customers who purchase the vehicles outside of Lagos,” he said

    Earlier, Elizade Nigeria Limited founder, Chief Michael Ade-Ojo, promised that the brand would one day be ranked among top vehicles like Toyota.

    This, he said, would indeed be a great success story for us.

    Recalling his over 40-year experience with the Toyota brand, Chief Ade.Ojo said it appears that history is about to repeat itself with the JAC brand.

    “Toyota, you can say was like a diamond in the rough back in the 70s, but today, everybody knows that the rough is totally removed and the diamond is now etched in perfection. JAC is the diamond in the rough today that Toyota was over 40 years ago.

    “The last thing I would want to do is to disappoint my customers who have come to rely on us and trust that we would offer them nothing but good vehicles,” Chief Ade-Ojo said.

    Elizade Chairman Dr Herbert Ajayi said the organisation was committed to satisfying customers’ needs and establishing best quality.

    Ajayi said: “This facility defines the value we are projecting to all our customers at Elizade and that is to provide quality products while offering genuine spare-parts and after sales value at all times.”

    Maintaining that the vehicles were tested vigorously in Nigeria and adjusted to meet requirements in the country, the chairman said, “we can only assure you we will continue to drive customer value ahead and make life easier and better for Nigerians as a whole.

    “We did a 120-day test-run on the various models of the JAC vehicles which included passenger cars and trucks. We can confidently say that we have achieved what we set out for with the JAC brand, and would not relent in offering quality automobiles and services to our customers,” Ajayi said.