₦airaland Forum

The Nigeria Governors’ Forum (NGF) has asked banks not to proceed with the payment of $418.9 million to consultants as directed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.

President Muhammadu Buhari was said to have approved the payment of the sum in Paris Club refund-related judgment debts to six creditors, following which Mrs. Ahmed directed the Debt Management Office (DMO) to commence issuance of promissory notes to the creditors, as approved by the president.

But the governors have kicked against the move, warning the CBN and banks against proceeding with the payments.

Recall that around 2008 the Association of Local Governments of Nigeria (ALGON) contracted Prince Ned Nwoko’s Linas International Ltd to secure the payment of
Paris Club refunds due to the local governments. The assignment was said to have been successfully completed in 2018 with Linas paid.

Nwoko’s firm, among others, were also said to have been contracted by some state governors for similar purpose, with both parties agreeing to pay about 20 percent of recovered money for the consultancy.

However, the due some, which presently stands at $418m is being contested by governors who insist that a forensic audit be carried out to ascertain the actual money involved and terms of the contract.

Through a letter signed by P.H. Ogbole, an advocate for the governor’s forum, the governors called for the disregard of the promissory notes issued by the DMO on the Finance Minister’s orders.

The NGF, in the letter addressed to the CBN Governor, Mr. Godwin Emefiele; Attorney General of the Federation and
Minister of Justice, Mr. Abubakar Malami (SAN); Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed; and the Director-General, Debt Management Office (DMO), Ms. Patience Oniha, questioned the rationale behind the payment of the alleged debt to the said consultants and contractors.

They argued that the said payment is already an issue of litigation.

The governors in the “Caveat” letter dated Friday, September 3, 2021, also wondered why the federal government was in a rush to make such payment to individuals at a time when both the federal and state governments need funds for provisions of critical infrastructure for the people.

Ogbole, in the letter titled, “Caveat on the Payment of $418 million Suspicious Debts”, argued that since the federal
government was aware of the current court cases challenging the payment of the alleged debts, it ought not to take any further steps on the matter.

According to the senior lawyer, the governors on August 3, 2021, got wind of the federal government’s move to effect the payment.

He noted that the governors learnt that some consultants/contractors alleged that they were retained by some states
and had done some work for the states and local governments in Nigeria about the Paris Club refund.

“The Minister of Finance is said to have directed the Director-General, Debt Management Office (DMO) to issue Promissory Notes in favour of the Consultants. The purported amounts claimed by the various consultants are as follows: Ned Nwoko – $142,028,941; Ted Iseghoghi Edwards -$159 million; Riok Nigeria Limited, Orji Nwafor Orizu, and Olaitan Bello – $142,028,941.95 and Panic Alert System Limited and George Uboh – $47,831,920”, Ogbole explained.

He explained that the consultants relied on judgments of the Federal High Court which are presently being challenged by the 36 governors in several actions in various courts.

He identified the cases to include suits number FHC/ Abj/CS/123/2018 between Panic Alert Security Systems Limited & Anor Vs Trustees of Nigeria Governors’ Forum & 3 Others; FHC/ABJ/CS/453/2021 between Trustees of Nigeria Governors’ Forum Vs Panic Alert Security Systems Limited & Anor (5 others); and M/3542/2021 between Riok Nigeria Limited Vs The Trustees of the Nigeria Governors’ Forum Ogbole added that some of the consultants have already joined issues with the NGF, while the matters have been set down for hearing on September 28 and 29, 2021.

According to him, the Minister of Finance, the DG of DMO, and the AGF had since been duly served and notified of the pendency of these actions in court in different letters written by counsel to the NGF.

“It is therefore strange and indeed alarming that having been served and made aware of the pendency of the various court cases, the Minister of Finance would readily but in complete disregard of the law direct that Promissory Notes be issued in favour of the consultants,” he said.

While arguing that custodians and managers of public funds are public trustees and must at all times act in the public interest, he stressed that the interest of all the states and local governments of the federation is involved in this instant case and ought to be protected by the Minister of Finance.

Ogbole added that “the issuance of Promissory Notes of a humongous sum of over $418 million to private persons for alleged consultancy work demands not only caution but strict due diligence, particularly when the judgments which gave rise to the payments sought to be enforced are the subject of pending litigation.

“Matters that are subjudice must not be acted upon in a manner that will foist a situation of complete helplessness on the courts and render their decisions nugatory,” he added.

He, however, explained that this caveat was issued as a Further Notice to the Minister of Finance and the DG, DMO, to act in the interest of the public and refrain from foisting on the nation another case of P& lD in which, he noted, would have fleeced the nation of billions of dollars but for due diligence.

“The nation is already going through economic adversity and every dollar is needed to be channelled to people-oriented projects. Public duty and probity demand that public trustees must, at all times, act in the interest of the people they serve to protect their commonwealth.

“Accordingly, justice must be allowed to run its full course.

“All chief executives of banks and their compliance officers are hereby advised to desist from or otherwise not to accept for exchange or process for payment or giving value to any promissory notes issued by the DMO for purpose of satisfying alleged Paris Club Consultants fees afore-mentioned.

“The entire public is also notified to be at the high alert of this hasty attempt to circumvent the rule of law and dissipate hard-earned public funds meant for development purposes to private persons on matters which are presently being litigated upon.

“Let no grant be sealed in the funds of the 36 states of the federation and the 774 local government areas in the sums mentioned in this caveat without notice to the caveator (the Nigeria Governors’ Forum) as the matter of the payments is sub judice,” he added

https://hallmarknews.com/paris-club-refund-governors-write-to-banks-move-to-stop-payment-of-418m-consultancy-fee-to-ned-nwokos-firm-others/

Money dey this country oo

The NGF do not have the power or authority to stop the payment unless through the court.

Modified: I made that comment base on the topic of the thread.

I'm in support of the NGF on this issue.

Pay them their money.

Is this how NED and his cartel will keep milking Nigeria in the name of spurious consultancy fees ? If he is paid this one he and his gang would have effectively made over 800 million dollars under this suspect arrangements...there needs to be a set cap of 20 million dollars on this consultancies like it's done else where .....

I do not support this.

The same governors who were not bothered when $100million of Abacha's loot was to be returned to Abubakar Bagudu are now bothered over Ned's legitimate contract with the FG.

They've suddenly realized that the payment is suspicious.
It's one thing to be a Muslim, it's another to be a Southerner.

This should not happen or 'Sweet 16' will cite irreconcilable differences due to age and religion and suddenly realize that she deserves to be with her mate.

Amazing, no wonder the man is spending money like water, this people won't be interested in biafra where Kanu will dictate who gets what. This man is enjoying Nigeria seriously.

This country is finished! Consultation fraud is milking this country. The pattern the likes of Air peace owner made their money

Omo see funds...no wonder Regina dey kolo...once him confirm alert I m sure him go buy her rolls Royce cullinan and Bugatti chiron

Don't compare baguda with that ned abi na needle

All those that has been wondering how the man makes him money, here is your answer.

If he was from the north, this wouldn't have made news...he would have long gotten what's due him as the government protects its own special people.

I love the sound of that money

Since there was an agreement initially between the clients and the firm why are the governors now pushing to stop the payment to the firm for service rendered

Most of these governors are just not comfortable with the fact that it wasn't disbursed to their states so as to loot.

Another fresh virgin wife loading for Ned Nwoko, $418M bruhhh!

Food don land for some Nollywood actresses, if you know you know!

Recall that around 2008 the Association of Local Governments of Nigeria (ALGON) contracted Prince Ned Nwoko’s Linas International Ltd to secure the payment of
Paris Club refunds due to the local governments. The assignment was said to have been successfully completed in 2018 with Linas paid.

Nwoko’s firm, among others, were also said to have been contracted by some state governors for similar purpose, with both parties agreeing to pay about 20 percent of recovered money for the consultancy.

However, the due some, which presently stands at $418m is being contested by governors who insist that a forensic audit be carried out to ascertain the actual money involved and terms of the contract.

To start with, how much is this in Naira?
We dey cum......

We don cum back,
Our Calculator just crashed!!

Anyways, In Business : agreement is agreement

punisha:
If he was front the north, this wouldn't have made news.

Learn how to read before embarrassing yourself on social media.
Read, una no go gree, Na wa o!

ruggedtimi:
Omo see funds...no wonder Regina dey kolo...once him confirm alert I m sure him go buy her rolls Royce cullinan and Bugatti chiron

He has already confirmed 200 million dollars twice in such crazy arrangements

You had agreement with someone to repatriate money starched away in foreign lands by a looter named Abacha (who never stole any money anyway according to Saint Buhari), that, instead of paying for his legal fees, you will give him a certain percentage if he helps you to return the money.

He successfully returned the money to you. Now, to pay his percentage (even if na 20% or 90%, agreement na agreement) you come do whine am.

[quote author= post=105581809]I a profound bigot and shameless coward will Learn how to read before embarrassing myself on social media.
Read, I no go gree, Na wa o![/quote]

Ned would soon marry another under 16

Y paying in dollars

So Naira don cast

donbachi:
Pay them their money.

Pay them their money, na pdp sign the agreement, 1 Nigeria, Madam Okonjo-Iweala get share inside.

skyler11:
You had agreement with someone to repatriate money starched away in foreign lands by a looter named Abacha (who never stole any money anyway according to Saint Buhari), that, instead of paying for his legal fees, you will give him a certain percentage if he helps you to return the money.

He successfully returned the money to you. Now, to pay his percentage (even if na 20% or 90%, agreement na agreement) you come do whine am.

Their Predecessors have collected their share, the present Governors lead by Fayemi want their own cut, who wants to be where they are sharing $418 million & nothing reach your account, which kind curse be that?

Apus:
Money dey this country oo

Aswear!

No wonder he's just marrying wives up and down.

Real saboteur.

[quote author= post=105581809]I the most useless nairalander, a bigot and coward who deserves not to breathe, needs to Learn how to read before embarrassing myself on social media.
Read, i no go gree, Na wa o![/quote]

Okay

We give people money

Then pay 20% to someone to recover it

It's a good thing the governors are just asking for forensic audit

Just that they are not happy they are not ones being paid out common wealth for doing nothing

But agreement is agreement