Senate uncovers N42b for financing of private company in 2019 budget + Directors’ list


The Senate Committee on Trade and Investment on Monday revealed unlawful illegal financing of a privately owned company with N42 billion in the 2019 Budget proposal submitted for consideration to the National Assembly.

The revelation came when the Minister of Trade and Investment, Okechukwu Enelamah, appeared before the Committee to defend the 2019 Budget proposal.

Trouble started during the budget defence when the Chairman of the Committee, Senator Mohammed Sabo, called the attention of the Minister to the item listed for consideration by the Committee.

The Chairman asked the Minister why the privately owned company will be financed through national budget.

But the Minister in response explained that the Nigerian Government is into partnership with the company and its contribution is N42 billion.

Enelamah said: “One of the areas that this government has focused on is infrastructure.

“The second area is industrialisation and the two have something in common.

“If the government tries to do it alone, it would be extremely tasking.

“So the President directed that we should bring other partners that can combine with whatever monies we have to build world class infrastructure, which led to the establishment of the company in partnership with other investors.”

Dissatisfied with the submission of the Minister, the Committee said the Federal Government’s process is a misnomer and nothing but financial ambush to the country.

According to the document obtained by our correspondent, the name of the private limited liability company involved in the deal is Nigeria Sez Investment Company Limited, with Company Number: 1502666.

The directors of the company are Dr. Bakari Wadinga, Olufemi Edun and Oluwadara Owoyemi.

But the budget is under the item of Nigeria Special Economic Zone Company.