Governors Move To Stop Payment Of $418m Consultancy Fee To Ned Nwoko’s Firm

Governors Move To Stop Payment Of $418m Consultancy Fee To Ned Nwoko’s Firm

The Nigeria Governors’ Forum (NGF) has asked banks not to proceed with the payment of $418.9 million to consultants as directed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.

President Muhammadu Buhari was said to have approved the payment of the sum in Paris Club refund-related judgment debts to six creditors, following which Mrs. Ahmed directed the Debt Management Office (DMO) to commence issuance of promissory notes to the creditors, as approved by the president.

But the governors have kicked against the move, warning the CBN and banks against proceeding with the payments.

Recall that around 2008 the Association of Local Governments of Nigeria (ALGON) contracted Prince Ned Nwoko’s Linas International Ltd to secure the payment of
Paris Club refunds due to the local governments. The assignment was said to have been successfully completed in 2018 with Linas paid.

Nwoko’s firm, among others, were also said to have been contracted by some state governors for similar purpose, with both parties agreeing to pay about 20 percent of recovered money for the consultancy, However, the due some, which presently stands at $418m is being contested by governors who insist that.........Proceed Reading For More Details

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