Posted by News Express | 17 July 2016 | 2,115 times
An anti-graft coalition, Civil Society Network Against Corruption (CSNAC), has urged the Economic and Financial Crimes Commission (EFCC), to immediately commence investigation into alleged corrupt practices perpetrated by Monitoba Hydro International Nigeria limited managing the Transmission Company of Nigeria (TCN) in shortchanging Nigeria in its activities.
Taking its cue from the 11th of July, 2016 publication of Daily Trust newspaper, CSNAC in a petition signed by its chairman, Mr. Olanrewaju Suraju, stated that the anti-graft agency should investigate such an alleged highly corrupt and fraudulent practice.
According to the report, the Federal House of Representatives has decided to probe MHINL regarding the massive corrupt practices allegedly perpetrated by the company, based on a motion moved by Hon. Jonathan Gaza Gbefwi (PDP Nasarawa) which revealed how Monitoba Hydro - International Nigeria limited, managing the Transmission Company of Nigeria (TCN) allegedly short changed Nigeria in its activities.
The Federal Government had entered into a management contract with Monitoba International, Canada which was later incorporated in Nigeria. The contract allegedly consists of emoluments for 15 expatriates whereas only eight of them were working at TCN.
The report further stated that it was also discovered that the TCN Managing Director is on a monthly salary of N35.5 million (in spite of TCN being a public corporation) while other expatriate and MD ISO earn monthly income of N20.5 million and N19.1 million respectively.
The House was reported to have further stated that MHINL since 2012 has been using N395 as their exchange rate for salary conversion despite the official rate of N160 to a dollar that later became N199 as at then. Consequently, TCN has fraudulently and illegally lost N3.769 billion due to this unlawful exchange rate being used by the management company for the past three and half years (13 quarters).
According to the House, MHINL also unlawfully revalidated a 2010 Contract worth N1.9 billion and awarded it to ABB India without due process, this has flagrantly violate the Public Procurement Act 2007. More so, the contract revalidation was carried out despite the growing concerns of Nigeria and some major stakeholders in the industry over their inability to meet up the Key Performance Indicators (KPI) of the management contract. "However, it is sad that despite the alert of the House to the country on this grave national security implications of this situation, the Chairman of the committee on power (Hon. Daniel Asuquo, PDP Cross River), saddled with the responsibility of probing the matter is still awaiting relevant and useful information from the Ministry of Work, Power and Housing on such highly corrupt and fraudulent practice.
•Photo shows EFCC Chairman Ibrahim Magu.
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