Emmanuel Jime fingered in N42bn NEPZA fraud

 

Top officials of the Nigeria Export Processing Zones Authority, NEPZA, have been accused of planning to corner about N42billion meant for the establishment of Special Economic Zones in the country.

The Senate had questioned creation of a limited liability company with 25% government interest, the retention of three officials as directors, and the allocation of government’s funds to the company, when the Minister of Industry, Trade & Investment, Dr. Okey Enelamah presented the ministry’s 2019 Budget.

Sahara Reporters quoted a top government official as saying “The Federal Government adopted a model to speedily and rapidly develop the Special Economic Zones using a PPP model as was done in other countries like China and a number of African countries.”

“The strategy involved the setting up of a limited liability company that included the FG and some institutional investors like African Development Bank, ADB, the African Finance Corporation, AFC, the Bank of Industry, BOI, AFREXIMBAMK, and the Nigeria Sovereign Investment Authority, NSIA in a 25% —75% FG and institutional investors ratio.

“And to secure FG’S interest, three government officials were put forward in the interim as directors in line with the usual practice when such companies involving FG are set up.”

NEPZA immediate past Managing Director, Emmanuel Jime and the acting MD Engr. T.D Nongo, allegedly plotted to ensure that the N42billion allocated for the development of the Special Economic Zones be controlled and disbursed by NEPZA instead of the Special Purpose Vehicle established by a Presidential directive straight from President Muhammadu Buhari’s desk.

An officer in one of the investigating agencies said: “This was how the top NEPZA hierarchy sold a carefully designed package of outright falsehood and suppression of relevant facts to the National Assembly and decided to smear the President’s plan in order to corner the funds and control disbursement of the money instead of allowing the limited liability company formed for that purpose to be in charge.

“What we now know is that while Jime went to run for election in the last round of elections, for which he had to resign as NEPZA MD, the most senior officer to whom he handed over the reins of NEPZA is actually also one of the main fund-raisers/coordinators of his gubernatorial campaign.

“Therefore the campaign of calumny against the President’s industrial plan and against the Industry, Trade & Investment Ministry is being fueled by both Jime and Nongo. At stake is the control of Project MINE – Made in Nigeria. They are both bent on controlling the N42B approved in the budget,” it was disclosed.

Meanwhile, between the federal government and the institutional investors, the investment company, the Nigeria Special Economic Zone Investment Company, NSEZCO, is expected to raise $500m in equity by 2023.

Some of the Special Economic Zone projects are the Enyimba Economic City in Abia, the Lekki-Epe Model Industrial Park, Funtua Cotton Cluster, and several others being planned for Edo, Kwara, Sokoto, Ebonyi, and Benue States among others.

Ameh

Recent Posts

Soaring rice prices threaten Christmas celebrations for Nigerian families

Rice, a staple for Christmas celebrations in Nigeria, has become a luxury this year. Soaring…

23 hours ago

Panic as Stage collapses during Odumodublvck’s performance at Lagos concert

Panic erupted on Saturday at a concert in Lagos when the stage collapsed during Odumodublvck’s…

23 hours ago

2025 Budget: FG allocates ₦6.36bn for renovation of Tinubu, Shettima’s official quarters

The Federal Government of Nigeria has allocated ₦6,364,181,224 billion for the refurbishment and rehabilitation of…

23 hours ago

Black Market Dollar to Naira Exchange Rate Today 22nd December 2024

The black market dollar to naira exchange rate for today, 22nd December 2024, can be…

23 hours ago

NNPC debunks shutdown rumors, confirms fuel loading at Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the 60,000 barrels per…

23 hours ago

‘We have to find a way’ – Guardiola laments after defeat to Aston Villa

Manchester City finds itself in unprecedented turmoil, with relegation-level form showing little sign of improvement.…

1 day ago