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: 1,610

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





You may also like...
LASU sacks ASUU Chairman, Vice, 15 others

Zaki Biam Attack: Ortom vows to bring perpetrators...

Expect thunderstorms, clouds, sun and haze today —NiMET...

2013 governorship battle: Eight jostle for Anambra North...

I won’t spend Ebonyi’s kobo on my mother’s...

Akwa Ibom under siege by hoodlums, residents cry...

Arrest Nnamdi Kanu, face war, Ohanaeze warns FG...

Dasukigate: Metuh fails to meet bail conditions

Fuel Scarcity: Enugu lawmakers visit filling stations

36 days to South Africa 2013 ACN: Eagles...

Buhari’s biggest hurdles ahead 2019 polls

Sanwo-Olu assures of labour-friendly administration if elected Lagos...


Latest News Many injured, goods worth millions of naira destroyed as Hausa, Yoruba clash in Lagos Okowa condemns attack on Ekweremadu, urges Germany not to spare perpetrators Makinde appoints ex-police chief Fatai Owoseni Special Adviser on Security Matters MASSOB faults IPOB over attack on Ekweremadu, says Igbo leaders not responsible for non-actualisation of Biafra Ekweremadu’s attack: Identify the culprits, Senate president tells German authorities Migrant Fulani causing problem in Nigeria – Miyetti Allah Nine confirmed dead in attack on mourners in Benue Tomorrow's strike will be total, comprehensive – Varsity workers Reorder Nigeria to avert strife, Nwabueze group tells Buhari 2021: We won’t zone Anambra governorship – PDP Three killed, seven injured in soccer riot South East PDP calls for arrest of Ekweremadu’s attackers


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (527,841 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (438,148 views) Shameless Genevieve Nnaji exposes breasts in public (382,915 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (321,799 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (289,854 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (250,935 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (245,546 views) 10 cars more expensive than Jets (232,209 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (227,604 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (213,852 views) Lagos plane crash: Journalist releases victims’ names (192,803 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (190,733 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (98) Business & Economy (4,395) Business Verdict (78) Columnists (1,093) Complaints & Requests (95) Enterprise & Opportunities (214) Entertainment (647) Features (795) Global Business Monitor (417) ICT Monitor (58) International (3,840) Interview (198) Live Commentary (30) Love Matters (166) Maggie's Blog (379) News (50,109) Opinion (1,323) Pidgin (17) Politics (11,311) Religion (1,085) Sports (2,133) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera