The House of Representatives committee investigating the multi-billion dollar Abuja Centenary City Project has said that the Centenary City Plc — the firm that was incorporated for the sole purpose of executing the project — did not have anything in its portfolio to suggest that it had the financial capacity to implement a project of $18.3bn.

The committee revealed that the combined share value of Centenary City Plc was a mere N20,000 ($65).

It also revealed that the two individuals who owned the Centenary City Plc, Ms. Boma Ozobia and Paul Oki, happened to share the same address.

Ozobia and Oki were the sole directors in the company.

The committee, chaired by a member of the All Progressives Congress from Benue State, Mr. Herman Hembe, noted, “As far as the committee could determine, there was nothing in the portfolio of Centenary City Plc to suggest that the company had the financial capacity to implement a project of $18,376,660,950.

“As earlier said, the two companies that own the Centenary City Plc have a combined share value of N20,000.

“The two companies are in turn owned by two individuals (Boma Ozobia and Paul Oki), who happen to share the same address.”

Both Ozobia and Oki have been recommended for prosecution.

The report adds, “As the main driver of the Centenary City Project, the former Secretary to the Government of the Federation, Anyim Pius Anyim, knew or should have known that financial consideration was the real essence for sourcing for a private investor for the project.

“As far as the committee could determine, there was nothing in the portfolio of Centenary City Plc to suggest that the company had the financial capacity to implement a project of $18,376,660,950.”

The committee also noted that the ex-Federal Capital Minister, Senator Bala Mohammed, had, in a letter to Anyim, expressed concerns about the company’s financial status.

The reports read, “The former FCT minister, Senator Bala Mohammed, on the basis of this information expressed misgivings as to the financial capacity of the investor in a letter to the then SGF dated April 8, 2014.”

The House therefore directed the return to the original owners of all the lands taken by the FCT administration for the Centenary City Project.

This invariably implied the revocation of the entire land for the Centenary Project on the grounds of breaching the Abuja land swap policy.

The committee’s recommendation 5.2, stated, “The Right of Occupancy and Certificate of Occupancy purportedly granted the Centenary City Plc by the former FCT minister, Senator Bala Mohammed, on the 10th of April 2014, should be withdrawn by the present FCT minister, Mohammed Musa-Bello.”

Among others, the House advised President Muhammadu Buhari to revoke the status of FREE TRADEZONE granted to the Centenary City Plc, while the “company should be de-registered as a free zone entity.”

The committee summed up its findings, “The implementation of the Centenary City Project from beginning to its current status leaves much to be desired.

“Presidential directives were flouted; relevant laws were violated; and contractual obligations were wantonly breached.

“The committee determined that the only feasible way to do justice and equity to all parties in, and affected by the project, is to restore them to the status quo ante and cause the law enforcement agencies to investigate the circumstances of the project.”

http://punchng.com/centenary-city-gej-administration-awarded-18-3bn-project-to-firm-with-65-share-capital/

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Never in our lives should we ever have another ineffectual buffon as president.

Amen.

Watch as children of hate get angry with this post.

We would have paid in full on this white elephant project and GEJ and his 40 Thieves would have shared it among each other without putting a dine into the project.

The company awarded $19B dollar project has only N20k share capital, owned by just two individual with the same home address. GEJ is a complete mistake even the Nest of killer PDP regretted ever making a president.

GEJ is heartless... kai

Jona, Jona, Jona....Hmtdicy?

kolaaderin:
We would have paid in full on this white elephant project and GEJ and his 40 Thieves would have shared it among each other without putting a dine into the project.

The company awarded $19B dollar project has only N20k share capital, owned by just two individual with the same home address. GEJ is a complete mistake even the Nest of killer PDP regretted ever making a president.

Yet to unexposed SE products of Nigeria's defective educational system Jona is a star. It is very sad

Adminisher:


Yet to unexposed SE products of Nigeria's defective educational system Jona is a star. It is very sad

Extremely sad and painful sharing the same boundary of a country with them my brother.
What do we call this kind of fraud, they stole all we made as a country for five years and also put in place a machinery that will keep milking us dry for the next 20 years. GEJ strategy was to sell us out to the aliens completely but we thank God he was shown the road to OTUEKE before it was too late.

This must be the funniest and most expensive joke ever written in history.

$65 share capital for a $19Billion($19,000,000,000.00) project?


Whoever regretted voting out GEJ needs a brain transplant.

In as much as I understand the concerns by the reps., I however don't understand why hon. Hembe seems to be pursuing this matter with such viciousness. Can't the project be revoked and re-awarded to another investor/developer with a sound portfolio? Also, whatever happened to the emirati investors (Eagle hills), that were part of this project? Aren't they supposed to be it's main financiers, considering their huge portfolio in the Gulf states?

http://www.eaglehills.com/our-developments/nigeria/centenary-city

www.nairaland.com/attachments/5012433_fb20170310223137savedpicture_jpeg35e481b1edaabf9f3a7a3cad8a2ac5f8

kolaaderin:
We would have paid in full on this white elephant project and GEJ and his 40 Thieves would have shared it among each other without putting a dine into the project.

The company awarded $19B dollar project has only N20k share capital, owned by just two individual with the same home address. GEJ is a complete mistake even the Nest of killer PDP regretted ever making a president.

I was having a bonner when I opened this report but immediately i got to this part, i lost my errection.

Truth is talking!

Adminisher:


Yet to unexposed SE products of Nigeria's defective educational system Jona is a star. It is very sad

The Aba made products infiltrated & destroyed the Administraton of Gej..

Truth is mine!

TimeManager:
The Genetically modified Flat.heads. They naturally hate anyone who speaks against corruption.
Kiss the truth!

I wouldn't describe anyone by their heads. That's not my style at all. I do know those who display their hatred on this forum are from every part of Nigeria. They hate it whenever ineffectual buffon is exposed for who he was as president but quick to ascribe praise onto him for any new road construction or train service done by New government.

When disaster is in power,
What do you expect? anything goes.

Fire it up, until we seek a permanent residence for GEJ and his Madam FAKA in KUJE like Dasuki

Jonathan is a disaster and a big mistake to this country. Voting him out is the best thing that has ever happened to Nigeria.