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From Isaac Anumihe, Abuja
President Bola Tinubu has ordered that NMB Capital be paid N263 billion following the approval of its certificates.
Speaking to road contractors in Abuja, Minister of Works, David Umahi, stated that the president instructed them to coordinate with the Federal Inland Revenue Service (FIRS) to ensure prompt payment.
The minister assured that the NMB Capital funds would be disbursed, emphasising that the president’s certificate approval is the green light for execution.
“And of course, we must execute the tripartite agreement to facilitate your payment. This is very important,” he added.
According to the minister, “the president has approved the certificates of NMB Capital Limited (NMBCL) and has equally authorise that you be paid.
“He has directed them to liaise with FIRS to ensure you receive your payment. That process is underway and your funds will be released. Of course, we must execute the tripartite agreement to facilitate your payment. This is very important,” he stated.
NMB Capital (Mutual Fund) is registered with the Securities Board of Nepal by NMB Bank.
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Regarding NNPC projects, Umahi noted that the president has instructed that they continue, even though they were inherited by his administration.
“Some of you are involved in NNPC projects. As a matter of course, I am part of your team. The president has directed that all inherited NNPC projects must continue. However, NNPC will no longer be responsible for paying you.
“The Ministry of Works will now handle your payments. Is that clear? Are we together? I want to make this very clear so that contractors who have questions will know the process and we all leave here with clarity.
“The projects will be scoped in sections. If you have 150 kilometers of light work, we cannot engage you to complete all 150 kilometers at once. We want only what you can finish within nine months,” he explained.
In his remarks, Minister of State for Works, Goronyo Bello, noted that the Federal Roads Maintenance Agency (FERMA) would incorporate concrete technology into its designs.
“FERMA also needs to adopt innovative concrete technology. In my earlier projects, when I avoided asphalt, I would use concrete. I believe FERMA can start leveraging this experience.
“When using asphalt, if the underlying road has permission, you must mill out the previous layer before applying new asphalt. This is the proper way to begin.
“I also want to emphasise that in all our construction projects, if a road has failed beyond two feet, we must excavate it, use logs, shacks, and other materials to restore it to the existing road level, and then proceed with resurfacing,” Goronyo added.
