Nigeria: House Orders Adeosun, Emefiele to Halt Alleged Diversion of $35m GEM Funds

3 November 2017

Abuja — The House of Representatives thursday directed the Minister of Finance, Mrs. Kemi Adeosun; the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele; the Growth and Employment (GEM) Project Team and the World Bank to halt the planned movement of $35 million out of the GEM project account and immediately discontinue any process on the consideration or approval of the new restructuring proposal for the creation of what it termed a "fraudulent SME Investment Fund".

The House further directed that the Ministers of Finance, Industry, Trade and Investment, the GEM project coordinator and the World Bank to maintain the status quo as was conceptualised and approved by the National Assembly.

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