Checkout Magazine has learnt that Nigeria is losing $8.810 billion annually to the non-take-off of the $3.1 billion e-Custom modernisation project.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who appeared before the House of Representatives Joint Committees on Customs and Excise, Finance and Banking and Currency, blamed the situation on a chain of suits against the government.
She told members of the committees that the government has three suits filed against it by Messrs Adani Nigeria Limited, the contractor initially franchised to handle the project.
The e-Custom modernisation project is expected to fetch the government about $176.2 billion for over 20 years at an average of $8.810 billion annually
In October last year, Green Chamber directed its committees on Custom and Excise, Banking and Currency as well as Finance to investigate and resolve the issues affecting the take-off of the project between the Central Bank of Nigeria and Adani Mega system.
The minister told the committees that the contract awarded by the Technical Committee on Comprehensive Import Supervision Scheme (TC-CISS) of the CBN on March 20, 2017, was cancelled by the same body on September 18 of the same year after further due diligence.
She said: “In a letter Ref. TED/DIR/GAM/GEN/01/025 dated 18th September 2017, the technical committee cancelled the agreement following further due diligence which revealed that the technical partners of the Company (Messrs. Adani International Ltd) a company registered in the United Kingdom (UK) that did not possess the required expertise about the project field nor proven track record in the execution and operation of projects in the field covered by the contract.
“The technical committee noted that the misrepresentations were material breaches that affected the company’s integrity, capacity and competence to deliver on such a project given its importance to the Nigerian economy.
“Expectedly, Messrs. Adani Mega Systems Limited (ASL) to validate its contract with TC-CISS instituted cases in courts against the Federal Government of Nigeria for breach of contract allegedly entered into between it and the technical committee on the Comprehensive Import Supervision Scheme (TC-CISS).
“Presently, there are three active cases before the court on the matter at the instance of the Company as listed as Suit No: FHC/ABJ/CS/850/2017 Adani Mega Systems Limited vs the AG of the Federation & 3 Others; Suit No: FHC/ABJ/CS/1156/2020 – Adani Mega System Limited vs HAGF and 3 Others and Suit No: FHC/ABJ/CS/860/2020 – Adani Mega System Limited vs Airwave Limited & two others.”
