How Shell Companies Siphoned 2.3 Billion From Federal Housing Fund
A Granite News investigation has documented how a network of shell companies with no physical offices, no employees and no construction track record was awarded N2.3 billion in fed...
A Granite News investigation has documented how a network of shell companies with no physical offices, no employees and no construction track record was awarded N2.3 billion in federal housing contracts over four years.
Using Freedom of Information Act documents, corporate filings and bank records from whistleblowers, we traced 47 contract awards to companies registered at addresses that turned out to be residences or empty plots.
Physical inspections of all 47 project sites found no evidence of construction activity. The contracts had been marked as completed in government records and full payment had been made in each case.
The ICPC has confirmed receipt of our findings and says a formal investigation has been opened.
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