Nobody benefited from Lagos shares in Econet - Tinubu

17.09.2009

THE former governor of Lagos State, Senator Bola Tinubu, has again insisted that the state investment in Econet (now Zain), currrently a subject of controversy in the media, was a straightforward institutional investment, which earned the state a profit of more than N15 billion and from which no individual benefited.

Reacting to allegations that there might have been some illicit payout, now a subject of British Metropolitan Police investigation, Tinubu said the claim was not true.

He said the transaction was made by IBILE Holdings, a government-owned investment company, and that no broker was involved in the transaction. He added that the state, through IBILE, invested N4 billion, but reaped more than N19 billion when it divested.

“I must , stress that when Lagos State sold its shares, it hired no broker, agent, or intermediary of any kind – just as it did not hire any agent when it bought the Econet shares,” he declared in a paid advert in major national dailies.

“So, the allegation that a broker called African Development Fund Inc. (ADFI) was ever used, by the Lagos State government is false. The state did not pay any commission to anybody, from whatever profit it earned from the investment.”

The former governor, however, challenged anyone who had contrary facts on that matter to come forward with them, and also called on the Economic and Financial Crimes Commission (EFCC) to carry out a speedy but thorough probe into the matter.

“I challenge anyone who claims any commission was paid, received or laundered to come forward with proof. I also call on the Economic and Financial Crimes Commission (EFCC) to carry out a speedy but thorough investigation into the matter, since some of us have families, relations and well-wishers; and these allegations are rather traumatic to them,” he said