Deputy Governor Ivara Esu has approved the payment of 300 Million Naira as part of a 10% commission of 3 Billion Naira to consultants handling the loan acquisition of the Ministry of New City Development.
The loan facility which was applied for by the Ministry from Fidelity Bank was initially denied. But was later approved when the ministry used the consultants to pursue the process.
The Ministry used A&E Consultants which is based in Abuja.
A&E is a company registered by George Ekpungu and his friend. George Ekpungu is a senior partner in the company. And George Ekpungu is now the Commissioner of New City Development. In other words, Commissioner George Ekpungu employed the services of his company to consult for the Ministry of New City Development in the acquisition of the 3 Billion Naira loan facility from Fidelity Bank.
The “E” in the A&E stands for Ekpungu. Therefore, approval for the payment of 300 Million Naira payment by the Deputy Governor will be paid to owners of A&E.