[size=18pt] PROOF! PROOF!! PROOF!!! [/size]

[b]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.[/b]

Specifically, the report, which was laid before the Senate by the committees’s chairman, Senator Victor Ndoma-Egba, said President Obasanjo and Vice President Abubakar abused their offices by “aiding and abetting the diversion of public funds either for other projects or for fraudulent deposit in banks.”

Page 49 of the 54-page report highlighted the release of N20 billion and N10 billion to the PTDF and the use of the money to fund the third term agenda as alleged by the vice president, and the committee accused the president of acting in disregard of the
law.


DO YOU KNOW WHAT N20 billion CAN DO FOR US. THERE IS MORE TO THIS ROT THAT TRANSCEND ATIKU.

@mo wapa

You keep asking why everyone is scared of Atiku candidacy? Duh!
What now, the constitution is no longer relevant? I still don't get it.
Which part of [b]INDICTMENT [/b]do people not understand?

They have started again, why summarising page 39&40 without posting the whole report if you have access to it?

if the claim that the money was for 'specific projects' is true then there is no argument, he deserves to be prosecuted

I guess we will hear more as the report is fully released.


I hope all the facts will come out as Ken Nnamani promised, not more emotions.

from what I have seen, they are both guilty and deserving of impeachment.

I have always maintained that Atiku is a RECKLESS beast.

His actions all these time can tell what sort of character he is.

Liar, Rogue, Dubious, Corrupt, Thief, Deceiver, Evil, Trouble Maker, Dangerous.

It's endless!!!

what are your sources please? I want to read more.

We need detailed proof of funds taking off from the PTDF accounts to
accounts of Obasanjo friends, connect the dots - not some sentimental
allegations!

3rd term, 3rd term, 3rd term, Third term, N500Billion for 3rd term!!!!
No, make it N2trillion for the 3rd term project! 3rd term, 3rd term!!!!

Iyke-D:

We need detailed proof of funds taking off from the PTDF accounts to
accounts of Obasanjo friends, connect the dots - not some sentimental
allegations!

3rd term, 3rd term, 3rd term, Third term, N500Billion for 3rd term!!!!
No, make it N2trillion for the 3rd term project! 3rd term, 3rd term!!!!

And then U will do what? Recover it back from him 

@IYKE-D

The constitution of Nigeria is sacrament and should never be abused. What i find very difficult to understand is why OBJ is afraid of ATIKU as a candidate? almost all Naija politicians are dirty, Abacha used the failed bank decree to terrorize his perceived enemy candidature then, now OBJ is using selective indictment. leave it to the court and voters to decide ATIKU fate.


“The three critical issues are (i) Was the approval of the Federal Executive Council (FEC) needed for the placement of PTDF funds? (ii) Was any money lost in the investment of PTDF money in ETB and TIB? (iii) Was there any material link established between the vice president and the PTDF funds?

T[b]HE ANSWER IS NO! NO! NO! NO! NO![/b]

that is no excuse mo, if you are a thief and caught, saying others are corrupt is no excuse

if the case is proven as the report suggests, then Atiku is guilty and should not contest

@Mo Wapa

No disrespect but you have learnt to talk like AC members.
Prof. Iwu over the weekend accused the AC of picking aspects of the constitution and electoral act that favours their views while neglecting aspects that negates their claims. He went further to suggest its so bad that they say it so repeatedly that it begins to look like the truth.

This statement is so true and you are exhibiting such traits,
Does section 137 of the constitution say only courts and the people can indict a candidate before they are barred from elections/ yet you are suggesting that the constitution is a sacrament which should not be desecrated.

You are asking if money was lost, Otumba Fasawe returned some aspects of the money he collected and the report is suggesting that he is yet to return over 1billion as all the money have not been returned. If you still think no money was lost I ask you if Fasawe is an extension of PTDF?

@mo wapa,

So are you saying the Senate's committee that released its report yesterday (tuesday) indicting Atiku for mismanagement of PTDF funds still don't know what they were talking about now? Its all the handwork
of Obasanjo? Maybe or maybe not.

I don't know how you reached several "NO" conclusions in your own investigating "sub-committee", but here
it is again from the Punch. I wasn't the smartest kid in my class, but the report belows reads to me as if Atiku
was indeed indicted (there goes the word again) by the Senate committee. I suppose since our constitution is
is not good enough for Atiku, is it safe to assume that the Senate findings is also not good enough for him as
well? At this rate, you guys will need to import a foreign Nigeria for Atiku to govern!

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. It, however,
[b]indicted [/b]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.

PEOPLE come on be realistic, A SEATING VICE PRESIDENT ATIKU lied under oath to the senate committee and should be prosecuted immediately. He lied about the funding and the lodgment of the funds in a private account. what a dunce. please RIBADU go get ATIKU

PURE NONSENSE! WHEN IT CAME TO ATIKU, THE WORD USED IS INDICTMENT but WITH OBJ ITS SANCTIONED. BOTH COMMITTED AN OFFENSE THAT WARRANTS SEROUS JAIL TIME. we should stop sugarcoating such issue.

I think we all agree that Nigeria has been abused and raped repeatedly by politicians and right now is not the time to be divided or polarized by the issue of corruption, its a cancer that has eaten to the moral fabric of our nation. I am not particularly keen on the candidature of Atiku, but my years of exposure to other culture has imbibed me to respect and fight for my right and if possible others. There is a deliberate attempt by the presidency to truncate Atiku right to vote and be voted for. If OBJ (THE ARROW HEAD)and Ribadu seriously think and know that Atiku is guilty beyond reasonable doubt charges should be brought without delay. Atiku or anyone for that matter is and will never be above the LAWS of NIGERIA.

I condemn without reservation any and all act of corruption in Nigeria, but everyone should be treated equally before the law and no one should be above suspicion.

What about the rights of the 150 million Nigerians that he trampled upon while pepertuating those heinous acts I am not a fan of Atiku nor OBJ for that matter. I also am aware of the fact that the only reason why all these is coming to light is because of the fracas between the VP and his boss.If they were still on and in good terms we wont hear shit . So if it takes a fight between these two thick heads for we to know the truth, then so be it. Even if it is a one sided truth, I dont care; He got wat was coming to him. My prayers is dat one of these days OBJ will also find himself in the same situation.

@mo wapa,

Is it me or are you contradicting yourself? Atiku has been indicted and the only thing keeping him away from the slammers right
now is his immunity (do you want Ribadu to arrest him with his immunity protection still in effect, what will they say then?). But
on the other hand, it appears you want us to conveniently forget this fact and allow him to contest in the presidential election
even though the constitution is clear on this. Why should the laws that grants him his rights to contest triumph over those laws
that disqualifies him as specified by the same constitution?

Its unfortunate that Obasanjo is using this as payback, but at the end of the day, it was Atiku who broke the law that he is now
indicted for. Its just as simple as that.

IF the raison d’etre for democracy as a form of governance is the establishment of the sovereignty of the people, their liberty and the freedom of choice of their political destiny, then Nigerians by now must be bewildered at the variant of it which they now have on their hands, although the country is looking forward to another opportunity to make their choice at the polls in April.

IN the last eight years, Nigerians have watched in absolute bewilderment a process of grand abuse in which their sovereignty, their liberty and their choices have been totally compromised by the conspiracy of the power elite who would stop at nothing to ensure that they retain the reins of power. The power elite in whatever shade or hue of political party have preyed unconscionably on the will of the Nigerian people.

FOR instance, the reforms embarked upon by the current administration was never at any time a part of the manifesto of the party that produced the president, the PDP, which prides itself on being the “largest party in Africa” even if it is only looking for votes in Nigeria. The reforms were never even discussed let alone debated at the National Assembly and yet this administration has the impudence and temerity to tell Nigerians that it would not handover power to any group of politicians that would not be beholden to a reform programme the detail of which is known to only a handful of toadies and favoured cronies.

NIGERIANS have seen in these eight years the deliberate disregard for the rule of law. Despite the Supreme Court judgment on the matter of local government funds for Lagos State, for instance, the balance of the withheld funds by the Presidency is yet to be paid. The President of the democratic Republic of Nigeria is certainly not held back by the injuctions of democratic principles as the president only obeys the laws that suit his purpose.

AS the country plods towards another general election in April, President Olusegun Obasanjo has elected to lead the campaign of his party, the PDP, yet he also wants to be the umpire. In a moment of unguarded candour, he recently let it slip that the April elections would be a “do or die affair”. The message is unmistakably clear that President Obasanjo would stop at nothing to ensure that his candidates win at the April polls.

IT is believed in some quaters that President Obasanjo has been deploying all his clout to ensure that the INEC does his bidding. He has written to the body to disqualify certain candidates, who he perceives as being corrupt, from running. He has also been abrasive and uncircumspect in his comportment and utterances. While on a campaign in Akure, Ondo State, President Obasanjo openly derided a governorship aspirant who is also a former minister in his cabinet. He said he was going to send the Economic and Financial Crimes Commission (EFCC) after him, suggesting rather darkly that the Commission, a body duly established statutorily, is a mere end of a political whip which he uses at his whim to make his foes fall in line. It is a sweet relief that the EFCC has distanced itself from this odious path of unnecessary political persecution.

WITHOUT the EFCC’s denial of an intention to hound President Obasanjo’s political opponents, it would sooner lose its credibility. If people do not believe in the activities of the Commission and its wholesomeness, the Commission would literally be destroyed. But the president’s comportment and utterances have impacted negatively on the essence of the Commission, eroding its credibility and goodwill.

TWO administrative panels have been set up by President Obasanjo in obvious breach of the provisions of the constitution to screen the candidates. The latest panel is the six-man panel headed by the Solicitor General of the Federation, Ignatius Ayua, which the government recently set up to further screen political office seekers who the government’s anti-corruption watchdog, EFCC, may have indicted.

BUT clearly, the Electoral Act 2006 does not recognise these panels as it has made provisions regarding the eligibility of political office seekers. Section 32 of the Act provides for steps to be taken by all political parties on behalf of their candidates. They are all expected to fill certain special forms with information which should be published in the constituencies where these candidates want to contest and anybody who has reasonable grounds to believe that the information given is false is required to file a suit at the High Court against such contestants. It is the court that will consequently determine the eligibility or otherwise of the contestant.

IT is saddening that some desperate politicians have appeared before these illegal administrative panels that are illegal structures that have been made to usurp the functions and roles of the courts. All these steps being taken by the president have unduly heated up the polity. We do not think that President Obasanjo is the only person who can define what corruption is and who a corrupt person or politician is. We do not believe that it is even in his place to assume the role of a know-all and be-all president.

WE think that the decent thing for a president to do at this juncture of Nigeria’s journey into democracy, especially after having served the maximum two terms spelt out in the constitution, is to remain in dignified neutrality in the political process. As he has elected to lead the campaign of his political party, it would have been proper if he had also not elected to circumvent both the constitution and due process by setting parallel structures to take over the duties of the courts.

WE are aware that Nigeria’s Federal Constitution is fraught with some historical problems, especially the fact that unlike other federations, the government at the centre is the one that gives life to the federating units instead of the other way round ideally. But these problems need not be compounded by the dictatorial mien of a president that has nothing but disdain for the fundamental principles of democracy.

SUCH dictatorial attitudes would not help a plural society like Nigeria to grow politically and they go a long way towards underscoring the apprehensions and fears of older democracies in the world that think Nigeria as an entity may not survive another 15 years. Nigeria has the potentialities of not only surviving the next millennium but the capacity to grow into a very powerful country to the eternal dismay of doomsday prophets if political office holders, especially those in executive arm of government, would be more liberal, tolerant and malleable, if they would not for a fleeting moment fall into the temptation of thinking that they constitute the Nigerian state.


nigeria tribune editorial

@Iyke-D

Can you admit that Obasanjo is just as guilty as Atiku and stop beating around the bush?. . .They're both corrupt, should be impeached and thrown into a cold dark cell.

Who The Hell Is This Debosky. People Like You Are Part Of The Problem. You Prefer To Ramain In Darkness Due To Sentiments. Are U On Atiku's Payroll?

Do u guys remember the jingles "any thing u do I can do better, " I think that's what's happening here.
If Tafa Balogun diverted the Police fund into some banks; why not Atiku? I am begining to suspect Atiku and Tafa Balogun are from the same family linage.

Guys,

please get your facts right before you post. Atiku was indicted for corruption but Obasanjo was sanctioned for granting anticipatory approval for projects which are not ordinarily within the purview of the PTDF. See excerpt below:

The Committee’s recommendations are as follows:
•That Otunba Johnson Oyewole Fawsawe should be made to refund the sums of N400 million purported loan to NDTV from TIB, N420 million purported loan to Mofas Shipping Company Limited and N730 million purported loan to NDTV and be prosecuted for any offences disclosed. EFCC had recovered N100 million from him.
•That Ahmed Vanderpuye should be made to refund the sum of N300 million purported loan to Transvari Services Limited from TIB and be prosecuted for any offences disclosed.
•That Hamisu Abubakar, Executive Secretary of PTDF from September 2000 to July 2005 abused his office by diverting public funds in the sums of $125 million and $20 million approved for specific projects to deposits in banks, some of which were fraudulently converted as loans to NDTV, Mofas Shipping Company Limited and Transvari Services Limited and other criminal acts and should be prosecuted for any offences disclosed. EFCC had recovered N200 million from him.
•That Husseini Jallo, the Executive secretary of PTDF from July 2005 to November 2005 having abused his office through criminal acts and for which N49 million and six vehicles have so far been recovered from him by EFCC should be prosecuted for any offences disclosed.
•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 $125 million and $20 million respectively approved for specific projects to deposits in banks, some of which were fraudulently converted as loans to NDTV, Mofas Shipping Company Limited and Transvari Services Limited and should be sanctioned for any offences disclosed.
On President Obasanjo and the FEC, the Committee said:
•In respect of some projects commenced by PTDF in 2006, particularly the establishment of African Institute of Science and Technology in the Federal Capital Territory (FCT); incorporation of Galaxy Backbone, Plc; and purchase of computers for civil servants under the Computer for all Nigerians Initiative (CANI) for which Mr. President, Chief Olusegun Obasanjo, gave approval and subsequently obtained the ratification of the FEC, laudable as they may seem, were outside the mandate of the PTDF as provided for in Section 2 of the enabling Act.
•The President, Chief Olusegun Obasanjo and the Federal Executive Council 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 FEC.
The report continued: "The Committee therefore recommends 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 Committee further recommends that the projects which are outside the purview and contemplation of Section 2 of the PTDF Act should not receive any further funding from the PTDF. The Committee also recommends that the said projects be verified and evaluated".
The report stated further in respect of other recommendations thus: •That in respect of the Progress Report on Obasanjo Administration and Photographs for State House Library, though the sum of N4.5 million approved for the project by the then Executive Secretary of PTDF, Alhaji Adamu Maina Waziri was within his approval limit, he should be made to refund the said sum of N4.5 million to PTDF nevertheless as the project was outside the contemplation of Section 2 of the PTDF Act.
•That all the projects approved for the PTDF from 2003 till date should be verified and evaluated by the relevant Committees of the Senate, that is to say, Committee on Petroleum (Upstream) and Committee on Public Accounts, or alternatively by Ad-Hoc Committee for this purpose.
•That the relevant committees of the Senate should be alive to their oversight responsibilities over the PTDF.
•That Marine Float Accounts should be independently investigated by the relevant organs of government especially Independent Corrupt Practices Commission (ICPC) since the initial investigation by the EFCC had generated controversy.
•The taxes payable on the bill by Emmanuel Chambers should be recovered by the PTDF and paid over to the relevant Tax Authorities. The said Chambers should also itemise its bill.
•That all the accounts in the name of the PTDF within and outside Nigeria should be established by the Senate Committees on Petroleum (Upstream) and Public Accounts, or in the alternative, an Ad-Hoc Committee established for that purpose.

Peace to all

The Senate Ad-Hoc Committee on Petroleum Technology Development Fund (PTDF) and other Related Matters or Organisations has indicted Vice President Atiku Abubakar of certain wrong doings in the affairs of the agency.
But the committee fell short of indicting President Olus-egun Obasanjo after concluding that he and the Federal Executive Council acted in disregard of the law establishing the PTDF in the approval of, and payments for, certain projects.
In the report of the Committee laid on the table of the Senate yesterday by its Chairman, Senator Victor Ndoma-Egba (SAN), Obasanjo was said to have acted in disregard of Section 2 of the PTDF Act by giving anticipatory approval to some projects commenced by the PTDF last year, which the Federal Executive Council (FEC) later ratified.
The report, which will be debated by the Senate in plenary today, said Atiku abused his office by aiding and abetting the diversion of public funds in the sums of $125 million and $20 million and further stated that he should be sanctioned for any offences disclosed.
The report also indicted Atiku’s friend, Otunba Johnson Fasawe, Ahmed Vanderpuye, former PTDF Executive Secretaries, Hamisu Abubakar, Husseini Jalo and Adamu Maina Waziri of different acts and recommended that they make appropriate refunds to the agency’s coffers in addition to prosecution in some cases.
Senate President, Senator Ken Nnamani, said he would initial the 75-page report before it would be circulated to each Senator ahead of today’s debate in order to guard against allegations of doctoring that has trailed the list of corrupt candidates by the Economic and Financial Crimes Commission (EFCC).
According to him, "The time of propaganda is over; this is the time for facts and figures; it is not the time for emotions. I will initial every page here so that there will be no kind of doctoring".
Chairman of the Committee, Ndoma-Egba (SAN) had cautioned the media against publicising the report that was not initialled by the Senate President and had refrained from commenting on the details of the report at his weekly press briefing with Senate Correspondents.
He disclosed that Senator Titus Olupitan who was a member of the Committee had indicated his intention to submit a negative view on the Committee’s work and had therefore declined to append his signature to the report.
Ndoma-Egba stated that what Senator Olupitan would do today would not amount to submitting a minority report as, according to him, "Section 102 (F) of our Senate rules does not allow for minority report".
The Committee’s recommendations are as follows:
•That Otunba Johnson Oyewole Fawsawe should be made to refund the sums of N400 million purported loan to NDTV from TIB, N420 million purported loan to Mofas Shipping Company Limited and N730 million purported loan to NDTV and be prosecuted for any offences disclosed. EFCC had recovered N100 million from him.
•That Ahmed Vanderpuye should be made to refund the sum of N300 million purported loan to Transvari Services Limited from TIB and be prosecuted for any offences disclosed.
•That Hamisu Abubakar, Executive Secretary of PTDF from September 2000 to July 2005 abused his office by diverting public funds in the sums of $125 million and $20 million approved for specific projects to deposits in banks, some of which were fraudulently converted as loans to NDTV, Mofas Shipping Company Limited and Transvari Services Limited and other criminal acts and should be prosecuted for any offences disclosed. EFCC had recovered N200 million from him.
•That Husseini Jallo, the Executive secretary of PTDF from July 2005 to November 2005 having abused his office through criminal acts and for which N49 million and six vehicles have so far been recovered from him by EFCC should be prosecuted for any offences disclosed.
•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 $125 million and $20 million respectively approved for specific projects to deposits in banks, some of which were fraudulently converted as loans to NDTV, Mofas Shipping Company Limited and Transvari Services Limited and should be sanctioned for any offences disclosed.
On President Obasanjo and the FEC, the Committee said:
•In respect of some projects commenced by PTDF in 2006, particularly the establishment of African Institute of Science and Technology in the Federal Capital Territory (FCT); incorporation of Galaxy Backbone, Plc; and purchase of computers for civil servants under the Computer for all Nigerians Initiative (CANI) for which Mr. President, Chief Olusegun Obasanjo, gave approval and subsequently obtained the ratification of the FEC, laudable as they may seem, were outside the mandate of the PTDF as provided for in Section 2 of the enabling Act.
•The President, Chief Olusegun Obasanjo and the Federal Executive Council 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 FEC.
The report continued: "The Committee therefore recommends 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 Committee further recommends that the projects which are outside the purview and contemplation of Section 2 of the PTDF Act should not receive any further funding from the PTDF. The Committee also recommends that the said projects be verified and evaluated".
The report stated further in respect of other recommendations thus: •That in respect of the Progress Report on Obasanjo Administration and Photographs for State House Library, though the sum of N4.5 million approved for the project by the then Executive Secretary of PTDF, Alhaji Adamu Maina Waziri was within his approval limit, he should be made to refund the said sum of N4.5 million to PTDF nevertheless as the project was outside the contemplation of Section 2 of the PTDF Act.
•That all the projects approved for the PTDF from 2003 till date should be verified and evaluated by the relevant Committees of the Senate, that is to say, Committee on Petroleum (Upstream) and Committee on Public Accounts, or alternatively by Ad-Hoc Committee for this purpose.
•That the relevant committees of the Senate should be alive to their oversight responsibilities over the PTDF.
•That Marine Float Accounts should be independently investigated by the relevant organs of government especially Independent Corrupt Practices Commission (ICPC) since the initial investigation by the EFCC had generated controversy.
•The taxes payable on the bill by Emmanuel Chambers should be recovered by the PTDF and paid over to the relevant Tax Authorities. The said Chambers should also itemise its bill.
•That all the accounts in the name of the PTDF within and outside Nigeria should be established by the Senate Committees on Petroleum (Upstream) and Public Accounts, or in the alternative, an Ad-Hoc Committee established for that purpose.
It further recommended that "The PTDF Act should be amended to: provide for a Governing Board/Board of Trustees; provide for the constitution of the Board which should reflect Federal Character; in view of the increase in bonuses, the funding of the PTDF should be streamlined by formalising the limits of bonuses payable to the Fund to either 25 percent of bonuses or $100 million per annum whichever is less; and statutory provision for audited accounts of the Fund".
The report added: "The management of Fund should be re-organised/restructured to enhance its capacity to deliver on its well-defined objectives and to insulate it from politics.
"The Agencies like the Central Bank of Nigeria, Ministry of Finance, Office of the Accountant General of the Federation, Department of Petroleum Resources and the Office of the Auditor General of the Federation that have direct bearing with the Fund should play their roles as expected to aid the Fund in meeting the objectives for which it was established.
"The PTDF Act when amended should include the Solid Minerals sector and should be renamed Petroleum Technology and Minerals Development Fund".
The Committee in arriving at the recommendations said it relied on its findings on such issues as placement of deposits with TIB, loans to Otunba Fasawe and the NDTV/PTDF link; placement of deposit with Equitorail Trust Bank, its relationship with the Vice President, Otunba Mike Adenuga and GLOBACOM; and additional approval of $20 million for PTDF in 2003, among others.
For instance on the issue of release of N20 billion and N10 billion to PTDF and the use of the same to fund third term agenda as alleged by the Vice President, the committee stated as follows: "On 10th May, 2006, the PTDF obtained Mr. President’s approval for the sum of N20 billion for the execution of the following projects: Final finishing touches to the upgrade of eight federal universities; the upgrade of Petroleum Training Institute to Federal University of Petroleum Engineering, Effurun, Warri; the procurement and supply of Laboratory Equipment Project to 102 Unity Schools and six Federal Polytechnics;
"The ICT Centres in 102 Unity Schools, 20 Colleges of Education and 24 universities; the National Technical Institute, Bonny, Rivers State; the Federal Polytechnic, Tugba, Bayelsa State and the Post Graduate Overseas Scholarship Scheme.
"From the submission of the PTDF, the Committee noted that on 13th September, 2006, the Accountant-General’s office authorised that N10 billion should be released to the PTDF.
"PTDF Management in their oral testimony confirmed that till date only N10 billion out of the required N20 billion has been released to the Fund. Therefore, the evidence before the Committee is that so far, only N10 billion of the approved funds were released to the PTDF".
According to the Comm-ittee, other facts included among others, "The information gap between the PTDF and the Accountant-General of the Federation regarding the inflows or out flows from the PTDF Reserve Account. That some of the accounts kept in the name of PTDF by the Accountant-General of the Federation were not known to the PTDF.
"The decision to restrict the funding of the PTDF to a limit of 25 percent of signature bonuses or $100 million per annum whichever is lower was done without legal backing.
"The supervision of the PTDF by the Executive has been grossly inadequate and this is compounded by the lack of the exercise of proper oversight responsibilities over the PTDF by the relevant Committees of the National Assembly particularly the Committees on Petroleum (Upstream) and Public Accounts.
"As a result of poor supervision, bogus and unrealisable projects were recommended and funds approved for them", and "Many of the projects for which monies were approved have not been implemented’".
The Committee said it looked at the Marine Float Accounts and found out that it was at best a second line beneficiary of the PTDF fund, adding that it noted that "contrary to arguments that no PTDF funds were lost in the various placements, the sums of N400 million loaned to NDTV, N420 million to MOFAS Shipping Company Limited, N730 million to NDTV and N300 million to Transvari Services Limited by TIB remained unrecovered.
"Though the loans have since been restructured with the acquisition of TIB by Spring Bank, Plc, the loans cannot however be recovered outside the restructured framework without endangering the financial health of the bank".
At a briefing yesterday, Senator Ndoma-Egba maintained that the Committee did not invite Atiku to appear before it, adding that it was the Vice President who insisted that he wanted to personally appear before the Committee.

Great News

[size=16pt]Atiku is scum[/size]

CAN OKRO GROW TALLER THAN HIS MASTER? atiku makes a very big silly mistake by ever trying to oppose his MAKER. Even George W. Bush can't forgive that if it was him,any man or woman trying to defend atiku is an enemy of our beloved country, Just have a look at the amount of money this people are mentioning while the masses suffer,This is demonic

I hope Orji Kalu has not run away as his best friend Atiku has been indicted, you people should watch him oooo lest he will escape.criminals all of them

I hope Orji Kalu has not run away as his best friend Atiku has been indicted, you people should watch him oooo lest he will escape.criminals all of them

[color=#000099

], It’s Hatchet Job, Says VP

[/color]

Vice President Atiku Abubakar yesterday reacted to the Senate Committee Report on PTDF that indicted him describing it as a partisan political hatchet job that will not stand the test of public scrutiny.
He called on the Senate to reject the report in the spirit of justice, fairness and equity.
But the Senior Special Assistant to the President on Media and Publicity, Mrs. Remi Oyo, last night thanked the committee for acknowledging that the project for which approvals were made were indeed laudable and for the benefit of the nation.
In a statement in Abuja by the Atiku Campaign Organi-sation, the Vice President said the conclusions of the Committee are inconsistent with the abundant evidence put at its disposal by himself and several witnesses who appeared before it and wondered "if the predominantly pro-third term members of the committee had yielded to pressures from a vindictive, do-or-die President."
The three critical issues, according to Atiku, are (i) Was the approval of the Federal Executive Council (FEC) needed for the placement of PTDF funds? (ii) Was any money lost in the investment of PTDF money in ETB and TIB? (iii) Was there any material link established between the Vice President and the PTDF funds?
“The evidence before the committee confirmed our position. As at December 2006, over N19 billion of PTDF money was invested in banks and there was no single evidence that FEC approval was secured for it.
"This is a confirmation that the investment in TIB and ETB did not require a FEC approval, the transactions passed through the Auditor-General’s office as required by law. The conclusion of the Committee therefore is inconsistent with the facts at its disposal.
“On the issue of whether PTDF money was diverted to the friends of the Vice President, the evidence of ETB, Springbank (which acquired TIB) and the Legal Consultant to the PTDF committee confirm our position that no PTDF was diverted to public use.
"The former Managing Director of TIB, Mr Amos Segun Adepoju in his submission said, 'in banking, loans are not generally matched to deposits. As such no loans were specifically granted from PTDF deposits. Deposits are placed in a pool called treasury from where credits are extended to customers'. He was also quoted as saying, 'In the course of processing and packaging these facilities, TIB (now SpringBank) accepts responsibilities for any lapses in the operational procedure. He however, was quick to add that there is no nexus between PTDF and the accounts to which facilities were advanced."
The Committee, according to Atiku, ignored the professional submissions of these people but opted for the evidence of one Mr Dumebi Kachikwu who admitted that he “was invited hereby by the EFCC as a witness to EFCC presentation”, that the loans have a relationship with the PTDF deposit without a single documentary evidence.
The Vice President said he was surprised that the committee left the avalanche of evidence he provided to exonerate himself and to clearly prove that it was President Obasanjo who had been looting the PTDF funds.
On the final issue of whether the investment in question was lost, the Vice President re-states his position that no money was lost in the transaction in spite of the false claims by EFCC and the Senate Committee.
“The managing director of Spring Bank, the bank that took over the TIB gave evidence that the fund is safe and that they have agreed to repay it. It is therefore surprising that the Committee will conclude, contrary to the evidence before it, that the money is lost.”
The conclusions of the Committee regarding President Olusegun Obasanjo, according to Atiku, "is the greatest evidence that the Committee is biased in its report."
He argued that in spite of the avalanche of evidence against his handling of the affairs of the PTDF, the committee merely recommended that the President should be advised to follow due process.
"It is intriguing that in spite of at least 10 cases of abuse of office by the President, the Committee feels it was merely a due process matter.
"It is equally strange that while PTDF officials confirm the position of the Vice President, that N20 billion PTDF money approved by the President in the heat of the obnoxious Third-Term Scheme, could not be traced, the Committee did not deem it as appropriate to sanction the President or investigate the allegations that the money was used for the Third –Term agenda.
"It is equally curious that the committee did not see anything wrong in the President approving the payment of a whopping N250 million to his personal lawyer and friend for the mere act of registering a company, which actual cost was not more than N23million.
"What further evidence did the committee need to realize that it was the President, his friends and cronies who had looted the PTDF?
“I call on the Senate to look closely at the Committee Report, identify its illogicalities, bias, and inconsistencies, and reject it in the interest of fairness, equity, and justice.
“We have been confident that in spite of the closeness of most members of the Committee to President Obasanjo and the fact that 10 of the 13 members are in the PDP which has developed Atiku-phobia, we have always thought the assignment will be handled with the greatest sense of responsibility and patriotism. Perhaps, we had carried our optimism of the members’ sense of fairness too far,” the statement concluded.
But speaking for Obasanjo, Senior Special Assistant to the President on Media and Publicity, Mrs. Remi Oyo, said: "The Presidency expresses gratitude to the committee for exercising its oversight function and the acknowledgement that the project for which the approvals were made, were indeed laudable and for the benefit of the nation.
"The said approvals for the African Science and Technology Institute, Abuja were actually for the use of the Gulf of Guinea Institute for Petroleum and Gas and that institute is for the sector; it is not only for the Gulf of Guinea, but also for our country.
"On the Petroleum Training Institute (PTI) as the name suggests, the institute falls within the ambit of development that the PTDF is expected to cater for; and we acknowledge that that action gave a wider interpretation to the law," Oyo concluded.

This better be true

I would love to see the fall of Atiku