In order to complete the Ajaokuta-Abuja-Kano pipeline, the Infrastructure and Commercial Bank of China (ICBC), Infrastructure Bank of China, and China Export Credit Agency (SINOSURE), which were expected to contribute $2.38 billion, or 85% of the project’s total cost, withdrew. As a result, the Nigerian National Petroleum Company Limited (NNPC Ltd) has already spent over $1.1 billion.

The Group Chief Executive Officer of the NNPCL, Mele Kyari, confirmed an earlier exclusive report on the AKK project by The Guardian about the withdrawal of the initial financiers as a result of the contract’s inflation by 570 percent and said the national oil company would continue to finance the project despite the fraud allegations.

https://www.thenews-chronicle.com/nnpc-confirms-akk-financiers-departure-but-is-mum-over-alleged-contract-inflation/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

Jesu 570% inflation

Scandal after scandal, wahala after wahala under Buhari