Commission of inquiry seeks further documents on Benue Govt’s lease agreement with Oracle Business Limited

The Benue State Commission of Inquiry into the Sale/Lease of Government Assets, Companies, Markets (both state and local government markets), and Moribund Companies has demanded additional documents from the Ministry of Industries, Trade, and Investment concerning landed properties under the jurisdiction of the Benue State government.

This directive was issued today during the Commission’s session, where the Covering Permanent Secretary, the Acting Director of Industries, and the Director of Trade from the Benue State Ministry of Industry, Trade, and Investment appeared to provide an account of the Ministry’s activities from 2015 to 2023.

Upon reviewing the list of thirteen Benue State-owned companies submitted by the Department of Industries, only Benue Plastic Company, leased to Oracle Business Nigeria Limited, was found operational.

A closer examination of the lease agreement between the Benue State Government and Oracle Business Limited revealed that the company was leased in 2013 for 15 years with a two-year moratorium. However, Oracle Business breached the agreement after making an initial payment of Thirty Million Naira, which was supposed to be paid upfront before assuming control of the company.

Further elaborating on the lease agreement, the Acting Director of Industries, Mrs. Mbamilin Yandev, disclosed that in 2022, Oracle Business Limited submitted expenses totaling 3.7 Billion Naira incurred for machinery purchase and structural development. They requested the Ministry to convert this amount into lease fees.

Mrs. Yandev stated that the Ministry forwarded Oracle Business’s letter to the State Executive Council (Exco), which subsequently approved a 30-year extension of the lease agreement, extending it until 2058.

In addition, shedding light on the sale/lease of other companies, the Director of Trade, Mr. Francis Terkura Kurum, informed the Commission that many of these transactions were carried out without consultation with the Department of Trade. He recounted raising concerns to his Commissioner about accountability for these transactions, to which he received the response, “In government, it is better to listen more than talk.”

Mr. Kurum, in his capacity as Director of Trade at the Ministry of Trade and Investment, affirmed that he was not consulted before these sales were executed.

Also, liaison officers from Benue State representing Kaduna State and the Federal Capital Territory (FCT) were invited to provide insights into the sale of government properties within their respective jurisdictions.