@mo wapa

I am glad your last post on this was an "editorial". Methinks Obasanjo's biggest problem as usual
is running afoul of due constitutional processes. He is yet to be found wanting by either the EFCC
or the Senate Committee (two constitutionally recognized bodies in Nigeria) for mismanaging either
the PTDF funds or any funds for that matter or treating them like his personal checking account. Its
just as simple as that - its not an emotional question or that of fairness.

I ask again, why will you guys want to gloss over the VPs actions in the PTDF affairs and risk having
such a person with serious character question with respect to public funds as president? Why will the
framers of the constitution include indictment as a reason to disqualify a candidate from contesting if
they didn't think it was for the best interest of the nation?

I ask again, why will you guys want to gloss over the VPs actions in the PTDF affairs and risk having
such a person with serious character question with respect to public funds as president? Why will the
framers of the constitution include indictment as a reason to disqualify a candidate from contesting if
they didn't think it was for the best interest of the nation?

I bet it you will never find anyone to give you direct answers to your questions but rather they will come up with irrelevant answers that "OBJ did this OBJ did that"

donnymikky:

I bet it you will never find anyone to give you direct answers to your questions but rather they will come up with irrelevant answers that "OBJ did this OBJ did that"

The reason I do not have anything against Obj is that the guy will quit after may But this dude (atiku) after much stealing wants to become president

Lie Lie I Lie lie

Mba we no agree

The details of the Committee’s findings and recommendations:

Findings
A. placement of deposits with Trans International Bank (TIB), loans to Otunba Johnson” Oyewole Fashawe and the NDTV JPTDF link.
The Committee found as facts that:
1. On 16th July, 2003, an account was opened with TIB by PTDF.

2. On July 16, 2003 the sum of USD10 million was placed by PTDF with Trans International Bank PIc (TIB).
3. On December 24, 2003, the sum of USD20 million was placed by P1DF with Trans International Bank PIc.
4. On 20th October, 2003, TIB advanced a loan of N400 million to NDTV, a business concern promoted by Otunba Fashawe.
5. On 22nd October, TIB advanced a loan of N420 million to Mofas Shipping Company Limited, another company promoted by Otunba Fashawe.
6. On October 23, 2003, TIB advanced a loan of N300 million to Transvari Services Limited, a business concern promoted by Ahmed Vanderpuye, a business associate of Otunba Fashawe and his partner in NDTV.

7. In January 2004, after the deposit of $20 million with TIB, the bank advanced another loan of N730 million to NDTV.
8. The said Otunba Fashawe , on the Vice President’s admission, is a close friend of the Vice President
9. Though the Vice President denied any business relationship with Otunba Fashawe on NDTV, the preponderance of the evidence is to the contrary.
10. The Vice President admitted lending N30 million to Otunba Fashawe for the payment of the deposit for the lease of the NDTV Headquarters situated at plot 555 Adetokunbo Ademola Crescent, Wuse II, Abuja.

11. The letter of Congressman, William Jefferson, suggests the possible use of PTDF funds for the purpose of NDlV / i-Gate transaction.
12. The evidence of Dumebi Kachikwu was direct and credible to establish: a. the Vice President’s connection with NDTV; b. the use of PfDF funds to finance the NDlV / i-Gate deal.

13. The loans to NDTV, Mofas Shipping Co. Ltd. and Transvari Services Ltd were irregular, poorly documented and uncollateralised and this was confirmed by the Managing Director of Spring Bank Plc., that acquired TIB under the bank consolidation programme, Mr. Michael Uchenna Chukwu in his oral testimony before the Committee.

14. The Special Adviser to the President on Petroleum and Energy, Alhaji Rilwanu Lukman, had in a memo dated April 10 2003, sought the Federal Executive Council’s approval for the sum of USD125 million for the implementation of specific projects listed in the said memorandum. This memo which was routed through the Vice President who at the time had a supervisory responsibility over PTDF was approved on 25th April, 2003.

15. On October 14, 2003, the then Executive Secretary of the PTDF, Hamisu Abubakar, sought the approval of the Vice President for another USD20 million without the knowledge of the Presidential Adviser on Petroleum and Energy, Alhaji Rilwanu Lukman. This was approved without reference to the Federal Executive Council and no documented input of the President or Alhaji Lukman.

16. The then Executive Secretary of PTDF, Hamisu Abubakar, had justified his request for the additional USD20 million thus:
“In the course of the execution of the project, we observed the need to achieve uniformity and complete spread of the projects, also the projects have some linkages with existing programmes of the institutions. Therefore, it has become expedient to ensure that the projects are executed as scheduled. These needs have consequently exposed some funding gaps which have to be filled through an urgent supplementary release.”

17. The earlier USD125 million and subsequent USD20 million rather than being used for the approved projects were largely invested through placements with Equatorial Trust Bank PIc and Trans International Bank PIc.

18. There is a curious coincidence between each respective placement by PTDF with TIB and loans from TIB to NDTV, Mofas Shipping Co. Ltd and Transvari Services Ltd which Otunba Johnson Oyewole Fashawe has substantial interest either directly or through his Associate, Ahmed Vanderpuye.
19. This coincidence corroborates the claim of Congressman William Jefferson in his letter aforementioned and the evidence of Dumebi Kachikwu that PTDF funds were used to finance the NDTV / i-Gate deal.

20. Other than PTDF funds aforementioned, there was no evidence that anyone else invested any money in the NDTV / i-Gate transaction.
21. No satisfactory answers were given regarding the status of the PTDF projects for which the funds were released in the first place.
22. The approval of the Federal Executive Council in respect of the USD125 million was “for the implementation of the Fund’s projects as outlined in prayer 7 above and for the overall sustenance of the Fund.”

23. The placement in TIB for the purpose of financing the NDTV / i-Gate deal, a purely private transaction as against the putative purposes for which the funds were released in the first place amount to misappropriation of public funds and abuse of public trust by the Vice President, Alhaji Atiku Abubakar and the then Executive Secretary of the PTDF Hamisu Abubakar.

B. Placement of deposit with Equatorial Trust Bank (ETB,) it’s relationship with the Vice President, His Excellency, Alhaji Atiku Abubakar, Otunba Mike Adenuga and Globacom

The PTDF started its banking relationship with ETB in 2002 with the transfer of USD50 million from its account with UBA PIc New York to Equatorial Trust Bank. On April 10, 2003, the PTDF received approval for $125 million for the execution of specific projects and programmes as earlier mentioned.
On 17th July 2003, ETB received the sum of USD62, 100,000 from PTDF as further deposit. On 26th August 2003, ETB received the sum of U5D52,900,000 from PTDF as further deposit. Both latter payments totalling USDl15 million went into the PTDF domici1iairy account with ETB.

On 20th August, 2003, on the instructions of the PTDF, ETB purchased the total sum of USD100m at the rate of N128 to the Dollar which was the Central Bank’s rate at the time. The purchased funds were placed at different times with different maturities. By this arrangement, USD15 million was left in the domiciliary account of PTDF on its instructions.

These various sums have since been repaid by ETB to the PTDF with accrued interest.
There was no evidence before the Committee of any lending relationship between ETB and Globacom and neither did the Committee find any link between the PTDF and Marine Float Limited account.

The Committee also established that Mike Otunba Adenuga is only a shareholder of ETB and the Committee could not establish any link between PTDF and himself. The evidence before the Committee was to the effect that Otunba Adenuga was never the Chairman of ETB.

C. Additional approval of $20 million for PTDF in 2003
On 10th April, 2003, the Presidential Adviser on Petroleum and Energy, Alhaji Rilwan Lukman, wrote through the Vice President to the President, Federal Republic of Nigeria, requesting for the sum of $125 million to implement the following PTDF projects:

1. Capital expenditure on Phase II of upgrading the facilities and infrastructure of the Petroleum Training Institute, Effurun;
2. The establishment of Offshore Technology Development Centres (OTDCs) for training of manpower for off-shore petroleum activities;
3. The strengthening and expansion of on-going programs for the universities; provision of quality laboratory and library facilities in petroleum technology related areas, with special attention to basic and applied research on petroleum technology.

4. Establishment of a Central National Petroleum Laboratory for inter-university and industry collaboration, expertise enrichment, and information flow, with a comprehensive network of on-line inter-library system.

5. Establishment of a National Geodata Base, in line with current practice in all oil exporting countries, to be a national repository and storage facility for all oil exploration and production data for easy retrieval, analysis and utilisation.

6. Indigenous capacity building to enable Nigerians engage themselves in the gas sub-sector and preserve and protect our long-term national interests in the West African and Tran-Saharan Gas Pipeline projects.

7. Commencement of feasibility studies and Need Analysis on the establishment of the College of Petroleum Studies, Kaduna.
8. Indigenous capacity building in solid minerals development in line with the statutory schedule of activities added to the PIDF in its draft amendment law now before the National Assembly.

It is a fact that the USD125 million was not utilised for the execution of any of the projects mentioned above.
On 14th October 2003, the then Executive Secretary of PTDF, Yusuf Hamisu Abubakar, requested for the sum of $20 million for the reason stated hereunder: (repeated for emphasis).

“In the course of the execution of the project, we observed the need to achieve uniformity and complete spread of the projects, also the projects have some linkages with existing programmes of the institutions. Therefore, it has become expedient to ensure that the projects are executed as scheduled. These needs have consequently exposed some funding gaps which have to be filled through an urgent supplementary release.”.

It is also a fact that the $20 million when released to PTDF was placed in TIB and given out as loans which could not be recovered. It was not used for any projects.
The Committee finds as uncalled for, and indeed flagrant this request for additional $20 million and the subsequent approval given by the Vice President His Excellency, Alhaji Atiku Abubakar especially when the USD 125million earlier approved for specific projects was still not utilised. The transaction was not conceived in the public interest or in the interest of the PIDF and the Committee so finds.

D. Placement of funds:
The Committee noted that the Fund was mostly operated like an investment organisation without recourse to its enabling law. This has accounted for the management of the PIDF not being focussed on prompt implementation of its programmes and projects. The urge to place funds in some banks which had no solid financial base led to huge sums being trapped in distressed banks like the City Express Bank and Trade Bank where NI00 million and N560 million respectively were lost.”

It is also noteworthy that in most cases, placements of funds were made without compliance with Section 9 of the Finance (Control & Management) Act which states that “the consolidated revenue fund and any other public fund of the Federation subject to any express provisions of law regulating any such fund, may in part consist of deposits with a bank, or with joint consolidated Fund, either at call or subject to notice not exceeding six months, or of any investments in which a trustee in Nigeria may lawfully invest trust funds, and the disposition of moneys of the Consolidated Revenue Fund or of ‘such other public fund (subject as aforesaid) for any such purpose shall need no legislative authority other than that contained in this section and may be made by the Accountant-General of the State Agents or Oversea Governments and Administration in accordance with specific instructions issued by the Minister.”

The issue of funds placement is not whether or not funds were lost as is being argued, but whether or not the funds were utilised for the purpose for which they were meant in the first place. It is clear that the funds were not utilised for the purposes for which they were approved.

E. PTDF projects in 2006
In 2006, a number of projects were embarked upon by the Fund. The Committee in the course of its work was urged to give a liberal interpretation of the objectives of the Fund as provided for in Section 2 of the Fund’s enabling Act. The Committee, however, finds that laudable as some of the projects may be, they fall outside the purview and contemplation of Section 2 of the Act, no matter how liberally construed.

The Federal Executive Council (FEC) retroactively approved/ratified these projects long after commitments had been made on them.
The Committee finds that FEC’s approval no matter how well intentioned cannot legitimise an action that had no legal basis in the first place.
Section 2 of the PTDF Act provides as follows: “The fund shall be available for the purpose of training Nigerians to qualify as graduates, professionals, technicians and craftsmen, in the fields of engineering, geology, science and management in the petroleum industry in Nigeria or abroad, and in particular, and without prejudice to the generality of the foregoing, the fund shall be utilised as follows:

a) to provide scholarships and bursaries, wholly or partially in universities, colleges, institutions, and in petroleum undertakings in Nigeria or abroad; b) to maintain, supplement, or subsidise such training or education mentioned above; c) to make suitable endowments to faculties in Nigerian universities, colleges, or institutions approved by the Minister; d) to make available suitable books and training equipment in the institutions aforesaid; e) for sponsoring regular or as necessary visits to oilfields, refineries, petrochemical plants, and for arranging any necessary attachments of personnel to establishments connected with the development of the petroleum industry, and for financing of and participation in seminars and conferences which are connected with the petroleum industry in Nigeria or abroad.

The projects commenced by the PTDF in 2006 included:
1.Establishment of African Institute of Science and Technology (AIST) In the FCT.
The Committee noted from the submissions made that the total component of the institute would involve the establishment of a technology village designed to be the hub for the managerial training of the Oil and Gas personnel for the Gulf of Guinea. The contribution of PTDF in the establishment of the institute was $25 million.
Laudable as this project may seem, it is not envisaged by Section 2 of the enabling Act. Furthermore, to spend USD25 million on an institution that has no legislation to support it especially when the approval of the National Assembly is not sought is flagrant, to say the least.

2. Incorporation of Galaxy Backbone Plc.
As submitted by the PTDF, Galaxy Backbone PIc was conceived as a result of Mr. President’s concern about the haphazard and uncoordinated ways various Ministries, Departments, Agencies and the Private Sector continued to invest in core ICT infrastructure leading to duplication, lack of synergy and colossal wastage.

Consequently, His Excellency, the President, Chief Olusegun Obasanjo, GCFR inaugurated a Presidential Committee on ICT infrastructure Harmonisation which was mandated to carry out an inventory of existing infrastructure in relation to COJA, CHOGM, NAN Networks, PS NET as well as the ICT network currently operated by Jigawa State Government, with a view to proposing a plan for the integration of these infrastructure into a national backbone which was christened National Information and Communication Technology Infrastructure Backbone (NICTIB)

This gave birth to what is now called Galaxy Backbone PIc which is designed to create the required infrastructure for the attainment of digital inclusion for all by providing connectivity and internet services to all rural and under-served communities in the country.

The PTDF had spent the following sums on the project, consisting of: i) USD5 million paid up capital converted to Naira for that purpose; ii) USDI0 million for setting up the company and its offshore requirements for which letters of credit are to be opened; ii) N25 million as company’s running cost and iv) N250 million for legal services.

Commendable as this project may be, it falls outside the scope of Section 2 of the enabling Act
2.1 the legal bill - Emmanuel Chambers
The Committee noted that Emmanuel Chambers, owned by foremost Nigerian lawyer, Chief Afe Babalola, OFR, CON, SAN was retained to incorporate Galaxy Backbone PIc. The said Chambers subsequently submitted a bill of N300 million for its services for which Mr. President, Chief Olusegun Obasanjo approved N250 million. The PTDF in its submission to the Committee and its oral testimony averred that the said bill covered services other than the incorporation of Galaxy Backbone PIc.

Chief Babalola (SAN) in his submission to the Committee stated that his brief included the following: i) Legal advice on incorporation of Galaxy Backbone Plc; ii) Preparation of incorporation papers of Galaxy Backbone Plc; iii) Liaising with Ministries of Finance, Science and Technology, News Agency of Nigeria and Accountant-General’s Office for the purposes of incorporating Galaxy Backbone Plc; iv) Registration of Galaxy Backbone Plc; v) Merger of existing ICT outfits in Nigeria; vi) Handling of the Legal aspect of issuance of 41% shares of Galaxy Backbone to the public; vii) Fulfilment of legal requirements to incorporate all existing ICTs in the country; viii) Acting as retainer to the PTDF on legal matters.

While the Committee finds that the bill may have been justifiable given the scope of work, and the calibre of the lawyer involved, it however notes: i) that the bill was not itemised; ii) that the brief to Chief Babalola had different milestones which were achievable at different times. Consequently, settling the entire bill all at once before all the milestones have been achieved amounted more or less to paying in full upfront, the approval of the President, Chief Olusegun Obasanjo not withstanding; iii) there was no evidence that VAT/Withholding tax or other relevant taxes were paid on the bill; iv) That PTDF was paying for a service that was outside its mandate.
3. Purchase of computers for civil servants under the Computer for All Nigerians Initiative (CANI)

On 6th July, 2006 Mr. President launched the Computer for All Nigerians Initiative (CANI) Scheme, a Federal Government assisted Personal Computer (PC) ownership social programme designed to assist individuals to purchase PCs and Laptops at discounted prices under affordable and convenient repayment plan. This scheme is being promoted by the Federal Ministry of Science and Technology (FMST) and the National Information Technology Development Agency (NITDA).

Following the launching of the Scheme which has as its objective, to increase PC penetration at homes, build a computer literate workforce and stimulate the development of vibrant PC hardware and software in Nigeria, the FMST recommended that the entire Public Service be encouraged to be computer literate by owning their own PCs and desk tops to be purchased by the Federal Government and sold to them at a subsidised rates. The Ministry therefore sought and obtained the approval of FEC to purchase various types of computers worth USD10 million for that purpose. The computers are to be distributed to Civil servants at subsidized rate of about N20,000 per PC which is to be deducted monthly from their salaries along with N4,OOO administrative cost.

To realise the above stated initiative the PTDF was directed to release the sum of USD10 million to the Federal Ministry of Science and Technology as a revolving loan payable by the benefitting civil servants which is to be eventually refunded to PTDF.

The Committee finds this project outside the intendment of Section 2 of PTDF enabling Act. Furthermore, the Committee cannot bring this project under the powers of the Fund to invest its monies because a revolving loan for computers that are already subsidized cannot in the view of the Committee amount to an investment.

4. Supply of ‘Skill G’ Science and Technology equipment to secondary and technical colleges/ polytechnics
The Honourable Minister of Education had sought and obtained the Federal Executive Council’s approval which was conveyed to PTDF to intervene in the sum of N2.514 billion for the supply of ‘Skill G’ Science and Technology equipment to Federal Unity Schools, Technical Colleges of Education and Federal Polytechnics. The Committee finds the intervention of the PTDF in the project as falling within its mandate.

5. Progress report on Obasanjo administration and photographs for State House Library
This project was initiated to bring out a publication on the achievements of the Obasanjo Administration in an itemised and reader friendly style. The sum of N4.5 million was approved for it by the Executive Secretary, Adamu Maina Waziri.
The Committee finds the expenditure on this project as unnecessary since it does not fall within, by any stretch of interpretation, the PTDF mandate.

6. Purchase of vehicles for common pool
The immediate past Executive Secretary of the Fund, Alhaji Adamu Maina Waziri made a request for the purchase of vehicles for the pool and projects monitoring. A total of N37, 494,036 was approved. The vehicles purchased were: One Peugeot 407 saloon, one Toyota Hilux pick up, 6 nos Toyota Corrolla 1.8 Gli
The Committee finds that the purchases are regular especially as all necessary clarifications and approvals were sought and obtained before the purchases having established the need for the vehicles.

7. Contracts for the rehabilitation of PTDF headquarters
The immediate past Executive Secretary, Alhaji Adamu Maina Waziri also carried out a renovation work in the PfDF Headquarters. This included the installation of a lift, main building renovation, installation of a 350 KV A generator, and the supply and installation of 500 KV A transformer.
The project was approved by the President, Chief Olusegun Obasanjo and subjected to due process though due process certification was yet to be received. The Committee was not in a position to confirm whether or not the contract was inflated. There will be need for the project to be verified and evaluated.

8. Note purchase agreement between UBA and other banks and PTDF
This agreement is otherwise known as the Pioneer Consumer Car Purchase Scheme for Public Officers. The agreement is an interest yielding investment. Under this agreement, the agencies involved are required to invest various amounts which are backed by promissory notes with a yield of 7% per annum., In this project the PTDF invested N2.4 billion. The Committee finds that the Fund under its enabling Act can invest its funds as spelt out in 1 (c) thus: “any sums from time to time freely donated or accruing to the government or the fund for the training and education of Nigerians in the petroleum industry as the said Minister may direct and moneys in the said fund together with interest (if any) payable in respect thereof shall be applied for the purposes specified in section 2 of this Act.”
The Act does not limit it to specific investments. The Committee consequently finds this investment regular.

9. Defence Industry Corporation (DICON) rehabilitation account
Within the context of using existing human resources development facilities in Nigeria for an expanded manpower programme in the oil and gas industry the Federal Executive Council approved the sum of N1 billion to use DICON’s facility for the training of welders in the oil and gas industry.
The initiative to build indigenous capacities and capabilities towards the attainment of government’s local content objectives falls within the mandate of the PTDF. The Committee finds this project within PTDF mandate and therefore regular.

G. Irregular approvals
By and large, it is pertinent to state that some of the approvals by Mr. President in 2006 and later ratification by the Federal Executive Council, for the release of PTDF funds were done in disregard of PTDF’s enabling Act.

These include: 1 a) Establishment of African Institute of Science and Technology in the Federal Capital Territory (FCT); b) Incorporation of Galaxy Backbone Pic; c) Purchase of Computers for Civil Servants under the computer for all Nigerian initiative; and 2 Progress report on Obasanjo Administration and Photographs for State House Library, approved by the then Executive Secretary, Alhaji Adamu Maina Waziri.

Apparently because the Fund is a special purpose Fund for which by virtue of section 80 (4) of the Constitution, 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 the Fund to the detriment of its core objectives. Training for the oil and gas sector appears to have been relegated to the background as against unrelated projects for which there may have been appropriation elsewhere.

The fortunes of the Fund did not appear to have improved from when its supervision moved from the Vice President to the President.
H. Issue of release of N20 billion And NI0 billion to PTDF and the use of same to fund third term agenda as alleged by the Vice President, Alhaji Atiku Abubakar
On 10th May 2006, the PTDF obtained Mr. President’s approval for the sum of N20 billion for the execution of the following projects: i) Final finishing touches to the Upgrade of 8 nos Federal Universities; ii) The Upgrade of Petroleum Training Institute to Federal University of Petroleum Engineering, Effurun, Warri; iii) The procurement and supply of Laboratory Equipment Project to 102 Unity Schools and 6 Federal Polytechnics; iv) The ICT Centres in 102 Unity Schools, 20 colleges of Education and 24 Universities; v) The National Technical Institute, Bonny, Rivers State; vi) The Federal Polytechnic, Tugba, Bayelsa State; vii) 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 the sum of NI0 billion should be released to the PTDF .

PTDF Management in their oral testimony confirmed that till date only NI0 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.

J. other facts
Additional facts obtained during the public hearings also indicated the structural weakness of the PTDF as an institution. Notable among them are:
1. The information gap between the PTDF and the Accountant-General of the Federation regarding the inflows or out flows from the PTDF Reserve Account. 2. Some of the accounts kept in the name of PTDF by the Accountant-General of the Federation were not known to the PTDF. 3. The decision to restrict the funding of the PTDF to a limit of 25% of signature bonuses or $100 million per annum whichever is lower was done without legal backing.

2. 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 (Downstream) and Public Accounts.
3. As a result of poor supervision, bogus and unrealizable projects were recommended and funds approved for them.
4. Many of the projects for which monies were approved have not been implemented.

5. The increase in approval limits of the Executive Secretary of the PTDF from N700,000 to N10 million was not in accordance with extant financial regulations.
6. Hussein Jalo, a former Executive Secretary of the PfDF from July 2005 to November, 2005 is under investigation by EPCC and the sum of N49 million and 6 nos vehicles have so far been recovered from him.

Given the time frame for its assignment, funding and logistics constraints, the Committee was unable to verify any of the projects approved for the PTDF.
The Committee also considered the Marine Float Limited Accounts which has generated a lot of public interest to be outside its Terms of Reference as no PTDF funds were traced directly to the said account. It was at best a second line beneficiary of the PTDF funds.

The Committee notes that contrary to arguments that no PTDF funds were lost in the various placements, the sums of N400 million loaned to NDTV, N420million to Mofas Shipping Company Limited, N730 million to NDTV and N300 million to Transvari Services Limited by TIB remain unrecovered. Though the loans have since been restructured with the acquisition of TIB by Spring Bank PIc., the loans cannot however be recovered outside the restructured framework without endangering the financial health of the bank.

Recommendations

The Committee recommends as follows:
i) That Otunba Johnson Oyewole Fashawe 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.

ii) 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.

iii)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.
iv) That Hussein 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.

v) That His Excellency, AIhaji 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

vii) In respect of some projects commenced by PTDF in 2006, particularly the a) Establishment of African Institute of Science and Technology in the Federal Capital Territory (FCT); b) Incorporation of Galaxy Backbone Plc and c) 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 Federal Executive Council, laudable as they may seem, were outside the mandate of the PTDFas 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 Federal Executive Council may mitigate this breach of the law, it however does not absolve the President and the Federal Executive Council.
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 Committee further recommends:

vii) 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, Alliaji 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.

viii) 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, a) Committee on Petroleum (Upstream) and

b) Committee on Public Accounts, or alternatively by c) Ad Hoc Committee for this purpose ix) That the relevant Committees of the Senate should be alive to their oversight responsibilities over the PTDF. x.) 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; xi) 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.
xii) 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.

xiii) That the Petroleum Technology Development Fund Act should be amended to a) provide for a Governing Board/ Board of Trustees b) provide for the constitution of the Board which should reflect Federal Character c) 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% of bonuses or $100 million per annum whichever is less. d) Statutory provision for audited accounts of the Fund.

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.

Atiku is every evil that has name on it. Deceitful, dangerous, treacherous and evil. He is so evil that he is always looking for loopholes in having his ways.
The critical issues he is linking the committee's report to is one of his ways of evading the true matter. Whereas the critical issue is that he actually diverted the funds even though approval of FEC is not needed, he use that loopholes to divert PTDF fund.
For God sake, we dont need any more proof, EFCC indicted him, Administrative Panel did the same thing, and now Senate Committee. Were all this people working for OBJ again? And I am sick and tired of linking every adverse matters against him to 3rd term, this is burried by the Senate long time ago.
Has anyone noticed that it was only Atiku that keep exposing all the secret of OBJ in the pages of newspapers? Has anyone hear OBJ telling Nigerians that Atiku bought a car for his girfriend? No, it was only Atiku. Has anyone hear OBJ telling Nigerians in the pages of Newspaper that Atiku business is all over the country, no, it was only Atiku. Does that mean Atiku has never bought a car for Girlfriend or has business in Nigeria that OBJ did not known about? Tell me where OBJ exposed private secret of Atiku, none is the answer.
OBJ indeed has other corrupt activities of Atiku, but decided to take on this because there is enough proof, and he knew quite well that Atiku is very slippery and can evade himself from any matters, otherwise, he has other dirty deals that he is involved in. Even though I am not close to Aso Rock, I hear of Atiku's corrupt practices during the COJA 2003 games, but, there is no enough proof.
The truth of the matter is, three body has indicted him, and we should consider that as enough as proof. Any contrary to this indictment is a diversionary tactics. Let us call a spade a spade.

Atiku's most prominent girl friend, is know by all and sundry in this country,maybe only few don't know,Genevieve Nnaji was his mistress to the point that he buy her a house and a jeep,his wife got to know about it and lo all hell let lose,but for his presidential campaign everything was resolved amicably,and genevieve stop seeing him, at least she has gotten her part of the national Cake?

the joy soap contract Genevieve did was from Atiku. So what am saying is that they all have bought more than cars to their numerous girl friends. Am man who can not even resist the beauty of a girl Genevieve young enough to be her daughter, he want to rule us, I Ask is he Crazyyyyyyyyyyyyyyyyyyyyyyy

The only nigeria who refuses to acknowledge the fact that Atiku is politically dead is ATIKU himself.

What more proofs do we need guy? let's crucify him.

Echidime haba what has his personal life got to do with the political aspiration?  ATIKU is corrupt and must be stopped from ever holding a public office in Nigeria.  it's only a matter of time before he run away like his friends ADENUGA and CO.

The issue now is when will he be prosecuted, EFCC now has the option to go after him in full force and RIBADU should not hessitate to apprehend this man.  How do this people continue to defraud our nation and still come out and want to lead us? what a shameless act.

In a civilised country, the likes of Atiku would by now be hiding their heads in that hefty babariga of his, pleading for forgiveness from the Nigerian people for his recalcitrance, greed and misdeeds. Instead he gets airtime and fills our newspapers with invectives and one misrepresentation after another.

It is only in a country like Nigeria that nonsense like this can happen, and even be celebrated.

MamaJama, his personal life has something to do with it ooooo cos he is still denying never ever spend a kobo on anybody and anywhere. Anywhere he is already a dead man I will visit Nigeria during April Poll to cast my one vote which is my birht right a Nigerian.

How I wish Nigeria can conduct elections like America where every citizen living abroad will go to the Embassy and cast his or her vote then it will be send back home, People like us have to come home to exercise our right.

Atiku and Orji Kalu My own Governor,are the next occupants of Nigerian Prison houses in the next three month

IS in a situation like this I love ABACHA and Al Mustapha, they will suck Atiku's and Orji uzo Kalu's Blood dry till they becomes like stockfish, Nigerian don't you think that AL MUSTAPHA should be release and made a member of the EFCC to assit Ribadu, both men will go to the extent of Prosecuting IBB and OBJ what do you think? IBB has own GULF WAR OIL MONEY EFCC SHOULD CATCH HIM.

One thing is funny here OBJ thinks he is free from EFCC wait till he step down,EFCC are only giving him presidential RESPECT. HE DON'T KNOW

Where all those Students in Cyprus who are still eating the money Atiku gave them, they wont come out now if for any reason the senate refuse this report they will come here abusing people and typing crap.

How can they come out a typr crap, they are all in the run now,in fact EFCC is like CAT the hear the smell of the RAT and kill it for his food. They all know that.CAn you imagine. $145 Million, NNAAAA mennnnn this people don kill Ogbodo Nigeria

Atiku is every evil that has name on it. Deceitful, dangerous, treacherous and evil. He is so evil that he is always looking for loopholes in having his ways.
The critical issues he is linking the committee's report to is one of his ways of evading the true matter. Whereas the critical issue is that he actually diverted the funds even though approval of FEC is not needed, he use that loopholes to divert PTDF fund.
For God sake, we don't need any more proof, EFCC indicted him, Administrative Panel did the same thing, and now Senate Committee. Were all this people working for OBJ again? And I am sick and tired of linking every adverse matters against him to 3rd term, this is burried by the Senate long time ago.
Has anyone noticed that it was only Atiku that keep exposing all the secret of OBJ in the pages of newspapers? Has anyone hear OBJ telling Nigerians that Atiku bought a car for his girfriend? No, it was only Atiku. Has anyone hear OBJ telling Nigerians in the pages of Newspaper that Atiku business is all over the country, no, it was only Atiku. Does that mean Atiku has never bought a car for Girlfriend or has business in Nigeria that OBJ did not known about? Tell me where OBJ exposed private secret of Atiku, none is the answer.
OBJ indeed has other corrupt activities of Atiku, but decided to take on this because there is enough proof, and he knew quite well that Atiku is very slippery and can evade himself from any matters, otherwise, he has other dirty deals that he is involved in. Even though I am not close to Aso Rock, I hear of Atiku's corrupt practices during the COJA 2003 games, but, there is no enough proof.
The truth of the matter is, three body has indicted him, and we should consider that as enough as proof. Any contrary to this indictment is a diversionary tactics. Let us call a spade a spade.

Will the corrupt people of this country who always cry loudest accept this fact? As for me, I have kept a sealed lips on this matter. Now that they have failed in their bid to foist IBB on us, they have carried their support to another 'Evil Genius' who will back out of the path of National development we are threading. Atiku's time is up, and he must go to jail.

The report is out, let us see what the senate does with it, I hope it will not go under the carpet the same way the Idris Kuta report went.

I believe Atiku is guilty, the evidence indicates so, Obj is reprimanded along with the FEC for acting outside the bounds of the PTDF act.


let us watch the events unfold.

.

Crude Oil:

I was not supprised that Atiku was indicted.They said Obasanjo misapplied the funds,while atiku misappropriated the funds.They also said that Atiku should be sanctioned,while OBj be warned.


The chairman of that commitee(victor Ndoma)was bribed by OBJ.There was a report that they were caught behind closed doors with the president.

These bastards be Impeached.

Conspiracy theorists, if it was the other way round it becomes victory for democracy

anything that doesn't favour Atiku is Obj rigged, he wins court cases its victory for democracy

he presented evidence at this panel, so he had a chance to defend himself, so did EFCC and other witnesses so I await what other excuse he will give this time. before it was lack of fair hearing, now he has been heard and found guilty.

excuses v. 2.0 is coming out soon!

I heard Atiku was campaigning in Abeokuta Yesterday when he got the news of his indicted by the ALMIGHTY SENETE and immediately the guy run back to his house what a funny story. IKEBE SUPER MAGAZINE should use him for their cartoon stories, while our Mighty NOLLYWOOD use his to make more money for themselves. I trust Pete Edochie, Kanaya O kanaya,Justice Esiri,Clem Ohameze,Alex Ufo for that, they should give the Nigerian population a amazing intruing saga film on on A-THIEF Abubakar and associate.

Infact ETB AND TIBn these two BAnks should be frozen up immediately and their depoiste with the Central Bank of Nigeria confiscated to in that way other BANKS will learn their lessons never to steal our OIL money again. While A-thief MUST pay back all the $145 million he abused while in Office. WHAT nonsence!!!!!

Where are all the people supporting ATIKU AND MIKE ADENUGA now. I said if before ADENUGA was a cover face for all this criminal politicians. now we are getting the true story. if OBJ can prevent ATIKU and other corrupt politicians from contesting election, that will be beneficial to Nigerians.

mamajama The report exonerates Adenuga, it says there was no connection between the PTDF money and the license fee payment

so don't rubbish the man's name because you don't like him

I will personally not be suprised to see the Senate trash out that report. They have turned the NASS into a battle field for Atiku and OBJ. Instead of treating issues they will once again divide themslves along Pro/Anti third term lines or along the lines of those who lost re-election in their constitutency under PDP and those who won.
This debate is a matter of National Interest and should be devoid of sentiments, propaganda and emotion. I hope the proclamation by Ken Nnamani will send a message to them.

Atiku went to the senate to prove his Innocence,while OBJ was using his hopeless aides to tell us stories.Atiku would throw another bombshell tommorrow.


Lets watch OUT!!!!!!!!

@ McKren I hope so oh, but people will use this issue to settle personal scores against either Obj or Atiku, I really hope they can cast aside sentiments

@ crude oil there is no more bombshell, his case is settled if the senate accepts the report. bombshell time has passed.

You call yourself CRUDE OIL is evident that you and A-thief were sharing that money,listen for your information Atiku's Bomb basket is finish is now empty, so stop dreaming of your master atiku throwing another bomb tomorrow cos there aren't any more bomb to through

.

i think atiku is the best cos he knows what his doing

G-O-S-H, I've been offline all day.

What's up today? Any new developement at the Senate?

Fire me guys!!!

Where are the boys that assasinated Murtala Mohammed, there's an urgent job to be done.

Any in the house
I'll give 50,000 Naira if Atiku is crippled
100,000 Naira if he is shot in The Legs
500,000 Nira if in the Head
10,000,000 if in the heart/Eyes/Neck

All payments will be made in full, I can pay in Dollars or Euro's if that's what you prefer

Get the Job done Sha

Hee hee Hee

Dblock are you serious? Whats the prove you can pay such amount? I smell a rat here,seems Atiku gave you some PTDF fund now the EFCC,FEC,and the Senate are after him he too is after all of you that misadvice him,so that Why you want him dead,No way for me Echidime ATIKU MUST live he has the right to be alive ok. You havez a skeleton in your capboard .

You can pay 10,000.000 Euro or Dollars if Atiku is dead! I think EFCC should catch you and prosecute you too.

Or what do my friends in the house think?

No Atiku, no election, AC warns

Posted to the Web: Thursday, March 01, 2007



ABUJA—The Action Congress (AC) has warned that any attempt by INEC, acting under orders from the presidency to illegally bar its presidential candidate, Vice President Atiku Abubakar, from contesting April’s elections may put the polls in jeopardy.

''We are compelled, in view of the dangerous, illegal and unconstitutional ban being planned by INEC, to warn that there would be no elections in April without Atiku Abubakar,” the party said in a statement issued in Abuja yesterday by its National Publicity Secretary, Alhaji Lai Mohammed.

''This is not just the resolution of our party, the Action Congress, but that of millions of Nigerians, who desire a free, fair and credible elections and the creation of a level playing field for all candidates,” it added.

AC lambasted INEC Chairman Maurice Iwu, whom it termed a puppet and a man without courage, of seeking to plunge Nigerian into a deep crisis by dancing to the tunes of the anarchists, who would do everything to truncate the forthcoming polls so they could realize their objective of self-perpetuation in office.

''If Iwu had had any sense of history or propriety, he would have been treading carefully and be well above manipulation in carrying out his duties of organizing an election that will not only be acceptable to the Nigerian people but also to the entire world,” it said.

“However, in case Iwu chooses to behave like the proverbial dog that was bound for doom hence has ignored the hunter’s calls, we hasten to say that our presidential candidate cannot be disqualified.

“If the INEC boss is relying on the Constitution, as he was quoted to have said, then he has definitely read the constitution wrongly,” the party. added.

PTDF report divides Senate
By Emmanuel Aziken, Tordue Salem, Ben Agande & Dayo Johnson
Posted to the Web: Thursday, March 01, 2007




*May move against Obasanjo, Atiku

ABUJA— THE Senate, yesterday, commenced deliberations on the report of its ad-hoc committee on the Petroleum Technology DevelVictor Ndoma-Egba (SAN), chairman of the Senate ad-hoc committee on the PTDF, had presented the report where he listed the findings and recommendations of the Committee which found the Vice-President culpable of abuse of office in the management of the affairs of the PTDF.

Following his submission, Senator Titus Olupitan upon order 102 (1)(g) of the Senate rules had prevailed on the Senate to consider his own dissenting report. Ruling in his favour, Chief Nnamani then asked Senator Ndoma-Egba to read out Olupitan’s dissenting report in which he expressed reservations about the deliberations of the ad-hoc committee and concluded that the work of the committee should have been put on hold following the rulings by the Lagos High Court annulling the report of the Economic and Financial Crimes Commission (EFCC) on the issue.
After reading through the dissenting report, Senator Ndoma-Egba concluded by saying that he disagreed with what it contained.

What they said

Jonathan Zwingina: “The Committee appeared to have been infected with this existing syndrome of trying to find Atiku guilty on account of the guilt of his friend, I don’t think that that is a fair assessment. I know Otunba Fasawe very well. In 1999, Otunba Fasawe and J.S.P. Nwokolo and others were all the people that were running round and arranging things for the handing over in the villa and Otunba Fasawe was one of the closest persons to the President and he used to be the last person to see him in the evening and the first person to see him in the morning and I know that as a fact.

He was a friend and I believe he is still a friend maybe a little distant, but he is still a friend. So, if it is by association of friendship and because he is a friend of the Vice-President and therefore whatever he is doing infects him and by association he is found guilty, that can also apply to the President because he is also a friend of the President because I am not aware that he has disowned the friendship but I know of a fact that they were extremely close, they were closer than he was with the Vice-President.

“So I think that the Committee and the Senate should not stretch personal association to affect business contacts unless there is a strong link. If you take your friend in good faith and that friend goes to do all sorts of bad things including robbery, does that make you a robber? No it doesn’t.

“Otunba really went to the bank and got a loan, signed forms, the bank management must have met and granted him a loan, secured collaterals and if they were not enough, whose fault was it? The bank’s.

‘It is the duty of the bank to go and recover its loans or go to the court and tender the collateral or the security so provided. Those are the laws operating. It is not for the Senate to act. It is not our job especially when the bank has owned up and said we are going to pay and we have started paying.

“These are things I believe that we should look at very closely. I will like to say that when we come to the recommendations, I have specific amendments to some of the recommendations.

“What the PTDF has shown us is for us to visit section 80 of the Constitution which says that all revenues or other monies raised or received by the federation not being revenues from monies payable under the Constitution shall be paid into the consolidated revenue fund of the federation.

“One of the first things we should have done when we first came here in 1999 was to have visited such laws that provide for slush funding, provide for all sorts of recklessness under the military and amend them. The PTDF is one of them, there are other laws like that. The NNPC. The NNPC does not render its revenue to the Assembly. The Nigerian Ports Authority.

I am a member of the Marine Transport Committee. We just for formality pass the budget. They don’t obey, we have no control over them. The Nigeria Maritime Authority, huge sums of money, we are dealing with billions of dollars. These are the ones we just know. There are other accounts in several other areas particularly in the oil sector where PTDF is where the laws made by the soldiers allow funds to come direct and applied not as appropriated. The PTDF has opened our eyes to the need to revisit this.”

Nnamani: “We are not carrying out as debt collectors, but we are carrying out our oversight functions. Mohammed Abba Aji: Senator Abba Aji in his position insisted that Senator Olupitan “should call the names of the Senators that he claims collected bribes from the President or apologise to the ad hoc committee. According to him, “the PTDF report was a thorough job, and I don’t expect any criticism from our colleagues.” But the Senate President overruled him, saying: “The dissenting opinion is part of the report and not a seperate or minority report.”

Kanti Bello: “When I looked at the report and I was very disturbed when my colleague, Senator Zwingina, said there was no public money lost. But when you look at the report it is true and it is an established fact in the report that money was lost.
“Page 44 of the report clearly states that that money was lost. Why was money lost? It was lost because somebody who has the responsibility to act within the act setting up PTDF refused to do so and unfortunately that person is no other person than the Vice-President of this country.

“Because it is his fault that this money was given to fix in fixed deposit, money that was clearly set out even in memos for projects.
“The purpose of the memo was clearly stated and that was why that memo was approved and not to be put in fixed deposit in certain banks. That was a mistake and this is a fact which we cannot run away from.

“It is my view that the Vice President was wrong in sending that money and in approving that money not for the purpose that the PTDF was set up. Again we have to look at the payment made to the lawyers, the N250 million that was paid, to me, I feel very bad about it. I believe that the Vice-President of this country is guilty by spending this money wrongly and should be sanctioned.”

Daisy Danjuma: “I am shocked, disturbed at the extent of gross abuse of office, privileges and misapplication of public funds by both the President and Vice President and those in authority to disburse PTDF funds. Page 45 of the report, item 4, says PTDF was paying for services that were outside its mandate and this was a regular feature in the report.

“It will be noted that section 58 of the Constitution gives us the power to investigate and section 88 says that we have the power to expose corruption, inefficiency or waste.

“A lot of findings indicted the Vice President but the report also said on page 49 that the fortunes of the funds did not appear to have improved when the supervision of the fund was moved away from the Vice President. Page 52, item 1 says that the President and the Federal Executive Council acted in disregard to the law establishing the PTDF.

“We should review the law setting up the PTDF to make sure that funds are adequately appropriated. This is supposed to be a corrective government that is transparent and with emphasis on due process. I wonder how all these gross misappropriation of funds happened.

We don’t have to close our eyes to many issues like we know that the PTDF has a lot to do with training and special services (for oil sector) and I cannot see the funds in spite of all the sufferings in the Niger Delta where all the petroleum comes from, any amount going to the Niger Delta for anything. I feel disturbed. I will urge the Senate to look fairly into this matter, sanction those who are to be sanctioned without fear or favour.

I do not see any need for any other investigation or enquiry because this is enough, it speaks for itself that funds were misapplied against the Constitution and against the citizens of Nigeria.”

However, the Federal Executive Council, yesterday, said the indictment of the Vice President by the Ad Hoc committee of the Senate which investigated allegations of abuse of office by Vice President Atiku on the management of the Petroleum Training Development Fund had vindicated the position of the administrative panel and the Economic and Financial Crimes Commission (EFCC)on the Vice President.

Addressing State House correspondents after the council’s weekly meeting, Minister of the Federal Capital Territory, Mallam Nasir el-Rufai, said though the Federal Executive Council did not agree totally with all the recommendations of the Senate committee report, it was gratified that recommendations of the Administrative Panel and the EFCC were upheld by the Senate committee.

He said what appeared to be the Senate committee’s indictment of the president and the FEC was a difference in the interpretation of the law setting up the PTDF, noting that while the Senate committee gave a narrow interpretation of the law setting up the PTDF, “we interpreted it broadly and widely and liberally” which explains why money was approved for the construction of American Institute of Science and Technology and the purchase of computers for civil servants from the fund.

Mallam el-Rufai said although the committee raised an eyebrow over these projects executed by the government from the PTDF funds, it acknowledged that the projects were laudable ones and nobody benefitted from the contracts awarded, adding that the over all interest of the country informed the decision to award the contracts.
He said the report of the committee has further given credibility to the EFCC and has conclusively proven that neither the president nor any of his men benefitted from the PTDF fund.

He said: “The council today (yesterday) looked on the report of the Senate committee that investigated the Petroleum Technology Development Fund. The reason why this is important to the Federal Executive Council is because you are aware that it was the Federal Executive Council that not only approved contracts awarded under the PTDF intervention, but also members of the |Council constituted the administrative panel of inquiry that looked at the EFCC report which led to the indictment of the vice president and a few others.

“Sequel to that, the Senate decided to also undertake investigations into the PTDF because there are allegations that it is not only the vice president that was misusing or mismanaging the PTDF funds but allegations were made that other members of the executive branch, the president’s people were also involved.

“The senate committee issued is report yesterday Tuesday) and the FEC was briefed on the contents of the reports. We thought it would be important to out on the record our own perspective on the report.

“Let me say that as a member of the administrative panel of enquiry, I am gratified that senate agreed and upheld all our recommendations. The fact that it has been established now by the senate that indeed the vice president abused his office and aided and abetted the diversion of funds meant for important projects of the PTDF for private use. This is consistent with the findings of the EFCC as well as the administrative panel of inquiry.

“The senate committee was critical of our interpretation of the PTDF law. They picked out three projects for which they felt we had interpreted the PTDF mandate very widely. They are of the view that using PTDF for the establishment of the African Institute for Science and Technology was interpreting the law very widely and should not have been done.

“They also felt that PTDF funding for the incorporation of Galaxy Backbone as well as purchase of computers for civil servants was stretching the mandate of the fund very widely.

“I want to draw your attention to the fact that the PTDF decree was signed in 1973 to build capacity so that they would be active participants in the petroleum industry. The interpretation given to it by the FEC and the president is that whatever we need to do to improve capacity of Nigerians participating in the petroleum industry is with in the mandate of the fund.

“In the case of the AIST, it is a university of technology to be established in Abuja to train engineers, scientists in various areas including oil and gas. There is a faculty of oil and gas in the institute called the Gulf of Guinea institute to train expertise in the oil and gas in the whole of the Gulf of Guinea region and not only Nigeria. These projects which the senate committee feel were outside the mandate of the fund, we feel they are indeed within the mandate of the fund.

“Our difference lies in the way we interpreted the decree. We interpreted it broadly and widely and liberally while the senate committee interpreted it very restrictively. But what is relevant here is that the senate committee agreed that the projects are laudable. Secondly none of these projects were awarded so that someone will get any benefit. They were all awarded in the national interest. Through out the report, the committee did not find any other person with in the executive branch, in the president’s office or outside to have benefited from the PTDF fund contrary to the allegations that are widely made some months ago.

“The senate has done a good job but we do not agree with everything. We have differences in the
interpretation of the mandate of the Fund. But we think the findings of the senate committee confirms
that president Obasanjo and all the key officers did not in any way benefit from the PTDF.

“The senate committee on the other hand found the vice president Abubakar, Otunba Fasawe did indeed benefit from the PTDF. The federal government acknowledges this report which vindicates its decision and also further confirms the work of the EFCC as being credible, fair and just” he concluded.

Also yesterday, Otunba Oyewole Fasawe, a close associate of the Vice President Alhaji Atiku Abubaka who was indicted by the Senate report on PTDF and asked to refund N1.5 billion yesterday faulted the report.
Speaking with newsmen in Akure through his aide Chief Korede Aruwajoye asked the Senate to “throw out the report”.

He dismissed the Senate Committee report as jaundiced and a batchet job.”
He expressed worries that “this is the first time that borrowing money from the bank would be a criminal offence in Nigeria.”
He said Fasawe legally borrowed money from TIB with collateral and the money reportedly collected from him was paid into the account of the bank and not that of the PTDF.

According to him “Is TIB an extension of PTDF? The EFCC coerced and collected N100million from Fasawe and paid to TIB. Why not PTDF?
“Moreover, EFCC said part of money paid to I-Gate in United States of America is outstanding. If it is PTDF money, why has the EFCC not gone to US to collect it from I-Gate?