Atiku will never rule Nigeria. Never!

Can our Senate be courageous enough to impeach these two bastards?

debosky:

all these links all say the same thing.

what is the material connection to Atiku, they are all claims, no concrete evidence

debosky:

the evidence is clear links showing how Atiku influenced the so called diversion

clear links connecting Atiku to the so called friends and his links to the friends

clear links between the loans given out and the PTDF funds

if you provide any of these e.g signatures on contracts/forms, CAC documents of incorporation etc, then we shall see

I want the truth exposed

Abubakar's campaign rejected the findings, saying "the legislative body should not allow its name to be dragged into the mud by a few members who may be pursuing their own hidden agenda."

It said in a statement that Abubakar's actions were proper, with the funds originating in a fund specifically designed for investments in the private sector.

The campaign said a top government accountant ruled that the banks were investment grade and that Abubakar delivered double-digit returns on the government's money.

"We therefore call on the entire Senate to look at the report of the committee objectively and reject it if found to be shoddy, as a way of redeeming the image of the upper legislative chamber," it said.

debosky:

there is no case of funds diversion. what happened was placement of idle government funds in investments with 13 banks, only one of which is being focused on in this case.

as stated, the funds yielded double digit (12%) interest to the government, and after the directive by the CBN that all govt funds be withdrawn from commercial banks, the funds were returned in full with interest.

placement of funds in banks at that time was regular government practice. no diversion has been proven.

any major PTDF projects have to be approved by the FEC, if it wasn't approved, Atiku or anyone else has no power to spend the money.

there is no Fraud, the money earned interest, got paid back to the government. any major PTDF projects have to be approved by the FEC, if it wasn't approved, Atiku or anyone else has no power to spend the money.

debosky:

it may sound fishy, but no one gets convicted for sounding fishy. if there is no concrete proof, these accusations must stop

the fact is that he had oversight and decided to invest it to yield interest to the government ( a fact no one is denying), while waiting for FEC to approve projects, that is not tampering, that is judicious use in my opinion.

there is no evidence of any intent to defraud, no evidence either.

it may sound fishy, but no one gets convicted for sounding fishy. if there is no concrete proof, these accusations must stop

the fact is that he had oversight and decided to invest it to yield interest to the government ( a fact no one is denying), while waiting for FEC to approve projects, that is not tampering, that is judicious use in my opinion.

there is no evidence of any intent to defraud, no evidence either.

PTDF: Panel blames Obasanjo, indicts Atiku
By John Alechenu and Oluwole Josiah, Abuja
Published: Wednesday, 28 Feb 2007
The Senate Ad hoc Committee on the Petroleum Technology Development Fund has faulted President Olusegun Obasanjo for acting outside the Act establishing the PTDF.

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Abubakar Atiku

It, however, indicted Vice-President Atiku Abubakar for the mismanagement of the agency’s funds.

In a report formally presented by its Chairman, Senator Victor Ndoma-Egba, to the Senate on Tuesday, the committee found Obasanjo and the Federal Executive Council guilty of allegedly using PTDF money for projects not covered within the law establishing the fund.

It said, ”In respect of some projects commenced by the PTDF in 2006, particularly the establishment of African Institute of Science and Technology in the FCT, incorporation of Galaxy Backbone Plc; and purchase of computers for civil servants under the Computer for All Nigerians Initiative, for which Obasanjo gave approval and subsequently obtained the ratification of the FEC, laudable as they may seem, they were outside the mandate of the PTDF as provided for in Section 2 of the enabling Act.

”The President and the FEC acted in disregard of the law establishing the PTDF. Though the ratification by the FEC may mitigate this breach of the law, it however, does not absolve the President and the council of blame.”

The committee, therefore, recommended that the President “be advised to adhere strictly to the provisions of the law establishing the PTDF at all times in either approving projects, expenditure of funds or howsoever.”

The committe indicted Abubakar for allegedly aiding and abetting the placement of $145m belonging to the PTDF in banks.

It added that the money which was meant for specific projects, was fraudulently given out as loans to companies.

The report reads in part, ”That His Excellency, Alhaji Atiku Abubakar, vice-president of the Federal Republic of Nigeria from 1999 to 2007, abused his office by aiding and abetting the diversion of public funds in the sums of $125m and $20m respectively approved for specific projects to deposits in banks, some of which were fraudulently converted to loans to Netlink Digital Television, Mofas Shipping Company Limited and Transvari Services Limited.”

It also noted that contrary to the argument by Abubakar that PTDF funds were not lost in the various placements, N1.130bn loaned in two instalments to the NDTV; N420m to Mofas Shipping Company Limited; and N300m to Transvari Services Limited by TIB were yet to be recovered.

The committee, however, said that although the loans had been restructured with the acquisition of TIB by Spring Bank Plc., they (loans) might not be recovered outside the restructured framework without endangering the health of Spring Bank.

It, therefore, recommended that the VP be penalised for the offences.

It added that the Marine Float Limited Accounts, which had generated a lot of public interest, was outside its terms of reference as no PTDF funds were traced directly to the account. But the committee noted that the company was at best, a second line beneficiary of the PTDF funds.

The committee further recommended that a businessman, Chief Johnson Oyewole Fasawe, be prosecuted and made to refund N1.55bn being the loan advanced to NDTV and Mofas Shipping Company.

The committee also advised that another businessman, Ahmed Vanderpuye, “be prosecuted and made to refund N300m being a purported loan to Transvari Services from the TIB.”

Also recommended for prosecution are two former executive secretaries of the PTDF, Mr. Hamisu Abubakar, and Mr. Hussein Jallo.

The committee said, “Hamisu Abubakar, executive secretary of the PTDF from September 2000 to July 2005, abused his office by diverting public funds in the sums of $125m and $20m approved for specific projects to deposits in banks, some of which were fraudulently converted to loans to the NDTV, Mofas Shipping Company Limited and TSL and other criminal acts and should be prosecuted for any offences disclosed.

“Hussein Jallo, the executive secretary of the PTDF, from July 2005 to November 2005, having abused his office through criminal acts and for which N49m and six vehicles have so far been recovered from him by the EFCC, should be prosecuted for any offences disclosed.”

EFCC had recovered N200m from Hamisu Abubakar.

The committe also recommended that another former Executive Secretary of the PTDF, Alhaji Adamu Waziri, be made to refund the N4.5m which he okayed for the execution of the Progress Report on Obasanjo Administration and photographs for State House Library since the projects were outside the contemplation of the Section 2 of the PTDF Act.

The committee also suggested that the Marine Float Accounts be independently investigated by the Independent Corrupt Practices and other Related Offences Commission since the initial investigation by the EFCC had been controversial.

It advised that all accounts in the name of the PTDF within and outside Nigeria be established by the Senate Committees on Petroleum (Upstream) and Public Accounts.

The committee said taxes payable on the bill by Emmanuel Chambers, the company which allegedly registered Galaxy Backbone Plc, should be recovered by the PTDF and paid over to the relevant tax authorities.

While it suggested that the management of the PTDF be reorganised to enhance its capacity to deliver on its objectives, it also voted for the amendment to the PTDF Act.

The committee observed that because the PTDF was a special fund for which appropriation was not required by the National Assembly, it was treated more or less by the Presidency like a security vote with scant regard to the provisions of the Act establishing it.

It also lamented the fact that training for oil and gas sector was relegated to the background as against unrelated projects for which there might have been appropriation elsewhere.

”The fortunes of the fund did not appear to have improved from when its supervision moved from the VP to the President,” it added.

The committee also held that some accounts kept in the name of the PTDF by the Accountant-General of the Federation were not known to the PTDF.

It added that the decision to restrict the funding of the PTDF to a limit of 25 per cent of signature bonuses or $100m per annum was done without legal backing.

It further observed that the supervision of the PTDF by the executive had been grossly inadequate and compounded by the lack of proper oversight by the National Assembly.

The committee also said that the increase in approval limits of the executive secretary of the PTDF from N.7m to N10m was not in accordance with extant financial regulations. It added that bogus and unrealisable projects were recommended and funds approved for them.

It said, ”Many of the projects for which monies were approved have not been implemented.”

The President of the Senate, Chief Ken Nnamani, said, ”The time for propaganda is over, now we have to deal with facts not emotions.”

He said he would sign every page of the report to ensure that the document was not ”doctored”

Soon after presenting the report, Ndoma-Egba, a Senior Advocate of Nigeria, told newsmen that Abubakar was not compelled to appear before his committee.

The debate on the report will commence on Wednesday(today).

The Senate had on September 28, 2006 set up the committee to look into the management of the PTDF funds.

Prior to this, the EFCC had indicted Abubakar and Fasawe over the running of the PTDF.

Although Abubakar denied any wrong doing, the Presidency set up a special panel headed by the Minister of Justice and Attorney-General of the Fedration, Chief Bayo Ojo, to further probe the PTDF.

Abubakar and Fasawe were again indicted by the panel. A White Paper on the panel’s findings was consequently gazetted.

While accusations and counter-accusations by the Presidency and Abubakar’s camp lasted, the vice-president and Fasawe filed separate suits challenging their links to the mismanagement of the PTDF.

The case by Fasawe has since been dispensed with in his favour by a Lagos High Court.

The one by Abubakar is still pending before a Federal High Court in Abuja