N701 billion Nigerian fund: Firm named in Paradise Papers investigation sued for allegedly enjoying unfair advantage

Nigeria’s largest independent power plant (IPP), Azura Edo Power Plant, exposed for suspicious use of offshore funds, is allegedly enjoying preferential treatment from the Nigerian government.

In the Paradise Papers global investigation, the firm was found to be moving millions of tax-free dollars through a network of Mauritius-incorporated offshore shell companies to a number of trusts and private equity firms. Azura has since denied any wrongdoing, saying it violated no law.

A new law suit by older power generating companies in Nigeria, however, accuse the firm of enjoying unfair advantage.

The suit filed by the Power Generation Companies in Nigeria, GENCOs, accuse the Nigerian government of conferring preferential treatment on Azura Power West Africa Limited, owner of the power plant, as well as Accugas Limited, to the detriment of the Nigerian Electricity Supply Industry (NESI) and the power sector as a whole.

Phillip Iheanacho, Nigerian investor and a close ally of Edo State

... read more at: https://www.premiumtimesng.com/news/261391-n701-billion-nigerian-fund-firm-named-paradise-papers-investigation-sued-allegedly-enjoying-unfair-advantage.html

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