NANS Demands Probe Of N20bn Cement Institute’s Fund

RELATED

Why Tinubu Is Visiting Saint Lucia — Presidency

43 minutes ago

Mischief Makers Behind SGF Sack Rumour — Federal Gov’t

46 minutes ago

National Association of Nigerian Students (NANS) has urged President Bola Tinubu to order a forensic investigation into how over N20 billion was expended in the Cement Technology Institute of Nigeria (CTIN) over the last 10 years.
The students’ union, which made the demand in a press statement said over N20 billion was contributed as levies on imported cement to CTIN for technical training purposes for over ten years when the country was still importing cement.

According to NANS, CTIN was established in August 2011 by the Ministry of Trade and Investment to support the domestic cement industry and its activities through the acquisition and development of appropriate technology, and to ensure the availability of affordable cement throughout the country.
The union said, “The Institute was mandated to carry out research and development, promote the adoption of sustainable alternative technologies, and human capacity building in the cement sub-sector of the economy.”
It stressed, “In June 2016, the Economic and Financial Crimes Commission (EFCC) visited the Bank of Industry in connection with the CTIN’s fund being managed by the bank.”
The NANS Senate Leader, Babatunde Akinteye, however, said the alleged misuse, diversion and misappropriation of the funds as implied by the EFCC needs to be probed by an independent investigative panel from the presidency.

“The alleged misuse, diversion, and misappropriation of such strategic funds intended to provide training and development opportunities for Nigerian youth in the cement industry in line with the establishment goals of CTIN is a weighty one. It is a future-threatening act and an act of economic sabotage,” Akinteye said.
He added that, “The situation of countless Nigerian youths, who remain unemployed and lacking technical skills in a rapidly advancing global economy like ours, is a harsh testament to the repercussions of such mismanagement and embezzlement. We demand answers, we demand accountability, we demand explanation and we demand justice.

“In clear terms, we urge Mr. President’s directive to the Federal Ministry of Industry, Trade and Investment to make public as a matter of urgency and national importance her role so far, the status, management, and usage of the over 20 billion Naira (about $100 million) contributed as levies on imported cement to CTIN for technical training purposes for over 10 years ago when Nigeria was still importing cement.”