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Showing posts with label FG. Show all posts
Showing posts with label FG. Show all posts

Wednesday, December 13, 2023

Breaking News: Obasanjo notifies the Federal Government of his readiness to testify in the alleged $2.3 billion fraud case.

7:55 PM 0
Breaking News: Obasanjo notifies the Federal Government of his readiness to testify in the alleged $2.3 billion fraud case.

Breaking News: Obasanjo notifies the Federal Government of his readiness to testify in the alleged $2.3 billion fraud case.

 


Former President Olusegun Obasanjo has publicly stated his willingness to testify on behalf of Nigeria in the $2.3 billion disputed Mambilla power contract involving former Minister of Power and Steel, Olu Agunloye. The disagreement has led to a legal battle at the International Chamber of Commerce (ICC) in Paris, France, where Sunrise Power and Nigeria are entangled in a contractual dispute.


Sunrise Power claims to have been awarded a $6 billion contract in May 2003 by the government during Obasanjo's presidency. This contract was for the construction, operation, and transfer of the Mambilla power project. The company alleges that the Federal Government of Nigeria breached the contract and is seeking compensation of $2.3 billion. Sunrise Power contends that it had incurred significant expenses on financial and legal consultants before the contract was canceled.


Contrarily, the Nigerian government, in its defense, has raised allegations of fraud and corruption involving public officials in the awarding of the Mambilla power contract. In response to these developments, Obasanjo, through a letter to the Attorney General of the Federation and Minister of Justice Lateef Fagbemi, expressed his readiness to testify on behalf of the Nigerian government "in any form." This revelation adds an intriguing dimension to the ongoing legal battle surrounding the Mambilla power project.

Wednesday, November 29, 2023

FG is indebted to NDDC, owing N2tn — MD

5:58 PM 0
FG is indebted to NDDC, owing N2tn — MD

FG is indebted to NDDC, owing N2tn — MD

 


The Managing Director of the Niger Delta Development Commission (NDDC), Sam Ogbuku, revealed that the Federal Government owes the commission a substantial sum exceeding N2 trillion. Ogbuku disclosed this during his appearance before the House of Representatives Committee on NDDC, led by Ibori-Suenu Erhiatake. He clarified that this amount represents the cumulative 15% of the allocation owed to the commission from the nine states constituting the Niger Delta region since the year 2000. Despite the approval of the agency's annual budgets in 2021, 2022, and 2023, the funds have yet to be remitted to the commission.


Addressing the committee, Ogbuku emphasized the discrepancy between the allocated 15% and the actual funds received by the NDDC. He highlighted the challenges faced by the commission, even after the removal of fuel subsidies and the increase in state allocations. Ogbuku estimated that, from 2000 to the present day, the commission is owed over N2 trillion based on what should be rightfully due to the NDDC. Furthermore, he expressed concern about the delay in handing over the approved budgets for 2021, 2022, and 2023, urging the committee to expedite the process.


Chiedu Ebie, Chairman of the commission's board, conveyed the commitment to collaborate in repositioning the commission for the benefit of oil-producing states and Nigeria as a whole. Committee Chairman Erhiatake assured that the issues raised by the NDDC would be promptly addressed, emphasizing the importance of synergy in implementing policies for the overall well-being of Nigerians, particularly those in the Niger Delta region. He pledged the committee's cooperation with the board and promised to investigate the delay in transmitting the budget to the commission.