A nongovernmental group, Human and Environmental Agenda , has asked the Economic and Financial Crimes Commission to probe the Minister of Industry, Trade and Investment, Okechukwu Enelamah, over alleged unlawful diversion of $35 million meant for the Growth and Employment Project.
Mr Suraj said there were strong suggestions that on assumption of office in 2015, Mr Enalamah made attempts to convert the GEM project financing to an SME fund earmarked to benefit only 25 companies. Part of the resolution of the committee, HEDA said, was a directive to the minister to rescind the alleged conversion of the GEM project to an SME fund.
Following the expiration of the project lifespan in November 2018, HEDA said the World Bank approved a three-month extension for Nigeria until March 2019. “The project supports micro, small and medium-sized enterprises operating in five high potential sectors of the economy, namely ICT, entertainment, tourism, hospitality, light manufacturing, and construction.
The project restructuring, the minister’s spokesperson explained, involved the ministry and the World Bank team modifying their existing equity window to an SME investment fund, to “boost growth, create jobs and increase entrepreneurship.”
Funds Buhari told them how to spend
Correct.
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