The Ministry of Industry, Trade and Investment has admitted that the company for which N42billion was voted for in its 2019 budget has incomplete investors’ diligence, documentation and approvals.
Sequel to the rejection of budget of the Ministry of Industry, Trade and Investment by the Senate Committee on Trade and Investment due to the inclusion of a "private company", the Ministry has admitted that the company for which N42billion was voted for in its 2019 budget has incomplete investors’ diligence, documentation and approvals.
Dr. Okechukwu Enelamah, Minister of Industry, Trade and Investment, made the disclosure in a statement issued on Tuesday in Abuja to clarify issues surrounding the rejection of the ministry’s budget by the Senate Committee.
"The company, Nigeria SEZ Investment Company Limited (NSEZCO), also known as Nigeria Special Economic Zones Company Limited, was incorporated, with the Federal Government having 25 per cent shares, while the balance of 75 per cent is currently held in trust on behalf of other prospective shareholders,” the statement read.
He added that the shares are held in trust “pending completion of investors’ diligence and documentation and approval procedures”.
Chairman of the Senate Committee had questioned the minister on the introduction of a N42billion line in the budget for a “private” company, which is not part of the 17 agencies under the trade ministry.
The chairman said documents from the Corporate Affairs Commission (CAC) showed that the directors of the company with 75 per cent shares included Dr. Bakari Wadinga, Mr. Olufemi Edun and Ms. Oluwadara Owoyemi, while the remaining 25 was allocated to the Nigerian government.