A fresh twist has been added to the many controversies afflicting the purchase of highly inflated luxury armoured car for the personal use of Aviation Minister, Stella Oduah.
Here is the latest turn in the unfolding saga concerning financial institution and provider of the fund used to perfect the deed, First Bank Plc..
The report is sourced from online celebrity journal, societynowng.com
'Contrary
to speculations of a lease arrangement with First Bank plc that
resulted in the purchase of two armoured vehicles at highly inflated
price (N225m) for Minister of Aviation, Stella Odua by cash strapped
agency Nigerian Civil Aviation Authority (NCAA), insiders revealed the
body that claimed it couldn't pay to upgrade equipment, train or hire
qualified staff actually took a loan to perfect the act that has
attracted great outcry.
And this development was reportedly in 'very curious circumstances'.
'
NCAA is said to have obtained a loan of N645m from
the Bisi Onasanya led financial institution using it's 'Revenue Account'
as collateral.
The loan was reportedly put as to acquire 54
vehicles, including the two controversial armoured vehicles for the use
of the embattled Minister.
Ironically, the specified number of
automobiles exceeds the 25 approved for the agency in the 2013 budget by
the National Assemble by 29 cars.
Investigation revealed the National Assemble actually approved N240m to acquire 25 cars with the breakdown given
'
as
: Toyota Pickup Hilux (5 Nos); Toyota Corolla (10 Nos); Toyota Land
Cruiser (5 Nos); Toyota Hiace Bus (3 Nos); Security Inspection Vehicle
(2 Nos) for safety/ security purposes and Inspection of Perimeter
Fences.
The loan was N405m above approved spending limit.
Digs
revealed part of the correspondence in securing the curious N645m loan
from First Bank by NCAA dated July 30 2013, reproduced below
'
“The borrower (NCAA) has applied to the bank for a Term Loan Facility
(herein referred to as “the facility”) in the sum of N643, 088,250.00 to
finance the purchase of 54 vehicles for Management Staff of NCAA on
Grade level 15 and above.
“The bank has agreed in the usual
banking terms to extend to the Borrower the said facility on terms and
conditions herein contained in this Loan Agreement and in the Letter of
Offer which terms are hereby incorporated into this agreement.
“The parties hereto have agreed to secure the facility including interest and other charges.
“The
facility shall be for a period of 36 months without moratorium. Subject
to the terms and conditions hereinafter contained, the Borrower shall
repay the facility hereunder in 36 monthly installments as contained in
the Letter of Offer.
“The Borrower shall until the repayment of
facility to the Bank pay interest on the balance outstanding and on all
monies whatsoever at any time owing to the bank at the rate of 18% per
annum (all inclusive) or such other rates in line with changing market
conditions as may be advised.
“The Borrower hereby covenants with
the Bank that so long as any part of the facility or interest or other
moneys hereby covenanted to be paid remains outstanding, the Borrower
shall
• Furnish annually to the Bank not more than 120 days after
the end of the period in respect of which they have been made up
Balance Sheet and Profit and Loss Accounts showing the true position of
the Borrower’s affairs such Balance Sheet and Accounts being certified
by the Auditors …”
• The borrower will also from time to time
supply to the bank such other information as the bank shall reasonably
require in respect of the assets and liabilities of the business
operation and administration of the Borrower and shall permit and enable
the bank’s representative to inspect the borrower’s properties and
operations including all relevant records and documents after giving
reasonable notice; and costs of such inspection and the out of pocket
expenses incurred by the bank’s representative aforesaid during such
inspection being payable on demand by the Borrower provided that such
costs are fair and reasonable.”
Another correspondence that also
confirmed the deal by the acting Director-General of NCAA, J. D.
Nkemakolam and titled “Irrevocable domiciliation of NCAA Revenue
Account” to First Bank is reproduced as well
' “In consideration
of First Bank of Nigeria Plc granting an auto-loan facility of N643,
088,250.00 to NCAA, we hereby irrevocably domicile NCAA Revenue Account
No 2022994330 in First Bank of Nigeria Plc as long as the facility
subsists.
“This domiciliation shall remain binding and in force until the facility is fully liquidated.”
The
car acquisition deal and it's attendant consequence is the reason
Aviation Minister, Stella Oduah is facing a barrage of calls for removal
from office in the face of allegations of abuse of office.
Though
she has since denied the car were bought for her personal use, days
after her aide and representative of the NCAA confirmed the purchase
...Additional information The Nation Newspaper.
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