By Hagxy Don
In what could be one of Nigeria’s most explosive financial probes, the House of Representatives has launched a forensic investigation into the ₦1.24 trillion raised through Sukuk bonds for federal road projects between 2017 and 2024. The probe, which was overwhelmingly approved during plenary, follows growing concerns that despite the massive funds allocated, Nigeria’s roads remain death traps.
The motion, sponsored by Hon. Gaza Jonathan Gbefwi of Nasarawa State, highlights suspicions of fund mismanagement, contractor noncompliance, and possible inflation of project costs. Lawmakers are now demanding full accountability for every naira spent under the program, which was originally introduced by former President Muhammadu Buhari’s administration in 2017 and continued under President Bola Ahmed Tinubu.
Who Will Be Affected?
With billions of naira unaccounted for, top government officials, contractors, and agencies linked to the Sukuk-funded projects are now under intense scrutiny. The Federal Ministry of Works, which supervised the projects under former Minister Babatunde Fashola, is expected to provide detailed financial records. The spotlight is also on construction giants who handled these projects, including:
- CGC Nigeria Limited
- Arab Contractors Nigeria Limited
- China Civil Engineering Construction Corporation (CCECC) Nigeria Limited
- Salini Nigeria Limited
- Reynolds Construction Company (RCC) Nigeria Limited
- Setraco Nigeria Limited
- Dantata & Sawoe Construction Company Nigeria Limited
- Eksiogullari Nigeria Limited
- Mothercat Limited
- Gitto Costruzioni Generali Nigeria Limited
With the House demanding real-time financial records of all Sukuk-funded projects, including disbursements, project statuses, and contractor performance, industry insiders fear that some of the biggest names in Nigeria’s construction sector could be implicated in fraud, contract inflation, and substandard execution.
The Lawmakers' Mandate
Determined to uncover the truth, the House has mandated its Committee on Works to conduct a forensic probe into the ₦1.24 trillion Sukuk fund, including:
- Tracking every naira spent from 2017 to 2024.
- Identifying cases of diversion, inflated contracts, and abandoned projects.
- Holding government agencies and contractors accountable.
The House has given the Committee six weeks to submit a comprehensive report, detailing all findings and proposing remedial measures to ensure accountability.
Will This Probe Shake the Buhari and Tinubu Administrations?
While the Sukuk initiative was meant to bridge Nigeria’s infrastructure gap, it has now become a symbol of unanswered questions. The investigation spans both the Buhari and Tinubu administrations, raising concerns that top political figures, past and present, could be implicated.
With Nigerians demanding transparency, the question remains: Will this probe bring justice, or will it end like many others—swept under the carpet? Only time will tell.