Adedokun Waliyu 
The Economic and Financial Crimes Commission (EFCC) has begun an investigation into the $6 billion Mambilla Power Project which is currently a subject of litigation.
Power Minister Abubakar Aliyu stated this while appearing before the Senate Committee on Power to defend the ministry’s 2023 budget.
Committee Chairman Gabriel Suswam had expressed worry over the situation of the power project.
The minister said the ministry had met with stakeholders and that all issues of concern were being resolved.
He said the litigation on the Mambilla power project was hampering the execution of the project.
Aliyu said: “Regarding Mambilla, we have met with stakeholders and we are resolving the situation. It has something to do with litigation. There is nothing going on regarding moving to site.
The EFCC has stepped into the matter and we have given them information about it. We have given them the history of the power project.
“Our lawyers have interfaced with the anti-graft agency. Unless we are able to pull out of litigation, we can’t do anything.
“I don’t think the investors will bring their money where there is an encumbrance.”
Suswam said the project had become a mirage as far as the National Assembly was concerned.
The senator said this was because money had been budgeted year in, year out but that there was nothing to show for it.
“To us in the National Assembly, the Mambilla Power Project is a mirage. There is nothing to show for it, despite the money that has been provided year in, year out.
“It is clear that the Mambilla power project will not be able to start before the end of this administration,” Suswam said.
Also, operatives of the EFCC have arrested some operators of Bureaux De Change (BDCs) in Abuja.
This followed alleged currency speculation which has led to the hike in exchange rate of $1 (United States) selling for over N800.
The arrest of the unspecified number of suspects also fuelled the allegation that some currency hoarders had invaded the BDC outlets with cash.
But acting on intelligence, the EFCC operatives stormed the BDC outlets in Wuse Zone 4 area of Abuja.
source, who spoke in confidence, said: “The operation was in line with the determination of EFCC Executive Chairman Abdulrasheed Bawa to check money launderers by invoking Section 2 (1) of the Money Laundering Act 2022.
“We also do not want some unscrupulous elements to take advantage of the nation’s financial system because of plans by the Central Bank of Nigeria (CBN) to redesign some naira denominations.
“Our detectives succeeded in arresting some suspects who are undergoing profiling.”
When contacted, EFCC’s Head of Media and Publicity Wilson Uwujaren said: “It was true we carried out an operation in some BDCs, but I cannot immediately tell you how many suspects were arrested.”
Section 2 (1) of the Money Laundering Act 2022 says: “No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding (a) N5,000,000 or its equivalent, in the case of an individual; or (b) N10,000,000 or its equivalent, in the case of a body corporate.”
Also, the EFCC has cautioned BDCs against abuse of regulatory guidelines while discharging their services to customers.
The warning came days after the Central Bank of Nigeria (CBN) policy on redesigning N200, N500 and N1,000 bank notes was announced by the regulator.
In a statement, the Association of Bureaux De Change (ABCON) National Executive Council said the EFCC advised all licensed BDCs to be careful in their day-to-day operations by requesting for customers’ information during transactions.
The agency advised BDCs not be involved in cash couriers, which remains a serious infraction that can lead to prosecution of perpetrators.
“The BDCs are also advised to render regulatory returns. BDCs are the gate keepers to the economy and their directors will be keenly monitored by the CBN and security agencies,” it said.
The CBN had, last week, announced plans to redesign the naira – N100, N200, N500, N1,000 – banknotes and issue new ones in a major push to tackle counterfeiting.
CBN Governor Godwin Emefiele said the apex bank had secured the approval of President Muhammadu Buhari to resign the old banknotes and issue new ones.
Emefiele said both the funds within and outside the banking system would be mopped up from today till January 31, 2023, to the CBN’s vault to control rising inflation.
