The Minister of Trade and Investment, Otunba Niyi Adebayo, has denied a transfer of N14 billion into any private company as alleged.
It could be recalled that the Senate committee on trade and investment had invited the Minister over alleged N14bn the ministry transfered to a private company as budgetary allocation of Nigeria Export Processing Zone Authority (NEPZA).
The Minister, who appeared before the Senate Committee on appropriation, explained that the money alleged to have been transfered was still in the coffers of Central Bank of Nigeria.
He also noted that the company in which the alleged money was transfered, Nigeria Special Economic Zone Company, is owned by the federal government.
He explained that the company was set up by the Ministry of Industry, Trade and investment in cooperation with private investors, who were invited by the Ministry, with the ministry holding major share in the company.
“The issue is that my predecessor, at the time of setting up the company, adopted a process that created an impression being taken by a lot of people that it is a private company.
“The setting up of the company has a FEC approval, it has presidential endorsement. It is not a private company. It belongs to the Federal Republic of Nigeria but with the participation of private shareholders.
“The amount of money (N14bn) that was appropriated to it is intact. It is in the custody of the Federal Government of Nigeria, nobody has touched it.
“The matter is being investigated by security agencies and once the investigation is concluded, we would sit down and make sure that proper processes are followed to make sure that the company is properly incorporated with the proper shareholders, with the proper representative of the shareholder and the board.
“After this, we will now move forward with the programme we have for the company. But, we have put the entire process on hold until the outcome of the investigation. Once the investigation is concluded, I will take action,” he said.
The Chairman, Senate Committee on Appropriation, Senator Barau Jibrin, said that the senate will not make any provision for the Ministry until the matter is resolved.
The Ministry had proposed N8, 988, 010, 031, 00 as capital which the Committee on Appropriation refused to approve, pending the resolution of the N14bn approved for it in the 2018 budget.
