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Home Sectors Real Estate and Construction

Umahi discredits BudgIT’s allegations of road project funds in Microfinance Bank

Caleb Obiowo by Caleb Obiowo
January 28, 2024
in Real Estate and Construction
David Umahi, Bodo-Bonny road project , Rivers State.

David Umahi

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Minister of Works, David Umahi, refuted the assertion that funds allocated for road construction were improperly deposited in a Microfinance Bank, contrary to existing regulations.

The minister clarified this during an inspection of the Enugu-Port Harcourt carriageway, under reconstruction by Arab Contractors Ltd in Rivers State on Saturday, as stated on the ministry’s website.

  • · “Let me also use the opportunity to debunk something ongoing in the social media. I don’t know what they call the group, Is it Tracta Budgit or something which claims they’re monitoring the budget of federal the government? Said that we paid 8.7 billion to the microfinance bank,” Umahi stated.

On January 26, 2024, Tracka, BudgIT’s service delivery promotion platform, issued a press release alleging that the Ministry of Works disbursed a total of N9.3 billion for 62 projects between June and December 2023 to FIMS Microfinance Bank.

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The track additionally revealed that N8.7 billion of the aforementioned sum was allocated for the construction of road projects in Ekiti, Kaduna, Oyo, Benue States, and others.

Further addressing the matter, Umahi said Tracka BudgIT was wrong. He explained that from June to August 20, 2023, he was in the Senate.

He pointed out that after being appointed as a minister later, he could not have authorized payments to the Microfinance Bank for the ministry during the designated period, as stated in Tracka’s report.

More Insights  

Umahi clarified the payments to a Microfinance Bank, stating that once a contractor finishes their work, the money is theirs, and they can deposit it in any bank they prefer.

He dismissed Tracka BudgIT’s claim as misleading, asserting that the organization lacks the authority to probe where a contractor places the funds from a finished road project.

  • · “Whether it’s paid in microfinance bank or microfinance bank, what is paramount to establish if the work funds were rightly paid for well done,” Umahi said.

Furthermore,  Umahi asserted that the report was an effort to divert attention from his dedication to advancing President Tinubu’s Renewed Hope Agenda for the development of the road sector in Nigeria.

  • · “And so, it’s just a distraction. And then, some of the bank contractors are using them to fight back. But I refuse to be distracted,” he restated.

 


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Caleb Obiowo

Caleb Obiowo

Caleb Obiowo is a graduate of Urban and Regional Planning from the University of Uyo. At Nairametrics, he covers transport and logistics in Nigeria, along with real estate, construction, and aviation. He focuses on delivering clear, easy-to-understand stories and often digs deeper into industry issues through conversations with key players.

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Comments 2

  1. Chris says:
    January 29, 2024 at 11:55 am

    Dave Umahibstated that he was in the senate as at the time…so why go further to defend activities of your predecessors? If Budgit has proof of their claims, let them.come.forward.. This country is full of drama and artists.
    It is wrong for a contractor to submit Conventional banking details during signing of contract and later present a Microfinance bank account after the completion of the project.
    The monies paid to contractor ought to go to the same bank account provided from.onset.

    Bit as the case maybe, Nigeeian political class are fraudsters. They present a company to secure contract and use the companies details to open a microfinance bank acc to siphoned the money without even the real owners of the company’s knowledge. This happens when a Govt is about to change hands or when they are duplicating payments for roads that have been executed already.

    Reply
  2. Chris says:
    January 29, 2024 at 12:05 pm

    Scenario:-
    RTT constructed a road in 2014 for 2.5b and got paid.
    In 2021, Fashola used the same contract docs and completion certificate of RTT to prepare payment for the same amount and same project reference. With the impression that the contractor has executed the job and needs to be paid.
    However instead of paying to RTT company accounts with Zenith or First bank, they will use RTT docs on record to open a bank account with a microfinance owned by them or their cronies… most of these microfinance banks do not have open doors customers. But still control deals worth billions. Because it was set up for schemes like this.
    I wish BudgeIT will press further on this with more proofs.
    I wish the AGF office will be probed alongside Fed Ministry of Works and Housing especially all the replicated payments Buharis NEC approved for Fashola even for roads constructed since 2009.up to 2014. They ve been sharing billions in honour of those roads. That’s why FMW and H gulped trillions and yet we dont have a single Federal road in the cou try.
    Fashola always telling NEC that contractors are owed Trillikns. Yet we dont see the roads that accumulated these debts.
    An example was the road constructed by Reddem Chirch which Fashola approved and paid 200m for a road done by a church using churches money.
    They stole 200m in honour of that road, until the church came out to say Govt did not do any road.
    Corruption characterised Buharis 8yrs

    Reply

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