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The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. (4098 Views)

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The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 12:51pm On Oct 21, 2014
The Petroleum Trust Fund was inaugurated by the Abacha administration in March 1995 and General Muhammadu Buhari was appointed to head the Fund which was formed sequel to the increase in the pump price of petrol to N 11 from N 3.25. The then Head of State, Gen Abacha had said then that the Fund was to distribute the gain from the increased price on social and infrastructural projects.

The Fund started work with an initial capital of about N60b in 1996 with a mandate that included the rehabilitation of roads and waterways, educational and health institutions, providing textbooks and stationery, procuring essential drugs and vaccines, providing water supply systems, reviving crumbling agricultural sectors, connecting outlying areas to the national electricity grid, extending railways and telecommunications and ensuring consistent food supply.

Buhari often referred to as Mai Gaskiya (the honest one) was apparently considered for the job mainly because of the qualities he possessed, with the Abacha led government feeling that would douse the tension generated by the increase in fuel prices. With time however, allegations started flying that the PTF was no more than another avenue for the Abacha administration to siphon funds.

On assumption of office in 1999, Chief Obasanjo disbanded the PTF. One of the discoveries made by the administration was that between its inception and July, 1999, the funds that accrued to the PTF stood at N 181 billion. It was also found out that the Consultants appointed by the Executive Chairman of the Trust Fund, Gen Buhari constantly fleeced the country of funds running into billions.

In 2000, the Obasanjo administration set up an Interim Management Committee to take a look into the affairs of the Petroleum (Special) Trust Fund and ascertain among other things, how much has been spent by the PTF so far and what is on ground to justify the huge expenditure. The Committee the set to work and accomplished all the terms of reference by March 2000. The Interim Management Committee submitted that:

Term of Reference No 1:

The Interim Management Committee has already ascertained the total income that has accrued to PTF from its inception to date. The total amount that has accrued to PTF is N 181, 795, 000, 000 (One hundred and eighty one billion, seven hundred and ninety five million Naira). The report for the ascertainment of accrued income has been completed.



Term of Reference No 2

Independent Consultants were commissioned by the Interim Management Committee to ascertain the state of all the bank accounts operated by the Petroleum Special Trust Fund from its inception up to September, 1999. All the assignments have been completed and all the reports submitted. An Executive Summary was prepared and a total of N 3, 642, 982, 280 (Three billion, six hundred and forty two million, nine hundred and eighty two thousand, two hundred and eighty Naira) was found to be recoverable from various banks, due to excess charges, under payment of interest on fixed term deposits and non-payment of interest on current account balances, as stipulated by Central Bank of Nigeria guidelines.



Terms of Reference No 3

The Petroleum Special Trust Fund intervened in, prepared and packaged, ready for transfer to the appropriate line ministry

(b) Food Supply Sector All the necessary verification work have been concluded for projects and programmes and reports already supplied by independent consultants. The programme is already in the process of being transferred to the appropriate ministry, as per the approval given by Mr President.

(c) Education Sector i) Educational Materials Procurement Programme: The verification of the entire programme has already been done and the process of handing over the whole programme to the appropriate beneficiaries has reached an advance stage as directed by Mr President ii) Rehabilitation of Educational Institutions: The services of various consultants have been used to carry out the technical audit of all the projects throughout the country and a comprehensive up to date report has already been completed by the co-ordinating consultants. The preparation of an Executive Summary has reached an advanced stage.

(d) Health Sector: (i) Drug Revolving Fund: The drug revolving fund programme has been thoroughly verified and all available stocks have been transferred to the various state governments. As per the directive of Mr President (ii) Rehabilitation of Health Institutions: The programme for the rehabilitation of Health Institutions throughout the country has been verified and a comprehensive up to date status report prepared. And Executive Summary for the attention of Mr President is being prepared.

(e) Water Supply Sector: All projects and programmes under this sector have been thoroughly verified in compliance with the terms of reference No 3. A comprehensive and up to date report has already been completed.

(f) Other Project Sector: The projects under the sector which were commenced have already been completed. The rest of the projects are yet to commence. The report stating the above mentioned up to date status of all projects under this sector has already been completed.



Terms Of Reference No 4

(i) The audited account of the fund as at 30th June, 1999 stating the Assets and Liabilities of the Petroleum Special Trust Fund has already been prepared by the KPMG Audit, a firm of Chartered Accountants. (ii) The Audited Accounts of the fund as at 31st December, 1999 stating the Assets and Liabilities of the fund has already been prepared by Pricewaterhouse Coopers Audit, a firm of Chartered Accountants. (iii) The Audited Accounts of the Fund for the month commencing January, 2000 to June 30th 2000 is to commence when the IMC was replaced. This would have given the asset and liabilities of the Fund at the end of the terms of the former IMC.

Terms Of Reference No 5

The present administrative structure was carefully examined and the best option is to transfer each departmental staff operating a project sector to the appropriate ministry where the projects are transferred. This will reduce hardship on the staff and also will enhance the capacity of the ministry concerned for it to cope with the additional responsibility.



Terms of Reference No 6 and 7

The former IMC has undertaken a thorough technical audit of all projects and programmes using well experienced independent consultants. In the process of the technical audit, the sanctity of all contracts agreement was upheld and all costs were evaluated to a realistic level. The value of work done up to date has been ascertained and the estimated cost of completion has also been calculated. The appropriate ministry that will be responsible for the completion of any project may further negotiate the time and cost of completion of any project.

As it has been enumerated above, all the terms of reference given to the former IMC has already been virtually completed. The handing over of projects to respective ministries has already commenced. The former IMC would have completed the winding down of the activities of the Petroleum Special Trust Fund as directed by Mr President by the end of June, 2000.

The total public funds to be recovered from various contractors, banks and consultants amounted to about Twenty five billion, seven hundred and fifty eight million five hundred and thirty two thousand four hundred and forty eight Naira.

Below is the Executive Summary of various reports of the independent consultants on verification exercise which resulted in the funds recoveries.



Members of The Interim Management Committee Are As Follows:

Dr. Haroun Adamu (Chairman), Alhaji Abdu Abdurrahim, Barrister Achana Gaius Yaro, Arc Edward Eguavoen, Mr. T. Andrew Adegboro, Engr Baba Goni Machina



Report On The Amount To Be Recovered From Some PTF Projects And Programmes

The Interim Management Committee was appointed by Mr President. One of the terms of reference of their appointment is to carry out verification exercise on all projects and programmes prior to packaging the projects and programmes for subsequent transfer to the appropriate line ministries. The recoverable exercises of the under-listed projects were completed and the various reports and the IMC recommendations forwarded to President Obasanjo for further directives.



The Listed Projects Are –

(i) Afriproject Consortium (APC) PTF Management Consultants and also Project Consultants (ii) PTF intervention in the HIV/AIDS Programme (iii) PTF Health Sector Intervention inputs (iv) PTF Prevalent cases of expiring drugs all over the country (v) PTF residential estate development on Plot 780 Cadastral Zone A8, Abuja FCT (vi) PTF Head Office extension contract at Airport Road, Abuja (vii) PTF-Bank accounts operated from inception to 31st December 1999.



AFPRI- Project Consortium (APC) Afri-Project Consortium were contracted by PTF as Management Consultants and Project Consultants. The former Chairman of PTF also delegated to them the power of Engineer in all appropriate project requiring such power. Afriproject Consortium then assumed an absolute power of initiation, approval and execution of all projects.

Three reputable management consulting firms were engaged to verify all payments made to (APC) from the inception of PTF up to 30th September, 1999. On verification it was found that they have over charged PTF for their services to the tune of N 2, 057, 550, 062 (Two billion fifty seven million five hundred and fifty thousand and sixty two Naira only).



(ii) PTF Assisted HIV/ AIDS Programmes : The intervention of PTF in the HIV/AIDS was flawed due to professional negligence by the management consultants. There was an excessive order of HIV/AIDS kits which resulted in most of the kits expiring before use. Also there was gross inflation of the purchase price. The two factors combined resulted in a loss of N 579,000,000 (Five hundred and seventy nine million Naira only).

(iii) PTF Intervention Programmes : PTF intervention in the health sector input programmes totalled to about N 9 billion Naira. The projects were executed by the management consultants and PTF in-house staff. In this sector there are three glaring areas of loss: (a) Purchase of specific frames which was done at N 1,900 each while they can be purchased locally at a price between N 80 and N 880. This resulted in total loss of N 45, 270,000 (b) Purchase of ambulances which was done at N 13,000,000 each instead of the price of N 3,000,000 each. This resulted in total loss of N 900,000,000 (Nine hundred million Naira only). (c) Purchase of drugs was done to the tune of N 3.08 billion. Price inflation and expiring of drugs resulted in a loss to PTF of about N 1, 500, 000,000 ( one billion, five hundred million Naira).

(iv) PTF Prevalence Expiring Drugs All Over The Country: A team of Pharmacists were commissioned to verify the Drugs Revolving Fund Programmes. Their findings were very depressing. A huge loss has been incurred by PTF as enumerated below:- (a) Drugs and consumables worth N 817, 831,723 (Eight hundred and seventeen million, eight and thirty one thousand seven hundred and twenty three Naira only) were found to have expired by October, 1999 (b) another quantity of drugs worth N 94, 741, 517 expired in December, 1999 (c) drugs worth N 233, 416, 829 will expire by March 2000 (d) Drugs worth N 461, 255,073 will expire by June 2000 (e) Drugs worth N 429, 117, 861 will expire by September, 2000 (f) Drugs worth N 1, 196, 276, 052 will expire by October- December, 2000.

There were many cases of deterioration of drugs as a result of faulty manufacturing, inappropriate packaging, improper storage and excess stock.



(v) PTF Residential Estate: The involvement of PTF in Residential Estate Development was out of its intervention sphere. As at now, the estate has been confiscated by government. The contract sum is N 703, 815, 416 (Seven hundred and three million, eight hundred and fifteen thousand four hundred and sixteen Naira only) while after verification, the whole project was valued at N 328, 901, 521 (Three hundred and Twenty Eight Million nine hundred and one thousand, five hundred and twenty one Naira only). There was an inflation of the contract to the tune of N 374, 913, 895 (Three hundred and seventy four million, nine hundred and thirteen thousand eight hundred and ninety five Naira only).



(vi) PTF Headquarters Extension: The IMC Commissioned Consultants to determine the current construction cost of the on-going extension at the headquarters office. The current construction cost determined by the Consultant came to N 326, 207, 861 (Three hundred and twenty six million, two hundred and seven thousand, eight hundred and sixty one Naira only) as against a contract sum of N 461, 216, 759 (Four hundred and sixty one million, two hundred and sixteen thousand, seven hundred and fifty nine Naira only) this resulted in contract sum inflation of N 135, 008, 879 (One hundred and thirty five million, eight thousand eight hundred and seventy nine Naira only).



(vii) Bank Accounts Operated By PTF From Inception To December 31, 1999: Various Consultants were commissioned to verify the Bank accounts operated by PTF from inception of the Fund up to 31st December, 1999. The Fund operated its bank accounts under three different categories viz- (a) Administration Account (b) Project Account (c) Treasury Account. Recoveries to be made from the various banks are as follow:

(a) Administration Account Total Amount recoverable is N 664, 415, 793 (Six hundred and sixty four million, four hundred and fifteen thousand seven hundred and ninety three Naira only). This is mainly due to overcharge on Cost of Turnover (COT), non-payment of interest on current account balances as stipulated by Central Bank of Nigeria (CBN) and other various discrepancies.

(b) Project Account On project Account, total amount recoverable is N 2, 467, 817, 167 (Two billion, four hundred and sixty seven million, eight hundred and seventeen thousand, one hundred and sixty seven Naira only). This is made up mainly from overcharge of Cost of Turnover (COT), non-payment of interest on Current Account balances as stipulated by Central Bank of Nigeria (CBN) and other various discrepancies.

(c) Treasury Account All the Treasury Accounts were verified and amount to be recovered is N 510, 749, 323 (Five hundred and ten million, seven hundred and forty nine thousand, three hundred and twenty three Naira only). This is mainly due to short-payment of interest on deposited funds. (See Box A).

The total sum of N 11, 658, 532, 448 (Eleven billion, six hundred and fifty eight million, five hundred and thirty two thousand four hundred and forty eight Naira only) is recoverable as per various reports completed as at now.



1.Other Potential Areas Of Fund Recovery : Road (Highways and Urban Roads) The PSTF uses about 70% of its income on highways and Urban Road Projects. In this project sector, there was total variation of contract sums of N 68,000,000,000 (Sixty eight billion Naira). These variations were not done with properly priced bills of quantities and approved civil contracts procedure as stipulated by government regulations. Taking the experience of what has been discovered after verification of previous contracts awarded by PSTF, the minimum potential recovery will be about 15%. This estimated percentage will be about N 10, 000, 000 (Ten billion Naira). The verification of this project sector was about to take off when the IMC members were replaced.



2. Rural Water Supply Programme; The area of potential fund recoveries under this programme are basically two :- (i) Mobilisation paid to contractors who by now have not even commenced work (ii) Over pricing of contracts. The amount to be recovered from this project sector can be conservatively estimated at N 1,000,000,000 (One billion Naira).

The detail verification report on this programme has already been completed. The executive summary of this report was in the process of compilation when the IMC members were replaced.



3. National Health and Educational Institutions Rehabilitation Programme; The detail verification exercise on this sector has already been completed by various independent Consultants. The executive summary for total amounts recoverable is now in the process of being compiled. The conservative estimate of amount recoverable due to non-performance of contractors and over-pricing of contract is about N 600,000,000 (Six hundred million Naira).



4. National Educational Material Procurement Programme; This programme entails the purchase of educational materials such as text books, exercise books, chalk, dusters, pencils, biro, magazines, maps etc. The verification exercise of this programme is yet to commence. The conservative estimate of recoveries to be made due to non-performance by contractors and inflation of prices will be in the region of N 900,000,000 (Nine hundred million Naira).



5. Rural Telecommunication Programme; The Rural Telecommunication Programme was supposed to be carried out in two phases viz: – (i) Pilot programme (ii) The main programme. The main programme was to commence after the pilot programme has been completed and certified as operational, but mobilisation of N 1, 600,000 (One billion, six hundred million Naira) was paid to the contractors for the main programme without any contract being signed at all.

In view of the government policy at present, the full amount of the mobilization paid can be recovered (i.e N 1,600,000,000), See Box B

The Committee recommended that the total recoverable amount can be used to offset some of the outstanding debts because some of the creditors are contractors from whom these amounts are to be recovered. It also recommended that the President may wish to set up a high powered judicial panel to recover the huge public fund and to take the necessary action against any officer, consultant or contractor whose negligence resulted in this colossal loss of public funds.

The Interim Management Committee Members who compiled this report include Dr. Haroun Adamu (Chairman), Alh. Abdu Abdurrahim, Barrister Achana Gaius Yaro, Arc. Edward Eguavoen, Mr. T Andrew Adegboro and Engr. Baba Goni Machina.

2 Likes 1 Share

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 12:52pm On Oct 21, 2014
The digging has begun.

3 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by SeverusSnape(m): 12:53pm On Oct 21, 2014
Wow!...Nice epistle. But it's medicine after death

4 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Trut(m): 12:53pm On Oct 21, 2014
Confirm
Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by saintikechi(m): 1:05pm On Oct 21, 2014
I alway knew the man is a thief, he wants to be president so he can steal more money for himself and his family just like his brother sani abacha did.
sai my yansh "GEJ TILL 2019"

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by quinnboy: 1:10pm On Oct 21, 2014
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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 1:10pm On Oct 21, 2014
he will come and start lying about how he borrowed 27million to purchase election form so nigerians can sympathize with him.

8 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by ahaika23: 1:16pm On Oct 21, 2014
APShit

1 Like

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by brownlord: 1:20pm On Oct 21, 2014
The greatest undoing of Buhari was telling Nigeria's he took loan to purchase the apc nomination form, this might cost him the presidency if there was any hope of him getting there.

Waiting for the APC propaganda team to come analyze this report

5 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by fitzmayowa: 1:24pm On Oct 21, 2014
brownlord:
The greatest undoing of Buhari was telling Nigeria's he took loan to purchase the apc nomination form, this might cost him the presidency if there was any hope of him getting there.

Waiting for the APC propaganda team to come analyze this report

The e - war coming soon...

#waiting for APC and PDP e - warriors to arrive
Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Explicit01: 1:24pm On Oct 21, 2014
it sounded so hilarious when he said he loaned money from the bank to purchase the nomination form.

naija i hail ooooo

buhari i hail oooooo

8 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by ratiken(m): 1:45pm On Oct 21, 2014
A man who seamlessly worked with abacha and still claims Abacha was never corrupt
A man who pitched his tent with a corrupt personality as Tinubu
A man who supervised the smuggling of $700mill across nigerian borders
A man under whose watch 25billion naira ETF fund was mismanaged

This man is corruption itself with a very dangerous disguise and terrorist tendencies.

13 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by karlmax2: 1:56pm On Oct 21, 2014
brownlord:
The greatest undoing of Buhari was telling Nigeria's he took loan to purchase the apc nomination form, this might cost him the presidency if there was any hope of him getting there.

Waiting for the APC propaganda team to come analyze this report
have you ever seen them analyze anything on this forum they would come here with their usual name calling and discarding this report without any meaninful fact just to derail this thread .thats their modus oprandi

9 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by nuclearboy(m): 1:58pm On Oct 21, 2014
Forgeries.

25 billion yet Obasanya who was hunting for a means to take him down, gave him a clean bill of health and instead, arrested and tried the man who investigated for stealing 100 million?

And since then that they always search for what to use against him, it's only now they found you to read and realize money went missing?

The lies and your violent insults are mounting but people are really wondering - what kind of people are afraid of the honest? Satan hated Christ and we know why - why do you hate Buhari?

10 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by DANILSA(m): 1:59pm On Oct 21, 2014
If this report is true then buhari is no different from GEJ. Both of them are saints but have allowed people to destroy the economy under them. waiting for Berem and Bacanista to give me the real meaning of the write up and convince Nigerians on why buhari should be choosed.

1 Like

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Delydex: 2:07pm On Oct 21, 2014
Wooow, see the yanch of whom claims high esteem of integrity and zero tolerance of corruption, a clear fact that he wants to go back to finish up his pending emblezzling mission, say no to GMB
menabadoo:
The Petroleum Trust Fund was inaugurated by the Abacha administration in March 1995 and General Muhammadu Buhari was appointed to head the Fund which was formed sequel to the increase in the pump price of petrol to N 11 from N 3.25. The then Head of State, Gen Abacha had said then that the Fund was to distribute the gain from the increased price on social and infrastructural projects.

The Fund started work with an initial capital of about N60b in 1996 with a mandate that included the rehabilitation of roads and waterways, educational and health institutions, providing textbooks and stationery, procuring essential drugs and vaccines, providing water supply systems, reviving crumbling agricultural sectors, connecting outlying areas to the national electricity grid, extending railways and telecommunications and ensuring consistent food supply.

Buhari often referred to as Mai Gaskiya (the honest one) was apparently considered for the job mainly because of the qualities he possessed, with the Abacha led government feeling that would douse the tension generated by the increase in fuel prices. With time however, allegations started flying that the PTF was no more than another avenue for the Abacha administration to siphon funds.

On assumption of office in 1999, Chief Obasanjo disbanded the PTF. One of the discoveries made by the administration was that between its inception and July, 1999, the funds that accrued to the PTF stood at N 181 billion. It was also found out that the Consultants appointed by the Executive Chairman of the Trust Fund, Gen Buhari constantly fleeced the country of funds running into billions.

In 2000, the Obasanjo administration set up an Interim Management Committee to take a look into the affairs of the Petroleum (Special) Trust Fund and ascertain among other things, how much has been spent by the PTF so far and what is on ground to justify the huge expenditure. The Committee the set to work and accomplished all the terms of reference by March 2000. The Interim Management Committee submitted that:

Term of Reference No 1:

The Interim Management Committee has already ascertained the total income that has accrued to PTF from its inception to date. The total amount that has accrued to PTF is N 181, 795, 000, 000 (One hundred and eighty one billion, seven hundred and ninety five million Naira). The report for the ascertainment of accrued income has been completed.



Term of Reference No 2

Independent Consultants were commissioned by the Interim Management Committee to ascertain the state of all the bank accounts operated by the Petroleum Special Trust Fund from its inception up to September, 1999. All the assignments have been completed and all the reports submitted. An Executive Summary was prepared and a total of N 3, 642, 982, 280 (Three billion, six hundred and forty two million, nine hundred and eighty two thousand, two hundred and eighty Naira) was found to be recoverable from various banks, due to excess charges, under payment of interest on fixed term deposits and non-payment of interest on current account balances, as stipulated by Central Bank of Nigeria guidelines.



Terms of Reference No 3

The Petroleum Special Trust Fund intervened in, prepared and packaged, ready for transfer to the appropriate line ministry

(b) Food Supply Sector All the necessary verification work have been concluded for projects and programmes and reports already supplied by independent consultants. The programme is already in the process of being transferred to the appropriate ministry, as per the approval given by Mr President.

(c) Education Sector i) Educational Materials Procurement Programme: The verification of the entire programme has already been done and the process of handing over the whole programme to the appropriate beneficiaries has reached an advance stage as directed by Mr President ii) Rehabilitation of Educational Institutions: The services of various consultants have been used to carry out the technical audit of all the projects throughout the country and a comprehensive up to date report has already been completed by the co-ordinating consultants. The preparation of an Executive Summary has reached an advanced stage.

(d) Health Sector: (i) Drug Revolving Fund: The drug revolving fund programme has been thoroughly verified and all available stocks have been transferred to the various state governments. As per the directive of Mr President (ii) Rehabilitation of Health Institutions: The programme for the rehabilitation of Health Institutions throughout the country has been verified and a comprehensive up to date status report prepared. And Executive Summary for the attention of Mr President is being prepared.

(e) Water Supply Sector: All projects and programmes under this sector have been thoroughly verified in compliance with the terms of reference No 3. A comprehensive and up to date report has already been completed.

(f) Other Project Sector: The projects under the sector which were commenced have already been completed. The rest of the projects are yet to commence. The report stating the above mentioned up to date status of all projects under this sector has already been completed.



Terms Of Reference No 4

(i) The audited account of the fund as at 30th June, 1999 stating the Assets and Liabilities of the Petroleum Special Trust Fund has already been prepared by the KPMG Audit, a firm of Chartered Accountants. (ii) The Audited Accounts of the fund as at 31st December, 1999 stating the Assets and Liabilities of the fund has already been prepared by Pricewaterhouse Coopers Audit, a firm of Chartered Accountants. (iii) The Audited Accounts of the Fund for the month commencing January, 2000 to June 30th 2000 is to commence when the IMC was replaced. This would have given the asset and liabilities of the Fund at the end of the terms of the former IMC.

Terms Of Reference No 5

The present administrative structure was carefully examined and the best option is to transfer each departmental staff operating a project sector to the appropriate ministry where the projects are transferred. This will reduce hardship on the staff and also will enhance the capacity of the ministry concerned for it to cope with the additional responsibility.



Terms of Reference No 6 and 7

The former IMC has undertaken a thorough technical audit of all projects and programmes using well experienced independent consultants. In the process of the technical audit, the sanctity of all contracts agreement was upheld and all costs were evaluated to a realistic level. The value of work done up to date has been ascertained and the estimated cost of completion has also been calculated. The appropriate ministry that will be responsible for the completion of any project may further negotiate the time and cost of completion of any project.

As it has been enumerated above, all the terms of reference given to the former IMC has already been virtually completed. The handing over of projects to respective ministries has already commenced. The former IMC would have completed the winding down of the activities of the Petroleum Special Trust Fund as directed by Mr President by the end of June, 2000.

The total public funds to be recovered from various contractors, banks and consultants amounted to about Twenty five billion, seven hundred and fifty eight million five hundred and thirty two thousand four hundred and forty eight Naira.

Below is the Executive Summary of various reports of the independent consultants on verification exercise which resulted in the funds recoveries.



Members of The Interim Management Committee Are As Follows:

Dr. Haroun Adamu (Chairman), Alhaji Abdu Abdurrahim, Barrister Achana Gaius Yaro, Arc Edward Eguavoen, Mr. T. Andrew Adegboro, Engr Baba Goni Machina



Report On The Amount To Be Recovered From Some PTF Projects And Programmes

The Interim Management Committee was appointed by Mr President. One of the terms of reference of their appointment is to carry out verification exercise on all projects and programmes prior to packaging the projects and programmes for subsequent transfer to the appropriate line ministries. The recoverable exercises of the under-listed projects were completed and the various reports and the IMC recommendations forwarded to President Obasanjo for further directives.



The Listed Projects Are –

(i) Afriproject Consortium (APC) PTF Management Consultants and also Project Consultants (ii) PTF intervention in the HIV/AIDS Programme (iii) PTF Health Sector Intervention inputs (iv) PTF Prevalent cases of expiring drugs all over the country (v) PTF residential estate development on Plot 780 Cadastral Zone A8, Abuja FCT (vi) PTF Head Office extension contract at Airport Road, Abuja (vii) PTF-Bank accounts operated from inception to 31st December 1999.



AFPRI- Project Consortium (APC) Afri-Project Consortium were contracted by PTF as Management Consultants and Project Consultants. The former Chairman of PTF also delegated to them the power of Engineer in all appropriate project requiring such power. Afriproject Consortium then assumed an absolute power of initiation, approval and execution of all projects.

Three reputable management consulting firms were engaged to verify all payments made to (APC) from the inception of PTF up to 30th September, 1999. On verification it was found that they have over charged PTF for their services to the tune of N 2, 057, 550, 062 (Two billion fifty seven million five hundred and fifty thousand and sixty two Naira only).



(ii) PTF Assisted HIV/ AIDS Programmes : The intervention of PTF in the HIV/AIDS was flawed due to professional negligence by the management consultants. There was an excessive order of HIV/AIDS kits which resulted in most of the kits expiring before use. Also there was gross inflation of the purchase price. The two factors combined resulted in a loss of N 579,000,000 (Five hundred and seventy nine million Naira only).

(iii) PTF Intervention Programmes : PTF intervention in the health sector input programmes totalled to about N 9 billion Naira. The projects were executed by the management consultants and PTF in-house staff. In this sector there are three glaring areas of loss: (a) Purchase of specific frames which was done at N 1,900 each while they can be purchased locally at a price between N 80 and N 880. This resulted in total loss of N 45, 270,000 (b) Purchase of ambulances which was done at N 13,000,000 each instead of the price of N 3,000,000 each. This resulted in total loss of N 900,000,000 (Nine hundred million Naira only). (c) Purchase of drugs was done to the tune of N 3.08 billion. Price inflation and expiring of drugs resulted in a loss to PTF of about N 1, 500, 000,000 ( one billion, five hundred million Naira).

(iv) PTF Prevalence Expiring Drugs All Over The Country: A team of Pharmacists were commissioned to verify the Drugs Revolving Fund Programmes. Their findings were very depressing. A huge loss has been incurred by PTF as enumerated below:- (a) Drugs and consumables worth N 817, 831,723 (Eight hundred and seventeen million, eight and thirty one thousand seven hundred and twenty three Naira only) were found to have expired by October, 1999 (b) another quantity of drugs worth N 94, 741, 517 expired in December, 1999 (c) drugs worth N 233, 416, 829 will expire by March 2000 (d) Drugs worth N 461, 255,073 will expire by June 2000 (e) Drugs worth N 429, 117, 861 will expire by September, 2000 (f) Drugs worth N 1, 196, 276, 052 will expire by October- December, 2000.

There were many cases of deterioration of drugs as a result of faulty manufacturing, inappropriate packaging, improper storage and excess stock.



(v) PTF Residential Estate: The involvement of PTF in Residential Estate Development was out of its intervention sphere. As at now, the estate has been confiscated by government. The contract sum is N 703, 815, 416 (Seven hundred and three million, eight hundred and fifteen thousand four hundred and sixteen Naira only) while after verification, the whole project was valued at N 328, 901, 521 (Three hundred and Twenty Eight Million nine hundred and one thousand, five hundred and twenty one Naira only). There was an inflation of the contract to the tune of N 374, 913, 895 (Three hundred and seventy four million, nine hundred and thirteen thousand eight hundred and ninety five Naira only).



(vi) PTF Headquarters Extension: The IMC Commissioned Consultants to determine the current construction cost of the on-going extension at the headquarters office. The current construction cost determined by the Consultant came to N 326, 207, 861 (Three hundred and twenty six million, two hundred and seven thousand, eight hundred and sixty one Naira only) as against a contract sum of N 461, 216, 759 (Four hundred and sixty one million, two hundred and sixteen thousand, seven hundred and fifty nine Naira only) this resulted in contract sum inflation of N 135, 008, 879 (One hundred and thirty five million, eight thousand eight hundred and seventy nine Naira only).



(vii) Bank Accounts Operated By PTF From Inception To December 31, 1999: Various Consultants were commissioned to verify the Bank accounts operated by PTF from inception of the Fund up to 31st December, 1999. The Fund operated its bank accounts under three different categories viz- (a) Administration Account (b) Project Account (c) Treasury Account. Recoveries to be made from the various banks are as follow:

(a) Administration Account Total Amount recoverable is N 664, 415, 793 (Six hundred and sixty four million, four hundred and fifteen thousand seven hundred and ninety three Naira only). This is mainly due to overcharge on Cost of Turnover (COT), non-payment of interest on current account balances as stipulated by Central Bank of Nigeria (CBN) and other various discrepancies.

(b) Project Account On project Account, total amount recoverable is N 2, 467, 817, 167 (Two billion, four hundred and sixty seven million, eight hundred and seventeen thousand, one hundred and sixty seven Naira only). This is made up mainly from overcharge of Cost of Turnover (COT), non-payment of interest on Current Account balances as stipulated by Central Bank of Nigeria (CBN) and other various discrepancies.

(c) Treasury Account All the Treasury Accounts were verified and amount to be recovered is N 510, 749, 323 (Five hundred and ten million, seven hundred and forty nine thousand, three hundred and twenty three Naira only). This is mainly due to short-payment of interest on deposited funds. (See Box A).

The total sum of N 11, 658, 532, 448 (Eleven billion, six hundred and fifty eight million, five hundred and thirty two thousand four hundred and forty eight Naira only) is recoverable as per various reports completed as at now.



1.Other Potential Areas Of Fund Recovery : Road (Highways and Urban Roads) The PSTF uses about 70% of its income on highways and Urban Road Projects. In this project sector, there was total variation of contract sums of N 68,000,000,000 (Sixty eight billion Naira). These variations were not done with properly priced bills of quantities and approved civil contracts procedure as stipulated by government regulations. Taking the experience of what has been discovered after verification of previous contracts awarded by PSTF, the minimum potential recovery will be about 15%. This estimated percentage will be about N 10, 000, 000 (Ten billion Naira). The verification of this project sector was about to take off when the IMC members were replaced.



2. Rural Water Supply Programme; The area of potential fund recoveries under this programme are basically two :- (i) Mobilisation paid to contractors who by now have not even commenced work (ii) Over pricing of contracts. The amount to be recovered from this project sector can be conservatively estimated at N 1,000,000,000 (One billion Naira).

The detail verification report on this programme has already been completed. The executive summary of this report was in the process of compilation when the IMC members were replaced.



3. National Health and Educational Institutions Rehabilitation Programme; The detail verification exercise on this sector has already been completed by various independent Consultants. The executive summary for total amounts recoverable is now in the process of being compiled. The conservative estimate of amount recoverable due to non-performance of contractors and over-pricing of contract is about N 600,000,000 (Six hundred million Naira).



4. National Educational Material Procurement Programme; This programme entails the purchase of educational materials such as text books, exercise books, chalk, dusters, pencils, biro, magazines, maps etc. The verification exercise of this programme is yet to commence. The conservative estimate of recoveries to be made due to non-performance by contractors and inflation of prices will be in the region of N 900,000,000 (Nine hundred million Naira).



5. Rural Telecommunication Programme; The Rural Telecommunication Programme was supposed to be carried out in two phases viz: – (i) Pilot programme (ii) The main programme. The main programme was to commence after the pilot programme has been completed and certified as operational, but mobilisation of N 1, 600,000 (One billion, six hundred million Naira) was paid to the contractors for the main programme without any contract being signed at all.

In view of the government policy at present, the full amount of the mobilization paid can be recovered (i.e N 1,600,000,000), See Box B

The Committee recommended that the total recoverable amount can be used to offset some of the outstanding debts because some of the creditors are contractors from whom these amounts are to be recovered. It also recommended that the President may wish to set up a high powered judicial panel to recover the huge public fund and to take the necessary action against any officer, consultant or contractor whose negligence resulted in this colossal loss of public funds.

The Interim Management Committee Members who compiled this report include Dr. Haroun Adamu (Chairman), Alh. Abdu Abdurrahim, Barrister Achana Gaius Yaro, Arc. Edward Eguavoen, Mr. T Andrew Adegboro and Engr. Baba Goni Machina.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by drnoel: 2:11pm On Oct 21, 2014
menabadoo:
The Petroleum Trust Fund was inaugurated by the Abacha administration in March 1995 and General Muhammadu Buhari was appointed to head the Fund which was formed sequel to the increase in the pump price of petrol to N 11 from N 3.25. The then Head of State, Gen Abacha had said then that the Fund was to distribute the gain from the increased price on social and infrastructural projects.

The Fund started work with an initial capital of about N60b in 1996 with a mandate that included the rehabilitation of roads and waterways, educational and health institutions, providing textbooks and stationery, procuring essential drugs and vaccines, providing water supply systems, reviving crumbling agricultural sectors, connecting outlying areas to the national electricity grid, extending railways and telecommunications and ensuring consistent food supply.

Buhari often referred to as Mai Gaskiya (the honest one) was apparently considered for the job mainly because of the qualities he possessed, with the Abacha led government feeling that would douse the tension generated by the increase in fuel prices. With time however, allegations started flying that the PTF was no more than another avenue for the Abacha administration to siphon funds.

On assumption of office in 1999, Chief Obasanjo disbanded the PTF. One of the discoveries made by the administration was that between its inception and July, 1999, the funds that accrued to the PTF stood at N 181 billion. It was also found out that the Consultants appointed by the Executive Chairman of the Trust Fund, Gen Buhari constantly fleeced the country of funds running into billions.

In 2000, the Obasanjo administration set up an Interim Management Committee to take a look into the affairs of the Petroleum (Special) Trust Fund and ascertain among other things, how much has been spent by the PTF so far and what is on ground to justify the huge expenditure. The Committee the set to work and accomplished all the terms of reference by March 2000. The Interim Management Committee submitted that:

Term of Reference No 1:

The Interim Management Committee has already ascertained the total income that has accrued to PTF from its inception to date. The total amount that has accrued to PTF is N 181, 795, 000, 000 (One hundred and eighty one billion, seven hundred and ninety five million Naira). The report for the ascertainment of accrued income has been completed.



Term of Reference No 2

Independent Consultants were commissioned by the Interim Management Committee to ascertain the state of all the bank accounts operated by the Petroleum Special Trust Fund from its inception up to September, 1999. All the assignments have been completed and all the reports submitted. An Executive Summary was prepared and a total of N 3, 642, 982, 280 (Three billion, six hundred and forty two million, nine hundred and eighty two thousand, two hundred and eighty Naira) was found to be recoverable from various banks, due to excess charges, under payment of interest on fixed term deposits and non-payment of interest on current account balances, as stipulated by Central Bank of Nigeria guidelines.



Terms of Reference No 3

The Petroleum Special Trust Fund intervened in, prepared and packaged, ready for transfer to the appropriate line ministry

(b) Food Supply Sector All the necessary verification work have been concluded for projects and programmes and reports already supplied by independent consultants. The programme is already in the process of being transferred to the appropriate ministry, as per the approval given by Mr President.

(c) Education Sector i) Educational Materials Procurement Programme: The verification of the entire programme has already been done and the process of handing over the whole programme to the appropriate beneficiaries has reached an advance stage as directed by Mr President ii) Rehabilitation of Educational Institutions: The services of various consultants have been used to carry out the technical audit of all the projects throughout the country and a comprehensive up to date report has already been completed by the co-ordinating consultants. The preparation of an Executive Summary has reached an advanced stage.

(d) Health Sector: (i) Drug Revolving Fund: The drug revolving fund programme has been thoroughly verified and all available stocks have been transferred to the various state governments. As per the directive of Mr President (ii) Rehabilitation of Health Institutions: The programme for the rehabilitation of Health Institutions throughout the country has been verified and a comprehensive up to date status report prepared. And Executive Summary for the attention of Mr President is being prepared.

(e) Water Supply Sector: All projects and programmes under this sector have been thoroughly verified in compliance with the terms of reference No 3. A comprehensive and up to date report has already been completed.

(f) Other Project Sector: The projects under the sector which were commenced have already been completed. The rest of the projects are yet to commence. The report stating the above mentioned up to date status of all projects under this sector has already been completed.



Terms Of Reference No 4

(i) The audited account of the fund as at 30th June, 1999 stating the Assets and Liabilities of the Petroleum Special Trust Fund has already been prepared by the KPMG Audit, a firm of Chartered Accountants. (ii) The Audited Accounts of the fund as at 31st December, 1999 stating the Assets and Liabilities of the fund has already been prepared by Pricewaterhouse Coopers Audit, a firm of Chartered Accountants. (iii) The Audited Accounts of the Fund for the month commencing January, 2000 to June 30th 2000 is to commence when the IMC was replaced. This would have given the asset and liabilities of the Fund at the end of the terms of the former IMC.

Terms Of Reference No 5

The present administrative structure was carefully examined and the best option is to transfer each departmental staff operating a project sector to the appropriate ministry where the projects are transferred. This will reduce hardship on the staff and also will enhance the capacity of the ministry concerned for it to cope with the additional responsibility.



Terms of Reference No 6 and 7

The former IMC has undertaken a thorough technical audit of all projects and programmes using well experienced independent consultants. In the process of the technical audit, the sanctity of all contracts agreement was upheld and all costs were evaluated to a realistic level. The value of work done up to date has been ascertained and the estimated cost of completion has also been calculated. The appropriate ministry that will be responsible for the completion of any project may further negotiate the time and cost of completion of any project.

As it has been enumerated above, all the terms of reference given to the former IMC has already been virtually completed. The handing over of projects to respective ministries has already commenced. The former IMC would have completed the winding down of the activities of the Petroleum Special Trust Fund as directed by Mr President by the end of June, 2000.

The total public funds to be recovered from various contractors, banks and consultants amounted to about Twenty five billion, seven hundred and fifty eight million five hundred and thirty two thousand four hundred and forty eight Naira.

Below is the Executive Summary of various reports of the independent consultants on verification exercise which resulted in the funds recoveries.



Members of The Interim Management Committee Are As Follows:

Dr. Haroun Adamu (Chairman), Alhaji Abdu Abdurrahim, Barrister Achana Gaius Yaro, Arc Edward Eguavoen, Mr. T. Andrew Adegboro, Engr Baba Goni Machina



Report On The Amount To Be Recovered From Some PTF Projects And Programmes

The Interim Management Committee was appointed by Mr President. One of the terms of reference of their appointment is to carry out verification exercise on all projects and programmes prior to packaging the projects and programmes for subsequent transfer to the appropriate line ministries. The recoverable exercises of the under-listed projects were completed and the various reports and the IMC recommendations forwarded to President Obasanjo for further directives.



The Listed Projects Are –

(i) Afriproject Consortium (APC) PTF Management Consultants and also Project Consultants (ii) PTF intervention in the HIV/AIDS Programme (iii) PTF Health Sector Intervention inputs (iv) PTF Prevalent cases of expiring drugs all over the country (v) PTF residential estate development on Plot 780 Cadastral Zone A8, Abuja FCT (vi) PTF Head Office extension contract at Airport Road, Abuja (vii) PTF-Bank accounts operated from inception to 31st December 1999.



AFPRI- Project Consortium (APC) Afri-Project Consortium were contracted by PTF as Management Consultants and Project Consultants. The former Chairman of PTF also delegated to them the power of Engineer in all appropriate project requiring such power. Afriproject Consortium then assumed an absolute power of initiation, approval and execution of all projects.

Three reputable management consulting firms were engaged to verify all payments made to (APC) from the inception of PTF up to 30th September, 1999. On verification it was found that they have over charged PTF for their services to the tune of N 2, 057, 550, 062 (Two billion fifty seven million five hundred and fifty thousand and sixty two Naira only).



(ii) PTF Assisted HIV/ AIDS Programmes : The intervention of PTF in the HIV/AIDS was flawed due to professional negligence by the management consultants. There was an excessive order of HIV/AIDS kits which resulted in most of the kits expiring before use. Also there was gross inflation of the purchase price. The two factors combined resulted in a loss of N 579,000,000 (Five hundred and seventy nine million Naira only).

(iii) PTF Intervention Programmes : PTF intervention in the health sector input programmes totalled to about N 9 billion Naira. The projects were executed by the management consultants and PTF in-house staff. In this sector there are three glaring areas of loss: (a) Purchase of specific frames which was done at N 1,900 each while they can be purchased locally at a price between N 80 and N 880. This resulted in total loss of N 45, 270,000 (b) Purchase of ambulances which was done at N 13,000,000 each instead of the price of N 3,000,000 each. This resulted in total loss of N 900,000,000 (Nine hundred million Naira only). (c) Purchase of drugs was done to the tune of N 3.08 billion. Price inflation and expiring of drugs resulted in a loss to PTF of about N 1, 500, 000,000 ( one billion, five hundred million Naira).

(iv) PTF Prevalence Expiring Drugs All Over The Country: A team of Pharmacists were commissioned to verify the Drugs Revolving Fund Programmes. Their findings were very depressing. A huge loss has been incurred by PTF as enumerated below:- (a) Drugs and consumables worth N 817, 831,723 (Eight hundred and seventeen million, eight and thirty one thousand seven hundred and twenty three Naira only) were found to have expired by October, 1999 (b) another quantity of drugs worth N 94, 741, 517 expired in December, 1999 (c) drugs worth N 233, 416, 829 will expire by March 2000 (d) Drugs worth N 461, 255,073 will expire by June 2000 (e) Drugs worth N 429, 117, 861 will expire by September, 2000 (f) Drugs worth N 1, 196, 276, 052 will expire by October- December, 2000.

There were many cases of deterioration of drugs as a result of faulty manufacturing, inappropriate packaging, improper storage and excess stock.



(v) PTF Residential Estate: The involvement of PTF in Residential Estate Development was out of its intervention sphere. As at now, the estate has been confiscated by government. The contract sum is N 703, 815, 416 (Seven hundred and three million, eight hundred and fifteen thousand four hundred and sixteen Naira only) while after verification, the whole project was valued at N 328, 901, 521 (Three hundred and Twenty Eight Million nine hundred and one thousand, five hundred and twenty one Naira only). There was an inflation of the contract to the tune of N 374, 913, 895 (Three hundred and seventy four million, nine hundred and thirteen thousand eight hundred and ninety five Naira only).



(vi) PTF Headquarters Extension: The IMC Commissioned Consultants to determine the current construction cost of the on-going extension at the headquarters office. The current construction cost determined by the Consultant came to N 326, 207, 861 (Three hundred and twenty six million, two hundred and seven thousand, eight hundred and sixty one Naira only) as against a contract sum of N 461, 216, 759 (Four hundred and sixty one million, two hundred and sixteen thousand, seven hundred and fifty nine Naira only) this resulted in contract sum inflation of N 135, 008, 879 (One hundred and thirty five million, eight thousand eight hundred and seventy nine Naira only).



(vii) Bank Accounts Operated By PTF From Inception To December 31, 1999: Various Consultants were commissioned to verify the Bank accounts operated by PTF from inception of the Fund up to 31st December, 1999. The Fund operated its bank accounts under three different categories viz- (a) Administration Account (b) Project Account (c) Treasury Account. Recoveries to be made from the various banks are as follow:

(a) Administration Account Total Amount recoverable is N 664, 415, 793 (Six hundred and sixty four million, four hundred and fifteen thousand seven hundred and ninety three Naira only). This is mainly due to overcharge on Cost of Turnover (COT), non-payment of interest on current account balances as stipulated by Central Bank of Nigeria (CBN) and other various discrepancies.

(b) Project Account On project Account, total amount recoverable is N 2, 467, 817, 167 (Two billion, four hundred and sixty seven million, eight hundred and seventeen thousand, one hundred and sixty seven Naira only). This is made up mainly from overcharge of Cost of Turnover (COT), non-payment of interest on Current Account balances as stipulated by Central Bank of Nigeria (CBN) and other various discrepancies.

(c) Treasury Account All the Treasury Accounts were verified and amount to be recovered is N 510, 749, 323 (Five hundred and ten million, seven hundred and forty nine thousand, three hundred and twenty three Naira only). This is mainly due to short-payment of interest on deposited funds. (See Box A).

The total sum of N 11, 658, 532, 448 (Eleven billion, six hundred and fifty eight million, five hundred and thirty two thousand four hundred and forty eight Naira only) is recoverable as per various reports completed as at now.



1.Other Potential Areas Of Fund Recovery : Road (Highways and Urban Roads) The PSTF uses about 70% of its income on highways and Urban Road Projects. In this project sector, there was total variation of contract sums of N 68,000,000,000 (Sixty eight billion Naira). These variations were not done with properly priced bills of quantities and approved civil contracts procedure as stipulated by government regulations. Taking the experience of what has been discovered after verification of previous contracts awarded by PSTF, the minimum potential recovery will be about 15%. This estimated percentage will be about N 10, 000, 000 (Ten billion Naira). The verification of this project sector was about to take off when the IMC members were replaced.



2. Rural Water Supply Programme; The area of potential fund recoveries under this programme are basically two :- (i) Mobilisation paid to contractors who by now have not even commenced work (ii) Over pricing of contracts. The amount to be recovered from this project sector can be conservatively estimated at N 1,000,000,000 (One billion Naira).

The detail verification report on this programme has already been completed. The executive summary of this report was in the process of compilation when the IMC members were replaced.



3. National Health and Educational Institutions Rehabilitation Programme; The detail verification exercise on this sector has already been completed by various independent Consultants. The executive summary for total amounts recoverable is now in the process of being compiled. The conservative estimate of amount recoverable due to non-performance of contractors and over-pricing of contract is about N 600,000,000 (Six hundred million Naira).



4. National Educational Material Procurement Programme; This programme entails the purchase of educational materials such as text books, exercise books, chalk, dusters, pencils, biro, magazines, maps etc. The verification exercise of this programme is yet to commence. The conservative estimate of recoveries to be made due to non-performance by contractors and inflation of prices will be in the region of N 900,000,000 (Nine hundred million Naira).



5. Rural Telecommunication Programme; The Rural Telecommunication Programme was supposed to be carried out in two phases viz: – (i) Pilot programme (ii) The main programme. The main programme was to commence after the pilot programme has been completed and certified as operational, but mobilisation of N 1, 600,000 (One billion, six hundred million Naira) was paid to the contractors for the main programme without any contract being signed at all.

In view of the government policy at present, the full amount of the mobilization paid can be recovered (i.e N 1,600,000,000), See Box B

The Committee recommended that the total recoverable amount can be used to offset some of the outstanding debts because some of the creditors are contractors from whom these amounts are to be recovered. It also recommended that the President may wish to set up a high powered judicial panel to recover the huge public fund and to take the necessary action against any officer, consultant or contractor whose negligence resulted in this colossal loss of public funds.

The Interim Management Committee Members who compiled this report include Dr. Haroun Adamu (Chairman), Alh. Abdu Abdurrahim, Barrister Achana Gaius Yaro, Arc. Edward Eguavoen, Mr. T Andrew Adegboro and Engr. Baba Goni Machina.
This is sweet. OP more greeze to ur efforts. Thanx a lot 4 this piece. This is what I am talking about. Any talks should be supported by proof, documents and links. That's what we need cos Nigerians are not fools. We need proof. Buhari is a goner.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Omimah: 2:20pm On Oct 21, 2014
As usual Jonathan will beg on behalf of Rueben Abati for any lie he publishes against Buhari or faces the risk of being charged for libel.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 2:21pm On Oct 21, 2014
OP you are a shameless Liar,peddling the same beer parlor gist.
FOR THE RECORD
Soon after Obasanjo was sworn in, there was a social function for him in Lagos or so, then surprisingly, some people tried to praise Buhari, Obasanjo said: "don’t praise him, I have not probed him."
It was after that incident that Obasanjo set up Dr. Haroun’s probe panel of the Petroleum Trust Fund (PTF). Haroun probed PTF inside out. Buhari was discovered to be as clean as snow...
Dr. Haroun came out and said PTF account was audited every year while Federal Government account was not audited in 36years.
Buhari told Obasanjo to publish the report of the panel, but Obasanjo could not publish it because it was a certificate of honor for Buhari. If that Dr. Haroun’s report had any page in it that indicted Buhari, Obasanjo would have used that to disqualify Buhari from contesting against him-
Prof. Tam David-West

The funny thing is that the So-called Dr. Haraun setup to probe Buhari PTF administration, had themselves in financial mess while vindicating the Buhari's PTF administration.

No EXPIRED drugs was bought by PTF as Dora Akunyili was working with the drugs supply. In fact, it was through there that GMB met her, and when Obasanjo wanted a no-nonsense pharmacist to head NAFDAC, GMB personally recommended Dora, the rest is now history.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 2:28pm On Oct 21, 2014
barcanista:
OP you are a shameless Liar,peddling the same beer parlor gist.
FOR THE RECORD
I was expecting you to make such comments. I have given you facts, live with it.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 2:32pm On Oct 21, 2014
menabadoo:
I was expecting you to make such comments. I have given you facts, live with it.
Which fact? from which probe panel or which government agency indicts PTF? Not even Obasanjo ever accused them. You just pick up one concocted writeup by one Political journalist and begin to shout FACT FACT FACT, when there is no trace of fact in your nonsense

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by koboko69: 2:38pm On Oct 21, 2014
barcanista:
OP you are a shameless Liar,peddling the same beer parlor gist.
FOR THE RECORD


The funny thing is that the So-called Dr. Haraun setup to probe Buhari PTF administration, had themselves in financial mess while vindicating the Buhari's PTF administration.

No EXPIRED drugs was bought by PTF as Dora Akunyili was working with the drugs supply. In fact, it was through there that GMB met her, and when Obasanjo wanted a no-nonsense pharmacist to head NAFDAC, GMB personally recommended Dora, the rest is now history.
I wish this was the 1st comment after the long epistle of garbage pasted by the OP. They only found out about these lies after how many years. Its obvious that this saTANoids will stop at nothing to save an already sinking Jonathan. The game is up.
SAI BUHARI 2015

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 2:41pm On Oct 21, 2014
The north will always protect their own. Even till date, you dare not refer to Abacha as a dictator in any government class in Kano State (I've a first hand experience myself) in other not to cause crisis. Imagine a man who served under that same man under whom several human rights abuse cases were recorded. "The eyes that look shall surely see the nose. The hand that fit should pick the nose. Hurray for Thunder" by Christopher Okigbo.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 2:44pm On Oct 21, 2014
koboko69:

I wish this was the 1st comment after the long epistle of garbage pasted by the OP. They only found out about these lies after how many years. Its obvious that this saTANoids will stop at nothing to save an already sinking Jonathan. The game is up.
SAI BUHARI 2015
Don't mind those children of bigotry and anger. Everyday, they keep recycling the staled lies against the General. If only they accept that the game is over now.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by brownlord: 2:46pm On Oct 21, 2014
barcanista:
.

The APC nairaland abukakar is here.

Awaiting the arrival of the sect leader

koboko69 is here as usual, to defend the fraudulent saint.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 2:54pm On Oct 21, 2014
GodsMercy1:
The north will always protect their own. Even till date, you dare not refer to Abacha as a dictator in any government class in Kano State (I've a first hand experience myself) in other not to cause crisis. [s]Imagine a man who served under that same man[/s] under whom several human rights abuse cases were recorded. "The eyes that look shall surely see the nose. The hand that fit should pick the nose. Hurray for Thunder" by Christopher Okigbo.
Buhari did not serve under Abacha's cabinet. He only headed a parastatal of the government, and had nothing to do with the administration of the central government other than his job as an interventionist.

The shame goes to Abacha's Foreign Minister Mr. Tom Ikimi, who went round the whole world to justify the murder of Pen Activist Ken Saro Wiwa.
Members of the Provinsional Ruling Council as at the time were Mr. Abacha; Maj. General Patrick Aziza (Minister of Communications under Abacha); Major Gen. Tajudeen Olarenwaju (GOC); General Abdulsalami Abubakar (Chief of Defence Staff); Lt. General Oladipo Diya (Chief of General Staff); Maj. Gen. Victor Malu (GOC); Ibrahim Coomasie (Inspector General of Police); Mike Akhigbe (Chief of Naval Staff); Maj. General Ishaya Bamaiyi (Chief of Army Staff); Nsikak Eduok (Chief of Air Staff); Lt. Gen. Jeremiah Useni (Minister of the Federal Capital Territory) and Michael Agbamuche (Attorney General of the Federation and Minister of Justice). The Present Chief Judge of the Federal High Court Justice Ibrahim Auta convicted Wiwa, while a Fmr President of NBA Joseph Daudu was the lead prosecutor. General Buhari had no role whatsoever in Abacha's human right attrocities

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by LFJ: 2:54pm On Oct 21, 2014
Buhari did all this and the ogogoro president and his supporters don't know where next to go or what to do with their evidence. Jonathan is a sitting president, he is the one elected to govern us, so if he sees this and keeps a blind face then he is not worth to be our president.

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by hushmail: 3:06pm On Oct 21, 2014
this is just the beginning.

when u want to contest for any public position, u leave yur self open to criticisms

even before the primaries proper, more revealing facts about Buhari will become public knowledge

so the earlier the set up machineries to counter these facts the better for them

meanwhile, PDP has not come out with their offensive, this is just in house fighting of APC

GEJ till 2019

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Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 3:08pm On Oct 21, 2014
barcanista:
Buhari did not serve under Abacha's cabinet. He only headed a parastatal of the government, and had nothing to do with the administration of the central government other than his job as an interventionist.

The shame goes to Abacha's Foreign Minister Mr. Tom Ikimi, who went round the whole world to justify the murder of Pen Activist Ken Saro Wiwa.
Members of the Provinsional Ruling Council as at the time were Mr. Abacha; Maj. General Patrick Aziza (Minister of Communications under Abacha); Major Gen. Tajudeen Olarenwaju (GOC); General Abdulsalami Abubakar (Chief of Defence Staff); Lt. General Oladipo Diya (Chief of General Staff); Maj. Gen. Victor Malu (GOC); Ibrahim Coomasie (Inspector General of Police); Mike Akhigbe (Chief of Naval Staff); Maj. General Ishaya Bamaiyi (Chief of Army Staff); Nsikak Eduok (Chief of Air Staff); Lt. Gen. Jeremiah Useni (Minister of the Federal Capital Territory) and Michael Agbamuche (Attorney General of the Federation and Minister of Justice). The Present Chief Judge of the Federal High Court Justice Ibrahim Auta convicted Wiwa, while a Fmr President of NBA Joseph Daudu was the lead prosecutor. General Buhari had no role whatsoever in Abacha's human right attrocities
Can you begin to clap for yourself now? Indeed, Buhari didn't serve under Abacha. I was the one who did. Clap for yourself again to justify your pay master. God bless Nigeria.

8 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Nobody: 3:14pm On Oct 21, 2014
barcanista:
Which fact? from which probe panel or which government agency indicts PTF? Not even Obasanjo ever accused them. You just pick up one concocted writeup by one Political journalist and begin to shout FACT FACT FACT, when there is no trace of fact in your nonsense
you and your folks are the only people not seeing the fact. I thought you were educated

6 Likes

Re: The Horrendous PTF Fraud: How N25 Billion Was Stolen Under Buhari. by Boscojugunu(m): 3:15pm On Oct 21, 2014
the fear of buhari is the beginning of wisdom

2 Likes

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