$20m Bribe: FG Moves To Review JV Agreement With Firm

Updated Thursday 24 August 2017 11:39
$20m Bribe: FG Moves To Review JV Agreement With Firm

Following the release of the indictment report by the Swiss authorities, the Managing Director of the Nigerian Ports Authority (NPA), Ms Hadiza Bala-Usman, had a few weeks back revealed that the joint venture company indicted by the Swiss government would be investigated and prosecuted by the Economic and Financial Crimes Commission (EFCC).

The NPA, according to her, had obtained the Swiss court sanctioning and forwarded same to the EFCC for further investigation on the persons and the entities that were said to have benefited from the graft and also forwarded the Swiss court documents to the AGF’s office to guide it in its continued relation with the firm in view of the sanction from the Swiss court for corrupt practices with NPA officials.

It was gathered that the AGF’s office, in the course of investigation, found out that Dredging International Services (Cyprus) Ltd has been part of a consortium which has executed contracts for the NPA worth over N714 billion, over the years.

It also uncovered other former NPA officials who were part of those that shared the largesse, but were not named in the Swiss report.

The consortium entered into a Joint Venture Agreement with NPA to form the Bonny Channel Management in 2005, for creating and maintaining a safe navigational passage for all marine users to and in the Eastern Ports of Bonny Island, Onne, Okrika and Port Harcourt.

While the NPA holds 60 per cent equity in the JV, The Bonny Channel Management is credited with the balance of 40 per cent.


Sharing is Lovely! Don't be Stingy! Share with Friends with the Buttons Below

One Favour Please, Subscribe To Our YouTube Channel


Join us on Facebook & Twitter

Article Posted 9 Months ago

Got anything to add to this? Say it below

Click Here To Hide More Posts Like This