7 November 2017

Nigeria: Corruption - Foundation Calls for Severe Punishment Against Treasure Looters

Abuja — ‎‎

A civil society organisation, Citizens of Impact Foundation has called for severe punishment against treasure looters in order to effectively tackle corruption.

‎The foundation, which made the call in Abuja yesterday, noted that the fight against corruption would be effective when those who embezzled public funds are meant to face severe punishment that will discourage other ones.

Speaking at the press briefing, ‎the Executive Director, of the foundation, Daniel Olatunde alleged that the Federal Ministry of Industry, Trade and Investment are colluding with Skye Bank Plc to violate the Treasury Single Account policy of the Federal Government.‎

According to him, the ministry has been maintaining account 1770393883 in the name of Federal Ministry of Commerce and sharing the accruing revenue from trademarks and patents with a contractor, Einao Ltd. on a 80/20 per cent basis.

Olatunde stated that the ministry officials were using an expired contract awarded in 2010 to Novalsys Ltd. which later became known as Einao Ltd. to defraud the government.

The company was said to have signed an agreement for the development of a web-based registration management solution for registration of parents, trademarks and designs, which was reportedly renewed in 2014.

Olatunde said, "We wrote to the finance minister since April 11,2017 to urgently look into the matter ... and also petitioned the AGF on October 16, but haven't received a response which should be within 24 hours."‎

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