EFCC PROBES N35BN ARMS PROCUREMENT FRAUD IN DEFENCE MINISTRY

N35 billion arms

The Economic and Financial Crimes Commission is investigating a case of diversion of public funds totaling N35bn at the Ministry of Defence. The money was reportedly meant for the procurement of items and equipment for the military in peacekeeping missions. [PUNCH]

N14.4bn Trade facility

Coronation Merchant Bank said it partnered with International Finance Corporation to launch a N14.4bn Trade Finance Guarantee facility to boost financing for local businesses and enhance inter-continental trade. A statement said the IFC is a sister organization of the World Bank and a member of the World Bank Group. [PUNCH]

N91.3 bn Oil Palm

Governor Godwin Obaseki-led administration in Edo State is reviving the Urhonigbe oil palm belt with N91.3 billion provided by the Central Bank of Nigeria (CBN) and private investors, for the cultivation of oil palm on 51.8 hectares in Urhonigbe, Orhionmwon Local Government Area under the first phase of the Edo State Oil Palm Programme (ESOPP). [THE SUN]

$1bn Tucano Jets

The House of Representatives has begun investigation into how the Federal Government spent the $1bn special security fund approved for it by the National Assembly. Part of the money was used to acquire 12 Super Tucano fighter aircraft from the United States. [PUNCH]

1.2 million Nigerians

The United States Agency for International Development has promised to support the Federal Government in treating 1.2 million Nigerians suffering from tuberculosis. USAID Nigeria Mission Director, Stephen Haykin, said this in Abuja yesterday during the closeout dissemination of the organization’s tuberculosis activity called  Challenge TB.      [DAILY TRUST]

N1.26 trillion theatre suit

The Abuja Electricity Distribution Company (AEDC) has assured customers of providing 330,000 meters, this year and an investment of N43 billion in networks with the new tariff to boost electricity supply. This, as the Nigerian Electricity Regulatory Commission (NERC) insisted that the DisCos must meter consumers. [THEGUARDIAN]

$308m Abacha loot

The House of Representatives Committee on Works is querying the plan by the Federal Government to fix the Lagos-Ibadan and the Abuja-Kano Highways as well as and the Second Niger Bridge project with the repatriated $308m Abacha loot. [DAILY TRUST]