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How Fashola, Ambode Stole $1b Lagos Monorail Money

The Chinese Railway Construction Corporation has released their annual report to shareholders in 2010.

According to the report, the value of Lagos monorail is $182 million, a far cry from the $1.2 billion contained in the documents presented by Lagos State Government.

The state government, under the headship of the then Governor Babatunde Raji Fashola and continued till the leadership of Governor Akinmunmi Ambode had claimed that $1.2 billion was awarded for the project.

However, the latest revelation shows that the entire project costs only $182 million which is the equivalent of the RMB127.8833 billion indicated in the document.

An observer with ElombahNews who spoke on the condition of anonymity suggested that 85 per cent of the monies were stolen.

According to him, $182 million constitutes only 15 per cent of the projected total sum.

See the attached document:

More details later…

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