$470m CCTV camera project lies in ruins in Abuja, FCT

Close Circuit Television Camera (CCTV), a vandalised panel vandals
Have Field Day As NASS prevaricated


The project was awarded to a Chinese firm, ZTE Communications for
$470m, an equivalent of N76b in2010, after then Finance Minister,
Olusegun Aganga, led a delegation to Beijing, China, where the
Memorandum of Understanding (MoU) was signed. On the team were the
then minister of Police Affairs, Adamu Waziri, and the then Inspector
General of Police, Hafiz Ringim.The Closed Circuit Television (CCTV)
camera project was to be financed with a $600m financing portfolio,
which was secured as a soft credit loan, with three per cent interest
repayable in 10 years, after an initial 10 years of grace. For the
Chinese government to agree to give out a loan, specific projects had
to be tied to it in order to allow them to repatriate certain
percentage of the sum loaned, including interest. This allows jobs to
be created for them while local companies suffer the consequences.

http://t.guardian.ng/sunday-magazine/cityfile/abuja-470m-cctv-camera-project-lies-in-ruins/