What do you believe is the single most important factor driving up the cost of living in Nigeria?

The company described the allegations as “false, erroneous, and misleading,” insisting that the accusations were baseless and had no connection to the chairman of NAHCO.

“The content of the said social media post relates to alleged fraud in Hajj subsidy operations, pilgrims’ accommodations, and other Hajj-related matters, which have nothing to do with the Chairman of NAHCO PLC,” the statement read.

The firm’s chairman, Seinde Fadeni’s, alleged involvement in the misappropriation of funds, including inflated estacodes, consultancy fees, and unaccounted cash withdrawals amounting to millions of naira, surfaced on social media.

The allegations, made by Mahdi Shehu on the social media platform X (formerly Twitter), claim that Fadeni, along with other officials, paid themselves an inflated estacode of N137m.

Shehu also accused the NAHCO chairman of backdating documents and fraudulently approving the payment of N778m as consultancy fees to a non-existent contract.

• Read More