An anti-graft coalition, Civil Society Network Against Corruption (CSNAC), has urged the Economic and Financial Crimes Commission (EFCC), to immediately commence investigation into an alleged corrupt practices perpetrated by Monitoba Hydro – International Nigeria limited managing the Transmission Company of Nigeria (TCN) in shortchanging Nigeria in its activities.

Taking its cue from the 11th of July, 2016 publication of DailyTrust Newspaper, CSNAC in a petition signed by its chairman, Mr Olanrewaju Suraju, stated that the anti-graft agency should look investigate such an alleged highly corrupt and fraudulent practice.

According to the report, the Federal House of Representatives has decided to probe MHINL regarding the massive corrupt practices allegedly perpetrated by the company, based on a motion moved by Hon. Jonathan Gaza Gbefwi (PDP Nasarawa) which revealed how Monitoba Hydro – International Nigeria limited managing the Transmission Company of Nigeria (TCN) allegedly short changed Nigeria in its activities.

The Federal Government had entered into a management contract with Monitoba International, Canada which was later incorporated in Nigeria. The contract allegedly consists of emoluments for 15 expatriates whereas only eight of them were working at TCN.

The report stated further stated that it was also discovered that the TCN Managing Director is on a monthly salary of #35.5m (in spite of TCN being a public corporation) while other expatriate and MD ISO earn monthly income of #20.5m and #19.1m respectively.

The House was reported to have further stated  that MHINL since 2012 has been using #395 as their exchange rate for salary conversion despite the official rate of #160 to a dollar that later became #199 as at then. Consequently, TCN has fraudulently and illegally lost #3.769 billion due to this unlawful exchange rate being used by the management company for the past three and half years i.e 13 quarters.

According to the House, MHINL also unlawfully revalidated a 2010 Contract worth #1.9bn and awarded it to ABB India without due process, this has flagrantly violate the Public Procurement Act 2007. More so, the contract revalidation was carried out despite the growing concerns of Nigeria and some major stakeholders in the industry over their inability to meet up the Key Performance Indicators (KPI) of the management contract.

“However, it is sadden that despite the alert of the House to the country on this grave national security implications of this situation, the Chairman of the committee on power (Rep Daniel Asoquo, PDP Cross river), saddled with the responsibility of probing the matter is still awaiting relevant and useful information from the Ministry of Work, Power and Housing on such highly corrupt and fraudulent practice.

“CSNAC by this petition demands your prompt and urgent action on this matter. We thank you for your usual understanding and cooperation.”