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Tracka Uncovers N8.6Bn Paid to ‘No-Show Contractors’ in FG’s 2022 Budget

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Tracka, BudgIT’s service delivery promotion platform, has said that it has uncovered N8.6 billion payments to twenty-six contractors for 19 projects across nine states that have either been abandoned or not done.

Tracka Uncovers N8.6Bn Paid to ‘No-Show Contractors’ in FG’s 2022 Budget

Some of these projects, according to platform, include the payment of N542 million to Abu-Halawa International Limited between December 2020 and April 2023 under the Federal Ministry of Water Resources for the Construction of Jare Earth Dam in Katsina. Nothing has been done on the site to date.

The payment of N630 million to Babar Global Services Nigeria Ltd and Foundation Solid (NIG) LTD between July 2022 and September 2023 under the Federal Ministry of Water Resources for the Construction of the Ogbese Multi-Purpose Dam Project, Ekiti.

This site has been abandoned since 2021. And the payment of N400 million to Laralek Ultimate Ltd in March 2023 under the Federal Ministry of Works and Housing for the Limited Rehabilitation of Opo Malu Road, Saki, Oyo State.

The contractor for this site has never reported to the site to date.

A statement by Ayomide Ladipo, head, Tracka disclosed that these and other payments for non-executed projects were uncovered in the 2022 Project Tracking Report themed “Empowering Communities for Economic Growth.” The report reviews Tracka’s work and documents findings from the 3,691 projects monitored across 22 states in Nigeria between August 2022 and August 2023. Of these projects, 2,037 were completed, 1,012 are ongoing, 533 were unexecuted, and 109 have been abandoned as of the time of filing this report.

Under Capital Projects, Kebbi had the highest completion rate at 76%, Oyo had the lowest at 25%, and Taraba had the highest rate of abandoned projects at 27%. Regarding Constituency Projects, Bauchi had the highest completion rate with 97%, Oyo had the lowest with 28%, while Nasarawa, with 23%, had the highest rate of abandoned projects. The report also gives an overview of the implementation of 2022 Constituency and Capital projects across 15 states and highlights pertinent needs and abandoned projects across them.

Gabriel Okeowo, country director, BudgIT, expressed displeasure over contractors’ non-execution of commissioned projects. “Despite the clamor for increased allocations to capital expenditure by FG and subnationals, our tracking exercise has revealed that capital projects are the largest conduits of embezzlement and misappropriation. Lack of effective oversight on the part of the legislators and Ministries, Department, and Agencies has largely contributed to the high level of poor project execution and, in some cases, outright abandonment of projects.”

He reiterated the above while addressing the report’s findings, adding that “Governments at all levels need to take public project execution more seriously, considering the huge infrastructure gaps we are grappling with as a nation. We also hope that the new administration of President Asiwaju Bola Ahmed Tinubu will find a way to block these loopholes and leakages; if not, our expenditure will amount to pouring water into a basket.”

“We call on the anti-graft agencies (the Independent Corrupt Practices Commission, ICPC, and the Economic and Financial Crimes Commission, EFCC) to question and probe these misappropriations in the 2022 budget expenditures and prosecute erring contractors. We also call on elected representatives to pay attention to the needs of their constituents and abandoned projects highlighted in the report, as they serve as pointers to where public funds should be directed to ensure efficient use of scarce public resources.”

The report can be downloaded here: https://www.tracka.ng/#/downloads/home


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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