NaijaEfcc:
Lizard of ubima !!

dukecharles:
Very aptly put. Truth is always straight forward for comprehension.

Amaechi, Lia mohd,BMC,APC are known for lies, falsehood and propaganda.

When another party take over come 2019, we will see the real stealing and corrupt practices of APC exposed.

Three years down no progress only hardship and complain.

We dey wait.

otokx:
The man who stood up to the powers that be.
History will not forget you.

Mogidi:
He delivered good governance hence his protégé was unsuccessful in his bid to become governor.
Amaechi is high on grade 1 Buhari urine.

ijekul:

As the Judicial Commission of Inquiry set up by the Rivers State Government to probe the sale of valued assets of the state and other matters continued its sitting on Friday, the technical consultant to the state on the monorail project, Arcus Gibbs revealed that  he advised former Governor Chibuike Amaechi against continuing with the project.

Managing Director of Arcus Gibbs Nig Ltd, Wiero Viguezang, however said his company gave the advice only after collecting N22.9bn from the Rivers State Government since its services were enlisted in March 1, 2010.

Viguezang spoke when he appeared before the commission to explain the role played by his company in the monorail project being probed by the commission.

While being cross-examined by counsel to the commission, Dr. Zaccheus Adangor, Viguezang, stated that the monorail project was no longer tenable considering the shortfall in the state’s revenue and the inability of its original technical and equity partners, TSI Nig Ltd, headed by the former military administrator of Rivers State, Brig-Gen Anthony Ukpo (Rtd.), to fulfil its obligations to contribute 80 per cent of its equity holdings.

He disclosed that the state owes his company N1.1bn for its services.
He also said the company had in a letter to the Rivers State through the ministry of transport, in April, made a six-point recommendation to the Rivers State on how to unbundle the monorail project in such a way that the state government can salvage some financial benefits out of the N33.9bn so far invested in the project. The monorail project was originally estimated to cost about Euros2250m.

The technical partner had in its sixth point of recommendation suggested to the Rivers State Government to unbundle the monorail project and approach the manufacturers of the mechanical components and rail tracks in Germany and exploit the possibility of reselling components at a lower price to the manufacturers.

He said the company also advised the state government to consider the option of using the monorail facilities for other commercially viable purposes, mentioning the spaces between pillars and surrounding areas of the monorail project, stressing that the area between Azikiwe Road and the UTC axis could be put into very fruitful commercial purpose.
Viguezang also told the commission that his company and the state government had planned to unveil the monorail project last April specifically to mislead the people of Rivers State into thinking that the project, which has gulped N33.9bn, was still on course.

He admitted that his company wrote a memo to the commissioner for transport to arrange the unveiling of the project essentially for media coverage since the project was “technically uncompleted”. 

According to Viguezang, “We actually wrote to the ministry of transport in January, to arrange for the governor to unveil the monorail project in April for the attention and coverage of the media based on the expectation of the people of the state.”

When asked to clarify if the unveiling was to deceive the people of Rivers State into believing that the controversial monorail project was ready, Viguezang admitted; “It was to deceive the people into believing that the monorail project was at last ready”.

The managing director, however, stressed that “apart from the media coverage and public attention that it is expected to generate, the monorail was not technically and commercially ready. Only phase 1a within phase 1 of the project was ready. So, there was no way the public would have been able to use the monorail as at April when we asked the ministry of transport to unveil the project to the media”.

Viguezang admitted that the Rivers State government enlisted services of Arcus Gibbs at the cost of N600 million from March 1, 2010 to December 1, 2010, after the memorandum of understanding (MoU) with TSI collapsed because TSI could not raise revenue to fulfil the payment of its 80 per cent equity share capital.

He stated that part of its role as the technical service provider to the Rivers State government concerning the monorail project was to evaluate and assess the activities of TSI and give an independent opinion to the Rivers State government.


http://www.thisdaylive.com/articles/how-technical-consultants-advised-amaechi-against-monorail-project-after-collecting-n22bn/218811/

aolawale025:
And that's how APC lies would continue to be busted till 2019

Ventura1:
THE TRUTH

The claim that Obasanjo left $65 billion in the ECA is false.  He left $43.13 billion in foreign reserves (out of which only $9.43 billion in ECA), while Yar’Adua build reserves to peak at $62 billion (out of which $22 billion was in ECA — the highest ever in Nigeria’s history).
GEJ inherit $62 billion and squandered it to $30 billion in foreign reserves and $2 billion ECA, without bothering to build the reserve despite crude selling at higher prices and nothing tangible to justify the spending.

FG, States, LGs Share N568.4 Billion for Oct
15 NOVEMBER 2013


Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that the states had requested for $2bn to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

Ventura1:
THE TRUTH

The claim that Obasanjo left $65 billion in the ECA is false.  He left $43.13 billion in foreign reserves (out of which only $9.43 billion in ECA), while Yar’Adua build reserves to peak at $62 billion (out of which $22 billion was in ECA — the highest ever in Nigeria’s history).
GEJ inherit $62 billion and squandered it to $30 billion in foreign reserves and $2 billion ECA, without bothering to build the reserve despite crude selling at higher prices and nothing tangible to justify the spending.

Ventura1:
For those that claims governors were responsible for not saving, Governors only called for sharing fund in the ECA and not the foreign reserves.
The question is what is responsible for the depletion of foreign reserves?

NaijaEfcc:
It is quite possible that Rotimi Amaechi is losing his marbles otherwise why else would he be asking former President Jonathan to account for the $65 billion that former Olusegun Obasanjo left in the Excess Crude Account when there was never any such amount?

Former President Olusegun Obasanjo and the former Governor of the Central Bank of Nigeria who served under his tenure, Professor Charles Soludo are both alive and journalists can take advantage of the Freedom of Information Act signed into Law by former Jonathan to verify from them if there was ever any $65 billion in the Excess Crude Account.

deji68:
Well, u cant spend Foregn reserve, ....it is used to shore up the Naira...

anonimi:


Is GEJ synonymous with the 36 state governors, of whom AmaeTHIEF was one.
Do you need a quick check-up at Yaba left


www.nairaland.com/attachments/2578022_iweala_jpeg0858fd35c7757170d8155dae6623e1c2

deji68:
Well, u cant spend Foregn reserve, ....it is used to shore up the Naira...

Ventura1:
You just mentioned the ECA and not foreign reserves, what depletes the foreign reserves? Also note that for every N2 trillion shared by the states, FG is receiving about N4 trillion.

Tinubu Tackles FG, CBN On Excess Crude Oil Sales Account
Feb 22, 2001









The Lagos State Governor, Senator Bola Ahmed Tinubu, yesterday joined issues with the Federal Ministry of Finance and the Central Bank of Nigeria (CB N) over the recent face-off between the different tiers of government on the excess crude oil sales reserve account of US$ 1. 8 billion which is about N198 billion.

Expressing concern at the impression being created that the economy is rudderless, Tinubu argued that the central issue transcends the release or non-release of the fund into the Federation Account.

In his words: “The fundamental issues and principles at stake go much deeper. They are more broadly about the rule of law and the supremacy of the constitution on one hand, and the need for cooperation and coordination in a true federal structure, as a basis for sustaining and strengthening our fledgling democracy on the other hand”.

Governor Tinubu [size=14pt]disagreed with the CBN's position that release of the excess crude reserves to the states and local governments, though legitimate, [/size]would lead to inflation; cause a rundown of the nation's foreign reserves; weaken the exchange rate further and run counter to agreements reached with the IMF.

The Governor contended that "in a period of excess capacity and low purchasing power, there should not be undue inflationary pressures from an injection of funds into the economy. Instead, such a development should be beneficial to economic activity and growth, despite the fact that there are supply rigidities and inefficiencies which would limit the potential benefits”.

On the purported likely impact on foreign reserves, Tinubu argued that "in an import-dependent economy such as ours, it is inevitable that an upturn in the level of economic activity would engender a fall in foreign reserves. This is not necessarily a bad thing. Rather, it would be immoral to appear to be building up high foreign reserves in the midst of grinding poverty”.

He stressed further that if the N198 billion released is matched by an equivalent US$1.8 billion, there should not be a fall in the value of the Naira as the supply of dollars would be in place to match any increased demand”.

Tinubu also said it would be unfair for the federal government to agree unilaterally to commit revenues due to other tiers of government, to an agreement with the IMF or anyone else.

Attributing inflationary pressures in the economy largely to the federal government's overspending and printing of money to finance such expenditure, Tinubu said "It is hardly fair for the FGN to overspend and then seek to correct the inflationary effect on the economy by starving other tiers of government of their rightful funds”.

Stressing that there is no basis for CBN or any authority to flout the constitution and deny states and local governments their own share of the Federation Account, Tinubu noted that "the excess crude reserve account is itself an illegality, carried over from the military era, as there is no provision in the law or the constitution for federally - collected revenues to be diverted to such an account”.

Advocating constructive dialogue on the management of the economy Governor Tinubu said "it is time for us to sit down and dialogue about how to move from where we are now, to where we need to get to, while respecting true federalism in fiscal and other matters”.

From: http://asiwajubolatinubu.com/archives/news/2001/02/22/20010222N01.html

Ventura1:


At what point during GEJ tenure was that done?

Ventura1:
At what point during GEJ tenure was that done?

deji68:
so having a stable Naira under GEJ is not enough justification ... well u can check for info from CBN

Ventura1:


Well I won't mind you sharing a link, but Naira was stable because theirs inflow of forex as a result of high crude oil prices and foreign portfolio investors are also pumping FX.