Financial records unveiled by the League of Patriot, exclusively obtained by LeadingReporters, has alleged that AEDC uses different accounts, mainly domiciled with the United Bank of Africa, UBA and recently, Fidelity Bank to perpetrate these nefarious acts.
The accounts include AEDC Impress Funding Account with UBA. Account No. 22174094498. This account has become a conduit through which Billions of Naira are fleeced under the subheading – Operational imprest. For instance, between October and December, 2018, a total of N1,579,015,000 was mopped into the account as impress.
It was John Perkins, the author of “Confession of An Economic Hitman” who said that electricity, industrial parks, highways and ports are the things that made huge profits for companies that are sent to wreak havocs on the economies of target-nations.
Perkins’s confession in his widely-read book gives a clue to why Nigerians, the Federal Government and electricity consumers would remain at the mercy of companies like Abuja Electricity Distribution Company AEDC. Mr. Perkins went further to expose how they coopt local greedy economic jackals in government offices, the banking and other strategic sectors in any country of their interest to ensure that their appetite to ruin and hold the people in perpetual poverty are sealed.
AEDC activities, according to investigation carried out by group of concerned Nigerians under the umbrella of League of Patriots revealed that the company is structured to fleece Nigeria, exploit the people, defraud the system, evade tax and by extension divert all the proceeds of their loots to their agents both locally and internationally.
The group has promised to work with the anti-corruption agencies, especially the Economic and Financial Crime Commission under its new leadership that has expressed interest to institute a probe in the power sector.
Another Imprest Account as claimed by Leagues of Patriots is Account No. 1017666012, with United Bank of Africa, which is used for these alleged nefarious activities. Investigation carried out by the group revealed further that Account No. 1019034680 with UBA is used to sweep funds which are later diverted to yet another UBA account No 1017547366.
Furthermore, yet another account uncovered by the group is a UBA Account No.1017681365, allotted to AEDC WAMBA, Nasarawa State. A close investigation revealed that the said account is not linked to any TIN no, which makes it hard for Government to collect its tax from AEDC.
AEDC Okene Area Office with Account No 1021027984 with UBA is one of the many accounts of AEDC that were structured to evade tax as all proceeds from Okene axis were technically structured to evade tax.
Kabba AEDC Account No 1017805387 is another porous and specially structured account allegedly used in fleecing the Federal Government. Recall that the Federal Government of Nigeria has 40% stake in AEDC through its agency, Bureau of Public Enterprises. The agency, according to League of Patriots has become a willing partner in crime in short-changing the Government and the people of Nigeria.
All efforts to get AEDC to address the issue proved abortive as no replies were given to mails sent to them, for official response despite series of promises from the communication and accounts units of AEDC to do so