My China trip yielded over $6bn investments – Buhari

Amidst criticisms of his frequent overseas trip, President Muhammadu Buhari on Friday expressed satisfaction that his just-concluded one week official trip to China had yielded over $6bn additional investments for Nigeria.

President Muhammadu Buhari departs on a 3-day official visit to Kenya

The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this in a statement made available to journalists.

Shehu said the President believed that the agreements concluded with the Chinese during the visit would have a huge and positive impact on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.

He said, “In the power sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at $478,657,941.28 for the construction of 300 Mega Watts solar power in Shiroro, Niger State.

“In the solid minerals sector, Granite and Marble Nigeria Limited and Shanghai Shibang signed an agreement valued at $55m for the construction and equipping of granite mining plant in Nigeria.

“A total of $1bn is to be invested in the development of a greenfield expressway for Abuja-Ibadan-Lagos under an agreement reached by the Infrastructure Bank and Sinohydro Corporation Limited.

“For the housing sector, both companies also sealed a $250m deal to develop an ultra modern 27-storey high rise complex and a $2.5bn agreement for the development of the Lagos Metro Rail Transit Red Line project.”

According to the presidential spokesman, other agreements announced and signed during the visit included the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

He added that the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at $200m for the construction of two 500MT/day float gas facilities.

“An agreement valued at $363m for the establishment of a comprehensive farm and downstream industrial park in Kogi state was also announced at the Nigeria-China business forum.

“Other agreements undergoing negotiations include a $500m project for the provision of television broadcast equipment and a $25m facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited.

“About 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum which took place a day after President Buhari began his visit to China,” Shehu added.

My China trip yielded over $6bn investments – Buhari

Many Nigerian investments done with dirty money – Ribadu

A former Chairman of the Economic and Financial Crimes Commission, Mr. Nuhu Ribadu, on Wednesday alleged that a lot of investments being done in the country were from funds earned through illegal activities.

Nuhu Ribadu

He also identified illicit financial activities such as terrorism financing and money laundering as a major challenge affecting the country’s quest for development.

Ribadu spoke in Abuja at the 2nd Anti-money laundering/combating financial terrorism stakeholders’ consultative workshop organised by the Association of Certified Anti-Money Laundering Specialist.

He said Nigeria had yet to maximise its potential owing to terrorism financing and other money laundering activities, noting that the trend was making the country to lose huge funds.

He said. “Everything that is wrong about Nigeria has to do with dirty money. If you can follow it, get it back and punish these people, then you have cured the problem of Nigeria.

“When I look around, I see a lot of investments done with dirty money. Government needs help in identifying and arresting these people. Though it may seem like a daunting task, with professionals like ACAMS, Nigeria is poised to achieve this.”

Ribadu said there was a need for collaboration between relevant stakeholders to fight money laundering and curb terrorism financing.

He called for the building of a strong anti-graft institution to spearhead the fight against money laundering, adding that the restructuring of the banking sector had helped to restore confidence in the Nigerian economy.

He said, “In 2003, Nigeria was on the blacklist of most developed countries especially the US for money laundering.”

Many Nigerian investments done with dirty money – Ribadu