Nigerian Senate says N300 billion aviation/power intervention funds were transferred to private accounts and diverted to purchase of properties in Ghana.
This comes as the aviation ministry has exonerated itself, saying it is not aware of the disbursement of the funds.
The revelation came to the fore on Monday at an investigative hearing on the disbursement and utilisation of N300 billion power and aviation intervention fund released by the Federal Government in 2011.
The 10 airlines that benefited from the funds include: Arik Airlines, Dana Airlines, Aero Helicopters, Kabo Air, Caverton Helicopter, Overland Airways, First Nation Airways, Chanchangi Airlines, Odenegene Air, and Air Nigeria.
Although Godwin Emefiele, CBN governor, explained that out of the 10 airlines that benefited from the fund, two of them: Air Nigeria and Chanchangi have become moribund, but failed to list how much each of the airlines collected.
Click here to read the full article.