Business & Finance

President Buhari Orders EFCC to Return Seized ₦10bn to NBC


Nigeria’s President Muhammadu Buhari has approved that the N10bn seized from the National Broadcasting Commission by the Economic and Financial Crimes Commission, EFCC, be returned back to the NBC.

This is according to the Director-General of NBC, Mallam Is’haq Kawu.

The money is part of the funds realised by the NBC from the controversial sale of frequency to MTN Nigeria and had been a subject of probe by the EFCC. It was alleged that the NBC failed to remit the N10bn to the Treasury Single Account when it was told to do so by FG.

The NBC argued that the money was meant for projects being executed for the country’s migration to digital broadcasting.

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Kawu said the funds would be channelled towards projects and programmes aimed at achieving the transition to digital broadcasting for which a deadline of June 2017 had been set.

this in Abuja on Thursday at a press conference to announce the 20th edition of Africa Broadcasting Conference and Exhibition coming up in Abuja next week.

“We are going to assist a lot of young people to get finances for the production of their contents. We are thinking in terms of content development fund within the NBC and the NBC also provides opportunity for young content providers.”

A 10 per cent increase in the digitisation of the broadcast industry is predicted to create one million new jobs, he said.

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