Alleged $350m diversion: Senate Summons Fashola

Hamilton Nwosa
Writer

Ad

Marwa, A Man of Uncommon Grace at 72

By Femi Babafemi I have had the privilege of knowing Brig Gen Mohamed Buba Marwa (rtd) for about 30 years. As a young reporter, I observed from a working distance the metamorphosis of a military administrator who was unlike any other—an enigma committed as much to his work as to becoming a paragon of excellence…

Thailand’s former PM Thaksin Shinawatra to Serve One-year Prison Term For Previous Convictions

Thailand’s Supreme Court said former Prime Minister Thaksin Shinawatra must serve a one-year prison term for previous convictions. The court was investigating whether officials had mishandled his return to Thailand in 2023 to begin serving the sentences. Following his return to Thailand after more than a decade of living in self-exile, Thaksin was sent to…

Cuts to US oil jobs and spending threaten output growth

The U.S. oil industry has laid off thousands of workers and cut billions in spending due to lower oil prices and the biggest consolidation in a generation, in what could mark the end of the rapid output growth that made the U.S. the world's top producer. The Organization of the Petroleum Exporting Countries and its…

Ad

THE Senate has summoned Minister of Power, Works and Housing, Mr Babatunde Fashola, over alleged diversion of $350 million from the Nigerian Sovereign Investment Authority, NSIA, by his ministry.

Fashola The minister is to appear before the Senate Committees on Public Accounts and Power to  give a detailed account in terms of public funds spent on the Fast Power Projects (Afam Fast Power Project in particular); evidence of feasibility study indicating the viability of the projects, and requisite appropriation by the National Assembly as required by the Constitution; and the controversial presidential approval for the projects.

Chairman, Senate Committee on Public Accounts, Senator Matthew Urhoghide (PDP, Edo South), would chair the Joint Committee. Resolutions of the Senate, yesterday, were sequel to a motion by Senator Dino Melaye (APC, Kogi West), entitled “Monumental Fraud in the Power Sector.” The Senate also mandated the committees to investigate and summon, if necessary, Nigerian Sovereign Investment Authority, NSIA; Nigerian Electricity Bulk Trading Company, NBET, etc., to generally establish the status of the funds ($350 million) and report back to the Senate within two weeks.

The Senate would like to know how Ministry of Power, Works and Housing spent another $35 million on a single power project and wants to pay another $29 million to General Electric, GE, as cost for turbines as well as another $6 million in consultancy fees to other companies, all of which were done without appropriation by National Assembly. Senate also mandated a full probe of $500 million Eurobond with NNPC and another $150 million with Transmission Company of Nigeria, TCN.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp