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Reps Grill NEXIM, Transport Ministry Over Alleged Diversion Of N500m ECOWAS Road Fund

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10th NASS: 359 Reps, 109 Senators To Swear- Into Office Tuesday

The House of Representatives has intensified its investigation into the alleged mismanagement and diversion of a ₦500 million fund meant for the ECOWAS Inter-State Road Transit (ISRT) Scheme, summoning top officials of the Nigerian Export-Import Bank (NEXIM) and the Federal Ministry of Transportation to provide clarifications.

During Monday’s public hearing, the Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, demanded a comprehensive explanation and documentary evidence within two weeks regarding the fund’s utilisation and the operational status of the ECOWAS/ISRT scheme.

The probe follows an audit query by the Office of the Auditor General of the Federation (oAuGF), which flagged the ₦500 million contribution as potentially misappropriated, citing lack of transparency and accountability in its disbursement and use.

NEXIM Defends Role as Guarantor

NEXIM’s Managing Director, Abba Bello, appeared before the committee and explained that the bank was appointed in 1998 as Nigeria’s national guarantor for the ISRT facility under the ECOWAS treaty, which aims to ease the cross-border movement of goods among member states by reducing delays and eliminating unnecessary border escorts.

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Bello revealed that NEXIM currently holds ₦507 million in the ISRT fund account, including income generated from investments in treasury bills.

He stated that ₦170 million had been spent on travel and stakeholder meetings since the fund began receiving allocations in 2016.

“We received a letter from the committee requesting an explanation on the ISRT fund. The Federal Government appointed NEXIM as the national guarantor to facilitate trade by ensuring that goods moving through ECOWAS states are not diverted,” Bello said.

Audit Questions Viability, Demands Refund

However, a document presented during the session indicated that although the ISRT scheme was launched in August 2000 at the Seme Border, Badagry, it did not receive any budgetary allocation until 2016 — 16 years after its inception.

The report also noted that from 2016 to 2024, the Ministry of Transportation released ₦500 million in five separate tranches to NEXIM, which then invested the funds in money market instruments.

As of April 30, 2025, the account balance stands at ₦539.5 million, with ₦121.9 million spent on implementation and ₦161.2 million earned as investment income.

Despite these figures, the audit report found no evidence that the ISRT scheme was functional or delivering its stated objectives, warning of potential loss or diversion of public funds.

“There is no indication that the ECOWAS/ISRT scheme is operational. The funds may have been misapplied or diverted,” the audit query stated.

Legislative Ultimatum Issued

The Committee has now directed the Permanent Secretary of the Federal Ministry of Transportation and the NEXIM boss to provide concrete proof that the ECOWAS/ISRT scheme exists and is active.

It also instructed them to produce financial documents supporting the scheme’s expenditures and effectiveness.

In addition, the oAuGF has demanded that the sum of ₦400 million be recovered and remitted back to the national treasury, with proof of payment submitted to the Public Accounts Committees.

“We have given the ministry and NEXIM two weeks to present all relevant documentation or face further legislative action,” said Chairman Bamidele Salam.

 

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Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks

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Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.

Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.

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The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.

Details of the meeting remained undisclosed at the time of filing this report.

However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.

Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.

On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.

However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.

The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.

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JUST IN: Nigeria’s Debt Profile Set to Rise as Tinubu Requests Fresh $516m Foreign Loan

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President Bola Tinubu has requested the approval of the Senate for a fresh external borrowing of $516.33 million, in a move that is expected to further raise concerns over Nigeria’s growing debt profile.

The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and was read during plenary on Thursday at the National Assembly.

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According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance a key infrastructure component under the government’s already approved borrowing programme—the Sokoto–Badagry Super Highway project, a major road corridor designed to enhance connectivity across the country.

President Tinubu, in the request, urged the Senate to give the proposal expedited consideration and approval, stressing the importance of the project to national infrastructure development and economic growth.

Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the committee to examine the proposal and submit its report within one week.

The latest borrowing request comes amid ongoing national debates over Nigeria’s debt sustainability, as the federal government continues to rely on external loans to fund large-scale infrastructure projects.

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Shock as Court Rejects El-Rufai’s Bail Application, Orders Continued Detention

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A Kaduna State High Court has rejected the bail application filed by former Kaduna State Governor, Nasir El-Rufai, ordering that he remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) pending the determination of his trial.

The ruling was delivered by Justice D.H. Khobo, who held that the seriousness of the allegations against the former governor, as well as concerns over possible interference with ongoing investigations, made the grant of bail inappropriate at this stage.

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El-Rufai had approached the court seeking release on bail pending trial over a nine-count charge filed by the Federal Government through the Independent Corrupt Practices and Other Related Offences Commission.

He argued that the offences were not capital in nature and that he posed no flight risk, citing his community ties, fixed residences, and willingness to cooperate with investigators.

He also told the court that he voluntarily returned to Nigeria to honour official invitations and challenged the validity of the charges, describing them as defective.

Additionally, he raised health concerns, requesting bail on medical grounds.

However, the prosecution opposed the application, insisting that the alleged offences were serious and economically damaging, with a likelihood that the defendant could interfere with witnesses and ongoing investigations.

In his ruling, Justice Khobo held that the gravity of the charges and the risk of interference outweighed the arguments for bail.

The court also ruled that insufficient medical evidence had been provided to justify release on health grounds.

The judge therefore ordered that El-Rufai remain in ICPC custody and directed that the trial proceed on an accelerated basis, fixing early hearing dates for the case.

The former governor will remain detained as proceedings continue in the high-profile corruption trial.

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