Business
Court orders FG to account for $460m Chinese loan spent on failed Abuja CCTV project
A federal high court in Abuja has ordered the President Muhammadu Buhari-led administration to account for the spending of a $460 million Chinese loan to fund the “failed” Abuja closed-circuit television (CCTV) project.
Emeka Nwite, the judge, gave the order while delivering judgement in the freedom of information suit ‘FHC/ABJ/CS/1447/2019’ brought by Socio-Economic Rights and Accountability Project (SERAP).
The judge ordered the government to publish the total amount of money paid to Chinese and local companies and contractors, specific details of the identities of the companies and contractors as well as the implementation of the project.
In December 2019, SERAP filed a lawsuit against Zainab Ahmed, finance minister, over failure to disclose information and specific documents on the total amount of money paid to contractors from the $460 million loan obtained in 2010 from China to fund the Abuja CCTV project.
Ahmed had disclosed that Nigeria was servicing the loan, adding that she had no explanations on the status of the project.
In his judgement, Nwite agreed with SERAP that there was a reasonable cause of action against the government.
“Accounting for the spending of the $460 million Chinese loan is in the public’s interest. It will be inimical for the court to refuse SERAP’s application for judicial review of the government’s action,” he said.
“The Minister of Finance is in charge of the finances of the country and cannot by any stretch of imagination be oblivious of the amount of money paid to the contractors for the Abuja CCTV contract and the money meant for the construction of the headquarters of the Code of Conduct Bureau.”
The judge ordered the government to provide the “details clarifying whether the sum of N1.5 billion paid for the failed contract meant to construct the headquarters of the Code of Conduct Bureau was part of another loan obtained from China”.
Nwite granted an order of mandamus compelling the federal government through the minister of finance, “to provide and make available to SERAP information on the total amount of money paid to contractors, with specific details of names of companies local contractors involved, from the $460 million loan obtained in 2010 from China by the Federal Government of Nigeria to fund the failed Abuja CCTV contract”.
The judgment reads: “An order of mandamus is hereby made directing and compelling the government (through the Minister of Finance) to provide the details of the local companies and Chinese contractors that have received funds from the $460 million loan for the finance of the Abuja CCTV contract as well as details of the status of implementation of the project.
“An order of mandamus is hereby made directing and compelling the government (through the Minister of Finance) to provide the details clarifying whether the sum of N1.5 billion mobilisation fee reportedly paid to the contractors for the construction of the Headquarters of the Code of Conduct Bureau in Abuja was part of another loan from China.”
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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