Contract Fraud
Olodo Uprising: How MDGIF Boss Oluwole Adama Paid N326 Million To Take Advise Yet No Advise Was Given
Secrets Reporters
The Executive Director of Midstream and Downstream Gas Infrastructure Fund (MDGIF), Mr Oluwoke Adama is in another eyes of the financial storm according to documents scrutinized by SecretsReporters.
In 2024, N261,851,719.18 was paid to Transaction Advisors engaged by the MDGIF (legal, investment and transaction advisory fees across six payments in 2024), with no evidence of job execution or any findings/recommendations report produced, despite repeated audit requests by the authority, which is against PIA 2021 s.52(13).
The payment by Oluwole has been classified by the government as non-execution of contract; diversion of public funds.
Just while the dust was yet to settle, he signed away three contracts totaling ₦65,800,000.00 and paid on 13 August 2024 to two consultants for advisory services before the Bureau of Public Procurement’s conditional ‘No Objection’ approval (dated 17 July 2024), which itself required requests for proposals to be issued to nine responsive firms on a price-competitiveness basis.
This act is clearly against PIA 2021 s.52(12) and a violation of Public Procurement procedure; cost overruns.
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