Information recently made available to 247ureport.com from competent sources within Abuja administrative circles indicate all is not well with the foreign investors who were previously engaged by the previous administration. Available information reveals that many of the foreign investors have abandoned their posts in Nigeria while foreign contractors have stopped work on their respective projects.
According to the source, the non existent ministerial lists and/or nominees has caused a lockjam within the ministries affected. “There is no economic policies presently in place to assure the foreign investors of the way forward” stated the source who emphasized that the Central Bank of Nigeria [CBN] knee jerk policies towards the dollar has scared away would be investors in the Nigerian economy – and has restricted access to the dollar for local traders who would normally engage in trade between Nigeria and other foreign countries such as China and Dubai. “Many of our traders have been apprehended at the airports for possessing foreign currencies on their person because the CBN has refused them access to dollar from the banks”.
The source points to the new administration of Mohammadu Buhari as largely responsible to the unfolding economic drain. Apart from the non-existent economic blueprint, the new team of unofficial advisers which President Buhari surrounded himself with – has further soiled the situation. The source points to a personality named Maman Daura – a relative of President Buhari – who is known to be a ‘dirty’ business mogul – and a prominent member of the Kaduna Mafia. He is considered a student of northern dominance – over the other groups in Nigeria. His advise and policy direction guides Buhari. “He has major influence over Buhari and he is one of the people Buhari trust. Maman Daura keeps Buhari’s money for him”. It is believed that Maman Daura in tandem with other members of his clan around Buhari has instituted a northern/Islamic agenda as the unofficial Buhari agenda. Daura is reported to have talked Buhari into considering the return of import licences for a select groups – preferably select groups within the north.
One of the areas most hit significantly is the infrastructural development in the federal capital territory [FCT]. Many of the foreign contractors at work at the many infrastructural projects have stopped work. Berger [the internationally renowned construction company] has downed tools as a result of non-payment of work for over three months. The nonpayment for services is said to be the result of a general lull in the various ministries. “Nobody knows what to do or what is going on” said the source who added that the various Permanent Secretaries are at a loss of what is really the policy direction of the Buhari administration – and for this reason has remained highly cautious and apprehensive.
Already, multinational companies who are invested in Nigeria to the tune of multi-billion dollars have begun a drawdown of their monies from Nigeria. The drawdown of their monies “began since the arrival of Buhari”. Some of the multi-nationals are withdrawing their monies partly because the anti-graft agency [Economic and Financial Crimes Commission – EFCC] have began criminal investigations into their activities in Nigeria. Some of the multi-national have complained that the EFCC has been harassing them unduly.
Berger has stopped work on the Lagos – Ibadan Expressway for lack of payment.