The President of Dangote Group and Chairman, Cement Technology Institute of Nigeria (CTIN), Alhaji Aliko Dangote, has written to the Economic and Financial Crimes Commission (EFCC) to discontinue investigation being taken on the Bank of Industry (BoI) on cement fund, since the issue has been resolved.
The Managing Director/CEO, BoI, Mr. Waheed Olagunju, in a parley with pressman, yesterday, following the story that he escaped EFCC arrest due to CTIN fund, a story which he described as fiction, said the matter has been resolved between BoI and CTIN.
He disclosed that Dangote has earlier written to the EFCC to discontinue action concerning the petition of CTIN fund on BoI, as both bodies have reached an agreement.
In a letter dated 20th June 2016 and signed by the Chairman of CTIN to EFCC Alhaji Aliko Dangote said “Further to our petition on the subject dated November 23, 2015 we have engaged the management of BOI on the recovery/management of the CTIN funds in the custody of the Bank (please see copies of the correspondences attached herewith). “These engagements had resulted in an agreement in principle, between CTIN and BOI for the latter to manage the funds on conditioned of a satisfactory interest rate to be agreed by both parties. The Memorandum of Understanding (MoU) to guide the agreement is being worked out.
“It is in view of the foregoing that I request you to discontinue investigations of the subject in respect of Bank of Industry. Thank you for a job well done so far”
Olagunju also disclosed that the CTIN asked the BoI to manage the funds for them which was invested in money market instrument and is yielding return till date, noting that as at May 31st 2016, a letter from BoI was sent to CTIN on update on the cement fund.
The letter reads in part “As agreed during the discussion at the meeting, the Cement Development Fund with us has been accruing interest of 8 per cent per annum from February 23, 2016 to date as agreed. Please be advised that going forward, the investible fund amounting to N13, 260,335,254.80 (thirteen billion, two hundred and sixty million, three hundred and thirty-five thousand, two hundred and fifty-four Naira eighty kobo only) as at May 31, 2016 will attract a net interest rate of 9 per cent for the next 90 days i.e June 13, 2016 to September 10, 2016. We shall thereafter roll-over the funds plus the accrued interest at maturity”.
