The Senate is investigating an alleged illegal transfer of N14.3bn from the 2017 budgetary allocation of the Nigerian Export Processing Zones Authority (NEPZA) to a private company, Nigeria Special Economic Zones Company. Chairman, Senate Committee on Trade and Investment, Rose Oko, disclosed this yesterday when the Minister of State for Trade and Investment, Maryam Katagum, appeared for the ministry’s budget defence. She described the transfer of the money as a breach of the 2017 Appropriation Act.

The Permanent Secretary in the ministry, Edet Akpan, said the money was domicile in an account with the Central Bank of Nigeria. He said the idea of opening an equity company was a creative idea of a former minister who believed it was more proper to have a centralised equity company that could manage all the free trade zones in the country.

“It was meant for where investors could contribute to a particular purse so that the money realised could be used to develop the free trade zone and it was believed that NEPZA and Onne Oil and Gas Authority should concentrate on its regulatory functions.”

Read more: https://www.dailytrust.com.ng/senate-probes-trade-ministry-nepza-over-n14-3bn-fraud.html

Corruption, corruption and more corruption left right and centre in every ministry department and agency.... Corruption is d name of dis govt