The Senate, yesterday, mandated its Committees on Power and Public Accounts to investigate the whereabouts of the $650 million balance of the Eurobond that was meant to be with the Transmission Company of Nigeria (TCN) and the Nigerian National Petroleum Corporation (NNPC).

It also mandated the committee to invite the Minister of Power, Works and Housing, Babatunde Fashola, to render a detailed account in terms of public funds spent on the Afam Fast Power Project.

The apex legislative chamber urged the committee to investigate and consider summoning the Nigerian Sovereign Investment Authority (NSIA) and the Nigerian Electricity Bulk Trading Company (NBET) so as to be able to establish the status of the funds.

These resolutions were made by the Red Chamber sequel to a motion brought to the floor of the Chamber by Senator Dino Melaye (APC, Kogi), entitled “Monumental Fraud in the Power Sector”.

While presenting his motion, Melaye noted that sometime in July 2013, the Federal Government raised a total sum of $1 billion through a Eurobond issue.

He said: “The sum of $350 million was taken by the Federal Government out of the proceeds of the July 2013 Eurobond issue and released to Nigeria Electricity Bulk Trading Company (NBET) Plc. as shareholder contribution to shore up its capitalization.”

He said that the sum of $350 million released to NBET was to demonstrate NBET’s preparedness to assume its role as a government backed electricity bulk trader to provide market confidence in the privatised electricity market.

“As confidence building measure, the $350 million was domiciled with the NSIA for reinvestment in low risk investment and structured in a manner that NBET can call for funds at short notice when required,” Melaye said.

He said the fund had been with NSlA since 2014 and had helped build market confidence, especially among new investors in the electricity market who saw NBET’s positive balance sheet as a form of security that their investments were safe.

He said there was now a desperate attempt by the Ministry of Power, Works and Housing to retrieve the fund and divert same to fund the so-called Afam Fast Power Projects.

“The ministry has already spent $35 million of public funds not appropriated by the National Assembly,” Melaye alleged.
In his remarks, the President of the Senate, Dr. Bukola Saraki, mandated the joint Committee of the Public Accounts and Power to carry out the investigation, asking the former to lead the probe.Senate probes alleged $650m fraud in Power Minister.

“The ministry has already spent $35 million of public funds not appropriated by the National Assembly,” Melaye alleged.

Where are the Defensive midfielders, Central backs and Left and Right backs of this government?

Work don come for una. Come and defend your goalpost abeg

sarrki:

High chief of the wailing wailers

I greet you


Senate will not find fashola ministry wanting

Fashola stands one of the finest in this administration

Electricity has improved tremendously

Our roads been fixed

Senate have not impacted the lives of a common man

Positively

sarrki:

High chief of the wailing wailers

I greet you


Senate will not find fashola ministry wanting

Fashola stands one of the finest in this administration

Electricity has improved tremendously

Our roads been fixed

Senate have not impacted the lives of a common man
Positively

“The ministry has already spent $35 million of public funds not appropriated by the National Assembly,” Melaye alleged.

BeeBeeOoh:
My problem with you is that you argue blindly even when the evidence is so glaring

Please Mr. Sarrki, what is this??

The day I go woooooz you e-Slap eeeeh

Samusu:
Kwankwaso 2019

Desyner:
Rubbish. What is KwankwansiyaKwasokor?
@sarrki, the fact that electricity improved doesn't mean there is no corruption.

sarrki:


High chief use this

“The ministry has already spent $35 million of public funds not appropriated by the National Assembly,”

obonujoker:
This Sarkki is just a clown.....

sarrki:


That what we need now

Improvement in our system

TheKingIsHere:
Fashola, Buhari and Tinubu are thieves

Just see how the mofos who accused GEJ of corruption will avoid this thread.

PointB:


This government is inherently and totally corrupt, from head to toe. They shout 'GEJ is corrupt' daily just to deflect attention from their own mega looting.

I haven't seen this type of corruption since the days of the man 'who never stole' - Abacha. Sadly we won't know the extent until they are inevitably booted from office for corruption.

BeeBeeOoh:
…summons Fashola



https://newtelegraphonline.com/2017/11/senate-probes-alleged-650m-fraud-power-minister/