NGF: Melrose was Duly Engaged for Paris Club Refunds

Consultant says its relationship with forum was professional, legal

The Nigeria Governors’ Forum (NGF) has confirmed that Melrose General Services Limited was one of the consultants that was duly engaged and documented to facilitate the recovery and

disbursement of the Paris Club refunds, saying the consultant was also paid an amount commensurate to the services it provided, among other numerous consultants that were involved in the process.

The NGF also maintained its earlier position that it had done nothing illegal as far as the disbursement of the Paris Club refunds to states and the consultants were concerned, adding that the forum got all the necessary approvals to act in the manner it did.

In a statement issued yesterday by the NGF and signed by its Head, Media and Public Affairs, Mr. Abdulrazque B. Barkindo, the forum also added that it was not in the NGF’s purview to determine how Melrose or other consultants disbursed or utilised the consultancy fees paid to them.

Accordingly, the forum advised the Economic and Financial Crimes Commission (EFCC) not to drag it into how its suppliers, lawyers, contractors and consultants spent their legitimate incomes and revenues.

According to the NGF, “Our attention has been drawn to publications in the media, which are believed to have emanated from the Economic and Financial Crimes Commission (EFCC) about a purported report the anti-graft agency submitted to President Muhammadu Buhari on March 10, 2016.

“The report is said to have indicted the Senate President, Dr. Bukola Saraki and imputed illegal dealings in the disbursement of the Paris Club refund payment to states of the federation as handled by the Nigeria Governors’ Forum (NGF).

“The NGF will not want to repeatedly join issues with the EFCC on the disbursement of the first tranche of the Paris Club refunds, particularly after its officials have been interrogated by the anticorruption agency and we provided all the necessary and required details and documents regarding the disbursement to states, including harmonising the number of consultants and payments made to them.”

The statement said that while the NGF was not willing to be dragged into the controversy, the forum secretariat was still being inundated with claims from many other consultants from all over the country who had earlier been engaged and promised commissions by the respective states.

It described the misinformation in the media about the disbursement and insinuations, which have been made concerning some governors, as outright mischief.

“We will like to state that the approval for the release of the second tranche of the Paris Club refunds by President Muhammadu Buhari is indicative of his confidence in the NGF in the manner it handled the disbursement of the first tranche of the funds,” NGF added.

“The NGF would like to once again place it on the record that it played an altruistic and patriotic role in ensuring that it aided, as directed, approved and authorised by the presidency, Federal Ministry of Finance, Office of the Accountant General of the Federation, Debt Management Office (DMO), and all other necessary agencies of government, the disbursement of the funds to entities and individuals lawfully entitled to it,” it said.

The forum further stated that all approvals, authorisations, terms of engagements and disbursement were properly documented and are verifiable by anyone, including the general public.

The statement from the NGF came on the heels of another one by Melrose General Services, which stated that its relationship with the forum was profession and legal.

A statement issued by the senior associate/chief operating officer of Melrose, Mr. O. Amobi, said yesterday that it was a highly reputable firm consisting of partners who are experienced bankers and professionals in their field.

It said: “Our attention has been drawn to reports in some select media arising from a deliberately leaked information from the EFCC top hierarchy wherein our company, Melrose General Services Limited, has been alleged to be involved in some financial impropriety.

“In view of this report and wrong conclusions which may be made, we found it expedient to state the facts of the matter as follows:

• Melrose General Services Limited, a subsidiary of Melrose Capital, is a highly reputable firm consisting of partners who are experienced bankers and professionals in their fields. Our firm has handled various mandates in the areas of financial advisory (including capital raising – debt and equity), corporate restructuring, IT and enterprise risk management advisory and consulting.

• Following a proposal we submitted to the Nigeria Governors’ Forum (NGF) last year, our firm was duly engaged by the NGF to carry out a legitimate service leading to a refund of foreign loan over-deductions made by the states. The details, purposes, award and contractual terms of our engagement are properly documented. Also, the process of execution of this contract was duly documented and approved by the federal government. Subsequent benefit was received by the states under the first tranche of release. All the relevant documents have been made available to the EFCC.

• Having performed and executed the terms of agreement, Melrose was duly paid the agreed consultancy fee structured purely on a success basis. This effort eventually gave rise to the refunds made to the states.

• It is worthy of note that at no time was our firm paid N19 billion as being alleged in the report given to the media by the EFCC.

• All our bank transfers and transactions are supported by proper documentation, copies of which we have made available to the EFCC.

• We wish to especially alert our clients, local and foreign partners that the relationship between Melrose and NGF is purely a contractual relationship which meets every global best practice. As of today, we are still engaged as consultants to NGF and there has never been a time the forum raised any complaints about our services.

• We remain a highly professional and law abiding financial and risk management firm and refuse to be dragged into the present politics between the Senate and EFCC.

• Our Managing Partner, Mr. Robert Mbonu, as a senior banker, excelled in all the financial institutions he worked. At the Societe Generale Bank of Nigeria (SGBN), a bank that was owned by the Saraki family, his role as the acting managing director of the bank, over 13 years ago, led to its successful and banking industry acclaimed resolution, restructuring and handover.

“Finally, since our firm, executed the NGF verification mandate under a consortium with other consultants, we hereby wish to be excluded from the present unwarranted media attention.

“This is because there is no logical explanation that can be given to this act of singling out our firm,” it concluded.