11 July, 2019
PERMANENT FORFEITURE OF $37.5 MILLION HOUSE AND $40MILLION
JEWELLERY; APPEAL FOR REINVESTMENT IN TEXTILE INDUSTRIES
The EFCC, in the course of investigation, traced another property valued at $37.5m to the former minister in Banana ISLAND aside the $40M worth Jewellery earlier seized and forfeited from ex minister of Petroleum Mrs Allison Diezani Madueke who is currently in UK kingdom facing corruption charges bordering on money laundry and other fraudulent transactions.
So far she has been avoiding Nigeria shore since emergence of President Muhammed Buhari and APC administration in 2015, the hope of appealing this Federal High Court ruling is in doubt hence the leadership of Intellectual Patriotic Youth Network IPYN-IRG appeal to Federal Government to consider reinvestment of the said forfeited funds into textile industries. The CBN Implementation Committee on Textile Industries Revival will actualise her mandate with this fund if fully and properly channel as A report had showed that New Nigeria Development Company (NNDC) has rolled out interest to invest 15 million dollars through a partnership with a Turkish firm to reactivate the collapsed Kaduna Textile company where Federal Government is to provide 43% of the money to effect re opening for production operation, while the company focus on production of Nigeria Securities uniform both Army, Police and other paramilitary uniform both for Nigeria and other Africa Nations. This in no doubt will boost the economy, generate employment as well mitigate the insecurity in the country as more hand will be engaged when all the textile industries in Nigeria are reactivated.
in the 1970s and early 1980s, Nigeria was home to Africa’s largest textile industry, with over 180 textile mills in operations, which employed close to over 450,000 people and today only 20 are operating below 20% of their production capacity.
Considering the recent delist of textile product on CBN foreign exchange policy, it's patient Federal Government revive this sector before it become calamity and economy burden. Over 600,000 cotton farmers will be required to supply the industries when operation fully commences which increase agriculture productivity.
To equally justify that the forfeiture is real, FG must consider special intervention project like textile industry revival with the said fund.
*Amb Salahudeen A Lukman #AIG*
National Coordinator
Intellectual Patriotic Youth Network
IPYN-IRG
God Bless Nigeria
Build The Youth
Build The Nation
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