The Nation November 15, 2011

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Nigeria’s widest circulating newspaper

Nigeria needs N10tr for roads, others

Benue, Akwa Ibom polls battle for retrial •Supreme Court rejects verdicts

BUSINESS

Page 11

NEWS

•IFC to build second Niger Bridge

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www.thenationonlineng.net

VOL. 7, NO. 1945 TUESDAY, NOVEMBER 15, 2011

TR UTH IN DEFENCE OF FREEDOM TRUTH

N150.00

•DAY OF HONOUR: From left: President Goodluck Jonathan congratulating the President of Dangote Group, Alhaji Aliko Dangote, who received the GCON award, Akwa Ibom State Govenror Godswill Akpabio, who got CON, and Rivers State Governor Chibuike Rotimi Amaechi, who also got CON at the 2010/2011 National Honours Awards in Abuja ... yesterday PHOTOS: AKIN OLADOKUN

N257.8b for capital projects in Lagos N485b budget

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AGOS State Governor Babatunde Fashola yesterday presented a N485.292 billion budget proposal for 2012 to the House of Assembly. The proposed budget is

By Miriam Ndikanwu

7.66 per cent higher than this year’s revised budget of N450.18 billion. About N227.47 billion is earmarked for recurrent expenditure and N257.821 bil-

lion for capital expenditure. The presentation was attended by former Governor Lateef Jakande; Action Congress of Nigeria (ACN) State Chairman Henry Ajomale; Senator Oluremi Tinubu; members of the Traditional

Council, led by Oba Rilwanu Akiolu of Lagos; Senator Olorunimbe Mamora; members of the State Executive Council; and former members of the House of Assembly, among others.

Fashola said the deficit financing requirement proposed in the budget is N59.781 billion, which is 1.19 per cent of the state’s Gross Domestic Product (GDP). The total revenue expected

is N399.834 billion, which comprises Ordinary Revenue of N289.676 billion and Federal Transfers of N110.158 billion. The total overhead cost, Continued on page 2

EFCC probes loss of N3b by ex-CBN boss, others Two suspects held in alleged fraud against ex-governors

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•Mrs Waziri

OW did four suspects, including a lawmaker, pull off a N3 billion fraud against a former Central Bank Governor and two former governors? This is the puzzle the Economic and Financial Crimes Commission (EFCC) is battling to resolve. The other victims of the syndicate are a Senator, a top official of the Federal Capital Development Authority (FCDA) and a member of a state House of Assembly. The two former governors are from the Northeast. Two of the suspects have been detained by the EFCC. Another suspect, a member of the House of Representatives, has been invited for questioning.

From Yusuf Alli, Managing Editor, Northern Operation, Abuja

But the fourth suspect, who was recently seen in Gombe State, is said to be on the run. The anti-graft commission yesterday invited the House member for interrogation over his alleged role in the fraud. The House member may face a five-man panel of the EFCC this week. The Nation learnt that all the highly-placed persons became victims of the Advance Fee Fraud perpetrated by the syndicate between 2007 and 2011. It was gathered that the top official of the FCTA, who lost a hefty sum of money to the fraudsters, blew

the lid off the scam by alerting the EFCC. The arrest of two of the suspects led to more revelations on those they had defrauded. An EFCC source said: “We have conducted preliminary investigation, which was personally coordinated by the chairman of the commission, Mrs. Farida Waziri. “The two suspects in detention confessed to have extorted over N3billion from their victims. “One of the suspects revealed other instances where members of his syndicate defrauded other unsuspecting members of the public. “He listed the names of their victims to include a former CBN Governor, two ex-governors, a Senator,

a member of a state House of Assembly and an official of the FCDA. “One of the members of the syndicate, who was part of the conspiracy that was successfully carried out on a former governor from the Northeast in 2007, is now a Politically Exposed Person (PEP) because he is now a member of the House of Representatives. “It is evident that the two suspects in detention belong to a syndicate of fraudsters who have been duping unsuspecting members of the public for quite some time. “It is believed that if they are made to face justice, it will go a long way in ridding the polity of such miscreContinued on page 2

•ENERGY P15 •SPORT P23 •PROPERTY P25 •POLITICS P37•AVIATION P50


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The Nation November 15, 2011 by The Nation - Issuu