Maritime Nigeria

Main Menu

  • Home
  • News
  • Interviews
  • Maritime Info
  • Photo Gallery
  • Fact
  • Profiles

logo

Header Banner

Maritime Nigeria

  • Home
  • News
    • FG Commits To Enhance NSC Regulatory Capacity

      May 28, 2025
      0
    • NPA, Dangote Agree On Port Expansion, Export Promotion

      May 27, 2025
      0
    • "Tinubu Reforms Driving Surge In Customs Revenue"-CGC

      May 25, 2025
      0
    • Sea Port Efficiency: FG To Deepen Lekki Port Channel

      May 25, 2025
      0
    • Maritime Bank Takes Off, Gets President/CEO

      May 23, 2025
      0
    • Customs Intercept N3.2Billion Illicit Drugs, Smuggled Items

      May 22, 2025
      0
    • Oyetola Engage French Ambassador On IMO Seat

      May 22, 2025
      0
    • CGC Revitalizes Seme Command, Regional Trade With SIGMAT

      May 21, 2025
      0
    • Full Implementation Of Marine And Blue Economy Policy On Course

      May 14, 2025
      0
  • Interviews
    • Nigeria Takes Leadership Of MOWCA

      Nov 18, 2021
      0
    • APM Participates in UK Trade Expo

      Oct 31, 2021
      0
    • Reps Seek Admission at MAN

      Dec 7, 2020
      0
    • NIMASA URGE SHIP OWNERS TO RENEW CABOTAGE LICENSES

      Oct 5, 2020
      0
    • FG Sacks Aboloma As NAIC Gets New EDs

      Aug 28, 2020
      0
    • Britain Celebrate Nigerian In Covid Efforts

      Jul 26, 2020
      0
    • Zuckerberg Backs Trump Against Twitter

      May 28, 2020
      0
    • NAFDAC DG Sheds Light On Chloroquine, Herbals, Masks and Covid19

      May 12, 2020
      0
    • Reps Threaten MDAs

      Feb 24, 2020
      0
  • Maritime Info
    • 2023 POP: Minister Task Cadets On Blue Economy

      Dec 15, 2023
      0
    • Rector, Trainees Excited, Laud FG On Modern Academy

      Jan 26, 2023
      0
    • Buhari Redeploys Minister As NPA, NIMASA, MAN, Others Get New Boards

      Apr 7, 2022
      0
    • World Bank Endorse Nigerian Ports, Partners Navy On Capacity Building

      Mar 19, 2022
      0
    • NIMASA Commend Nigerian Navy, Reassures On Floating Dock

      Feb 9, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • shipping

      Singapore Strait Dangerous To Shipping-ReCAAP

      Jan 24, 2022
      0
    • Lekki Deep Sea Port Will Increase Port Efficiency-Amaechi

      Jan 24, 2022
      0
    • Fair Competition: NSC Partners FCCPC For Effectiveness

      Jan 21, 2022
      0
  • Photo Gallery
    • SERAP Calls for Probe of Entire Privatization Processes 1999-2011

      Dec 4, 2017
      0
    • IMO Election: South Africa, Kenya, Liberia, Morroco and Egypt Make Category C

      Dec 2, 2017
      0
    • Maersk Ship on Fire as Coy Launches Six Container Lifting Tech

      Nov 2, 2016
      0
    • Captured Seafarers Languish In Captivity without Ransom

      Nov 1, 2016
      0
    • Niger Delta: Militants Ask FG to Include Former Agitators in Negotiations

      Nov 1, 2016
      0
    • Self-Audit: NIMASA Set to Review 3% Freight Charge

      Nov 1, 2016
      0
    • Recession: Japanese Shipping Companies to Merge

      Oct 31, 2016
      0
    • NSC Partners ICS on Capacity Building

      Oct 31, 2016
      0
    • AGAIN, APAPA CUSTOMS SURPASS MONTHLY TARGET WITH N33B COLLECTION

      Oct 5, 2016
      0
  • Fact
    • Maritime Police Boss Celebrate Workers

      May 1, 2025
      0
    • “VIN Is A Trade Tool, Not Punitive”-Customs

      Mar 2, 2022
      0
    • Blackmailers, False Publishers and Their Agents: Court Clears Rector

      Feb 18, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • "APM Terminals Is Beyond Moving Boxes Around"-Laursen

      Jan 24, 2022
      0
    • MWUN: Welfare, Safety Our Priority-Adeyanju

      Dec 27, 2021
      0
    • Reversing the Trend: Koko Breaks Record at NPA

      Dec 24, 2021
      0
    • Minister Demands More From MAN At Passing Out Parade

      Dec 20, 2021
      0
    • MARITIME NIGERIA TASK NIMASA ON MARITIME DEVELOPMENT

      Dec 15, 2021
      0
  • Profiles
    • CMA CGM Brings AI Onboard

      Jun 5, 2018
      0
    • Customs Notify 577 Officers of Retirement by Eguono Odjegba

      Jan 12, 2018
      0
    • Over 100 Persons Feared Dead in Mediterranean Ship Wreck

      Nov 3, 2016
      0
    • Ballast Water: Panama Signs Up

      Oct 24, 2016
      0
    • Ist Half Report: Customs generate N385.7bn revenue

      Aug 15, 2016
      0
    • Minister/MD Speeches at the Launch of NPA's CCCIS

      Jul 23, 2016
      0
    • Face off Imminent as Dakuku Warn IOCs to Sit Up or Stay ...

      Jul 22, 2016
      0
    • Hadiza, Welcome to NPA

      Jul 16, 2016
      0
    • Habib Abdullahi Sacked Again from NPA

      Jul 12, 2016
      0
  • FG Commits To Enhance NSC Regulatory Capacity

  • NPA, Dangote Agree On Port Expansion, Export Promotion

  • “Tinubu Reforms Driving Surge In Customs Revenue”-CGC

  • Sea Port Efficiency: FG To Deepen Lekki Port Channel

  • Maritime Bank Takes Off, Gets President/CEO

Maritime InfoNews
Home›Maritime Info›N320b Resource Funds Diverted-Dogara

N320b Resource Funds Diverted-Dogara

By Editor
May 18, 2018
1286
0
Share:

The Speaker of the House of Representatives, Mr. Yakubu Dogara, has disclosed how the Federal Government, states and private organizations allegedly diverted N320bn from the Natural Resources Fund over the years.

Former President Olusegun Obasanjo had, through an Executive Order, created the fund in 2002 for the purpose of developing the country’s natural resources.  The Speaker said as much as N320bn was diverted from the fund to projects that were totally unconnected with the objective of setting it up.

Dogara spoke during the opening of a public hearing by the House Ad Hoc Committee on the utilization of N350bn Natural Resources Fund and Federal Government Investments, Proceeds and Leakages in Solid Minerals at the National Assembly.

The committee was chaired by a member of the All Progressives Congress from Adamawa State, Mr. Adamu Kamale.

The Speaker, who was represented by the Chief  Whip of the House, Mr. Alhassan Ado-Doguwa, alleged that the Federal Government, states and private firms resorted to borrowing from the fund for other reasons, thereby defeating the aim of creating it.

He noted, “I understand that most of the invitees seated here today are directly or indirectly involved in the utilization of the Natural Resources Fund. Available records show that over N320bn of the Natural Resources Fund was utilized as loans to the Federal Government of Nigeria; states; Ministries, Departments and Agencies; and in some cases, private firms, most times for matters unrelated to natural resources”.

“This practice is unacceptable and must be corrected. I charge this ad hoc committee to use all available legislative powers to recover the funds that are utilized illegally. In addition, the committee, in line with the resolution of the House, should come up with recommendations to safeguard further misappropriation of the Natural Resources Fund, and also recommend an appropriate legal framework.”

Dogara told the session that worse still, withdrawals from the fund were made without appropriation by the National Assembly.

The Speaker argued that such illegality did not only encourage corruption but was also responsible for the rapid drop in revenue from the solid minerals and steel sector.

He added that common practices in the sector included illegal mining, institutional failure, diversion of funds, connivance of public/political office holders with private developers, as well as non-remittance of taxes, fees and royalties by the operators, among others.

Dogara stated, “It is a common impression of the citizens of Nigeria that solid minerals alone can solve the problems of unemployment in Nigeria. Countries less endowed with solid minerals, such as South Africa, have successfully sustained their economy through proceeds from the sector. Nigeria, therefore, cannot afford to continue the neglect of the sector.”

Speaking earlier, Kamale informed the session that the investigation was not a witch-hunt, but to hold government agencies and all those who abused the fund accountable.

To carry out a thorough investigation, Kamale stated that the committee would look into projects the funds were spent on by visiting the sites for physical assessment.

“I want to assure you of the committee’s determination to work in line with the extant laws of the Federal Republic of Nigeria,” he added.

Up to 31 agencies have been invited so far by the committee, but Kamale said the list was not exhaustive.

 

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • More
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Previous Article

MM Customs Impound Tramadol Capsules

Next Article

NEC Orders Recovery of Unremitted Fund

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • News

    Shipping Coy Thumbs Up IMO on Co2 strategies

    Oct 28, 2017
    By Editor
  • News

    APMT Commits Regulatory Guidelines

    Jun 2, 2023
    By Editor
  • News

    Abuja Earth Tremor

    Nov 13, 2018
    By Editor
  • FeaturedMaritime InfoNews

    NIMASA Resets For Cabotage Implementation

    Mar 21, 2019
    By Editor
  • News

    Onne Multipurpose Terminal Welcome Kota Carum, largest vessel to berth at Onne

    Apr 23, 2025
    By Editor
  • News

    FG Establishes National Trade Office

    May 10, 2017
    By Editor

Leave a Reply Cancel reply

  • Customs Operations

    Working Visit: Compt Jaiyeoba Charge NIITU Officers On Diligence

  • News

    CVFF Fund Intact, NIMASA Reassures

  • FeaturedMaritime InfoNews

    BLUE ECONOMY: FG EXPANDS SCOPE, WIDENS PARTICIPATION

Looking For Something?

Read From

  • Agriculture
  • Customs Operations
  • Fact
  • Featured
  • Interviews
  • Maritime Info
  • News
  • One Question
  • Photo Gallery
  • Profiles
  • sports

Just In

News

FG Commits To Enhance NSC Regulatory Capacity

Secretary to the Government of the Federation (SGF), Senator George Akume, has pledged the support of the Federal government to address and ensure that modern, the Nigerian Shippers’ Council, NSC, ...
  • NPA, Dangote Agree On Port Expansion, Export Promotion

    By Editor
    May 27, 2025
  • AfCFTA: Nigeria Launches Air Cargo Route To Boost Exports

    By Editor
    May 26, 2025
  • Canada Commends Nigeria On Anti Smuggling Efforts

    By Editor
    May 25, 2025
  • “Tinubu Reforms Driving Surge In Customs Revenue”-CGC

    By Editor
    May 25, 2025
  • Home
  • About Us
  • Contact Us
© 2013 Maritime Nigeria | All Rights Reserved