EFCC asked to investigate N70b Kwara rice project

Date: 2012-06-04

A human rights group, Lawyers Unite against Corruption (LUC), has asked the Economic and Financial Crimes Commission (EFCC) to investigate the N70 billion rice project of the Kwara State Government, which was allegedly contracted to a Spanish company, Vasolar Consortium.

The convener of LUC, Mr. Ikechukwu Ikeji, alleged that they decided to raise the alarm and arouse public interest in the rice project described as a deceptive scheme deliberately conceived by the present administration to siphon public funds.

Ikeji alleged that when reporters confronted the state government about the company which it claimed would be injecting about 340 million Euros into the rice project, it dismissed the allegations as inconsequential.

He alleged that all the searches conducted on Vasolar Consortium of Spain revealed that the company, which claimed to be based in a non-rice producing country, had no local recognition as it was not known to the Spanish Chamber of Commerce and had no experience in rice cultivation, adding that "its only known existence is through this deal with the Kwara State Government."

Ikeji said: "This is a big surprise for a company planning to invest 340 million Euros in four years. Who are the partners in Vasolar Consortium of Spain? What are their pedigrees? What is the source of the resources they are bringing in? 

"We have conducted a search at the Corporate Affairs Commission (CAC) on the name and directors of Vasolar Consortium. The name was not found both online and manually. The implication is that Vasolar Consortium does not exist in the records of CAC. Meaning, it is a non-existent company or is not registered to do business in Nigeria either by way of being incorporated or by way of exemption under Section 56 of the Companies and Allied Matters Act 1990 (CAMA)."

The convener of the LUV challenged the government to provide incontrovertible evidence of where the company has carried out "this type of project before in any part of the world," adding that "if there are none, it then follows that you cannot give what you don't have. If the company is non-existent, the government is trying to place something on nothing, which to all intent and purpose is practically impossible."

LUC raised questions on the economies of the business proposal of Vasolar Consortium, saying when the cost of land and the amount in the escrow account are added, "the total investment by the Kwara State Government is more than equal to what the consortium is purportedly bringing in. 

"Hence it can be safely assumed that Vasolar is just going to use Kwara State's money- that is if there is any actual production to be undertaken."

Ikeji cited the case of Lagos State Government which is going to take 10 per cent equity for providing land for a green field refinery in the EPZ, explaining that "this means whenever the project takes off and profit is being made, Lagos will be making lots of revenues through Pay As You Earn (PAYE) and profit sharing without tying down money that can be used to enhance the lives of the people."

In the case of Kwara, he alleged that the financial returns to the government for the enourmous investment was not stated, adding, " what is the equity of Kwara State Government in this transaction? Or is the government not expecting any form of return within a definite time frame? Is this organisation, Vasolar Consortium, not making any profit too?"

Quoting the Food and Agriculture Organisation (FAO), the rights group said while Nigeria is ranked the 19th producer of rice worldwide, Spain is not ranked at all. 

The group alleged on the possibility that there is a plan to use a new generation bank involved in the project as a medium for money laundering and asked the EFCC to evaluate and investigate the exact  interest of the bank in the entire transaction.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Abdulraheem Yusuf     Shururat Olatinwo     Abdulganiyu AbdulAzeez     Salihu Jibril Garbi     IYA YUSUF     Bibire Ajape     NYSC     Oniye     Mansur Alfanla     Kwara Volleyball Association     Ike Ekweremadu     Tsado Manman     Playing Host     Abubakar Baba     Oloriegbe     Abdulwahab Olarewaju Issa     Muhammed Akanbi     Usman Alkali Baba     Saliu Alamoyo     Sam Okaula     Majlis For Sadaqah, Zakat And Waqf     Raymond Olaitan     John Obuh     Elese Of Igbaja     Valsolar     Moro     Yusuf Mubarak     Islamiya Abdulraheem     Sulu Babaita Isiaka     Owo Isowo     Ojo Fadumila     Bilikisu Oniyangi     Public Holiday     United Nigeria Congress Party     Kannike     Hassan Taiye Salam     Michael Nzekwe     Imodoye Writer’s Enclave     AbdulGaniyu Kareem     Isiaq Khadeejah     Dorcas Afeniforo     Umar Danladi Shero     Al-Ilory     IsDB     Turaki     Wakilin Mata Lafiagi     Road Transport Employers Association Of Nigeria     Abdulrahman Abdullahi Kayode     Park     Olayinka Jelili Yusuf     Abdullahi Samari     Yusuf Amuda Aluko     Nurudeen Mohammed     Adamu Jemilat-Baki     Yoonus Kola Olatinwo     Lateef Alagbonsi     AbdulRaheem Ahmad Shayi     Esuwoye     Tunji Olawuyi     UTME     Ministry Of Women Affairs And Social Development     Gbemisola Saraki     Lanre Badmas     Olateju Lukman     Aliyu Olatunji Ajanaku     Jani Ibrahim     Majlis For Sadakah, Zakat And Waqf     Salihu Ajia     Agor     March 18     Bolakale Kawu     Durbar     Split Diamond Interchange     Ebola     Valsolar-Kwara Company Limited     Ojo Isekuse     IPSAS    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Hydro-electric Power Producing Areas Development Commission     Muslimah Entrepreneurship Forum     Elelu     Yahaya Oloriegbe     Olatunde Olukoya     Albert Ogunsola     Halimah Perogi     Islamic Development Bank     Mustapha Akanbi     UNILORIN Alumni Association     Hajj     Dan Masanin     Rabiu Kwankwaso     Baba Idris     Rotimi Samuel Olujide     Nigerian Medical Association     Olayinka Olaogun     Bello Bature     Sidikat Akaje     Amule Elementary School     Ibrahim Mashood     Rice Farmers Association Of Nigeria     Jeunkunu-Malete-Bani     Salihu Jibril Garbi     Moshood Kashimawo Abiola     Bamikole Omishore     Oke-opin     Ashiru     Kwara     Amoyo     Muideen Olaniyi Alalade     Afolabi-Oshatimehin     Ibrahim Abiodun     Lateef Alagbonsi     Amule     Rafiu Ajakaye     Durosinlohun Atiku     Magaji Are     Kishira     Lanre Olosunde     TESCOM 2025     Rueben Parejo     David Oyerinola Adedunmoye     Kunle Akogun     Ghali Muhammed     Ayekale     Diagnostic Centre     TIIDELab     Alabe     Oyawoye     Ibraheem Abdullateef     Isaac Aderemi Kolawole     Mohammed Haruna     Congress For National Consensus     Forgo Battery Company Limited     Kwara Poly     Aasiyat Bello Oyedepo     Biliaminu Aliu     Buhari     Yoruba     John Olobayo     Mufutau Gbadamosi Esuwoye     Tunde Idiagbon Road     Ilorin Talaka Parapo (ITP)     Idowu Aremu     Okanlawon Musa     Bilikisu Oniyangi     Rafiu Olasile     Muhammed Danjuma     Leke Ogungbe     Wale Oladepo     Mazars Consulting     Summit University     Musibau Akanji     Muslim Media Watch Group Of Nigeria     V.O. Abioye     Lithium Deposit