Fidelity bank card banner Camano banner
A great chunk of N120bn Aviation Bailout Fund diverted —Senate; spits fire

By News Express on 21/06/2016

Views: 1,555


The Nigerian Senate has frowned at an alleged mismanagement of the 120 billion Naira bailout fund for the aviation sector in 2011.

At a public hearing on Monday held to probe how the bailout was used, members of the joint Senate Committee on Aviation and Anti-corruption alleged that a great chunk of the funds were diverted to other uses by some of the airlines who got the loan.

The Chairman of the Senate Committee on Aviation, Senator Hope Uzodinma, however, vowed that there would be no sacred cow when it completes its investigation on the matter.

At the hearing were government officials and representatives of airlines.

Senator Uzodinma first gave an insight into why the meeting was called and immediately after making his remarks, the Minister of Transport and Aviation, Mr Rotimi Amaechi, told the joint committee that his ministry and its parastatals had no record of the funds.

To set the record straight, an official from the Central Bank, who is the Acting Director, Development and Finance, Mr Mudasiru Olaitan, gave a breakdown of what the aviation fund was all about.

Out of the 10 airlines that received the bailout, two have become moribund.

Some members of the committee, however, observed that there was a twist in dealings of some of the airlines two weeks after they received the funds.

They alleged that some of the funds were wired to companies in Ghana and London for transactions not related to issues regarding the bailout.

Channels Television’s correspondent reports that more revelations are expected to emerge as presentations are made by key players in the aviation sector as well as government and private sector officials that facilitated the disbursement of the aviation bailout funds.

It is hoped that findings at the public hearing would resolve the many challenges confronting the aviation sector in the days ahead.

•Photo shows Committee Chairman, Senator Hope Uzodinma.

Source News Express

Posted 21/06/2016 05:13:54 AM

 

 

CLASSIFIED ADS

 

You may also like...
IPOB accuses Army, FG of genocide, says they...

South-East to benefit from future rail projects: Transportation...

COINCIDENCES: Chinua Achebe, Mark Twain, the Comet and...

Secondus to Buhari: Under your watch, more Nigerians...

Ohanaeze will resist ranching in Igboland – Nwodo...

Justice Akanbi: Buhari commiserates with Kwara

Thai boys rescued from cave to be ordained...

Niger Delta freedom fighters send emissaries to Oshiomhole...

Abdullahi’s book on Jonathan’s Presidency for release in...

Oshiomhole, APC chairmen, governorship candidates strategise for elections...

UTME candidates endorse Remita for purchase of forms...

Nigeria’s TOP 10 Songs

 

Latest News 10 go blind after injection at Kaduna hospital Ministerial List: APC chairmen lobby Buhari Jostling begins for N10b National Assembly supply contracts Buhari not the problem of Nigeria — Apostle Moses ‘Niger Delta Republic’: Inside story of how June 1 proclamation was scuttled •The alarm at Presidential Villa BNYL slams Ohanaeze for begging for SGF position Why it would be suicidal to ban okada in Nnewi — MUTN boss NASS: Legislative aides upbeat as they await N8b severance benefits Seven die while cleaning hotel sewer Nigeria, one of least peaceful places on earth — Survey Thousands of youth rally to advocate for quality education EFCC launches probe as convicted pension thief disappears

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,026 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,263 views) Shameless Genevieve Nnaji exposes breasts in public (365,010 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (311,608 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (275,979 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (243,855 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (233,752 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,681 views) 10 cars more expensive than Jets (212,201 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,232 views) Lagos plane crash: Journalist releases victims’ names (184,378 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,698 views)

 

NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (92) Business & Economy (4,308) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (623) Features (759) Global Business Monitor (378) ICT Monitor (53) International (3,589) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (303) News (47,390) Opinion (1,260) Pidgin (17) Politics (11,017) Religion (1,021) Sports (2,041) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera