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Stats: 1061496 members, 1232357 topics. Date: Tuesday, 21 May 2013 at 09:02 AM
|Obasanjo Promotes Africa With PE Fund by courage89(m): 2:07am On Mar 20, 2012|
Another celebrity of sorts has thrown his hat into the African private equity ring with an ambitious, probably overly ambitious, new fund. Former Nigerian President Olusegun Obasanjo is busy promoting his new advisory firm, New World Capital Ltd., in London, the Wall Street Journal reports. The venture, to which Obasanjo is acting as an advisor, hopes to convince institutional investors and high net worth individuals to invest in Africa. The firm offers advisory services and has launched a private equity fund targeting over USD1bn that will invest in agribusiness, healthcare, energy and hospitality.
No word on who will actually be managing the fund, and whether the team will have anything close to the experience necessary to attract and successfully deploy that level of capital on the continent.
Bob Geldof’s celebrity vehicle 8Miles also struggled to raise the USD1bn it aimed for, and now revised the target down to USD450m. Part of the problem may well be that in the increasingly competitive PE industry in sub Saharan Africa, it is not enough to enter the market with a big name – LPs will look at the team and the concept rather than be swayed to hand over millions by a famous name.
|Re: Obasanjo Promotes Africa With PE Fund by obowunmi(m): 2:48am On Mar 20, 2012|
I can confidently say that Obasanjo will not throw his MONEY into the ring.....
|Re: Obasanjo Promotes Africa With PE Fund by courage89(m): 3:01am On Mar 20, 2012|
And how do you know this?
While I don't agree with your speculation. Even if the man doesn't contribute his funds, the effort alone is worth more and it speak volumes.
|Re: Obasanjo Promotes Africa With PE Fund by obowunmi(m): 3:05am On Mar 20, 2012|
This is NOT the first time that a private equity fund will fundraise for Africa --- we can safely what happens next>>>>>
|Re: Obasanjo Promotes Africa With PE Fund by GenBuhari(m): 3:08am On Mar 20, 2012|
So the useless criminal looter is still galavanting everywhere making noise
I am only interested in knowing when he would be jailed.
|Re: Obasanjo Promotes Africa With PE Fund by obowunmi(m): 3:12am On Mar 20, 2012|
GenBuhari: So the useless criminal looter is still galavanting everywhere making noise
More like NEVER.....
|Re: Obasanjo Promotes Africa With PE Fund by obowunmi(m): 3:13am On Mar 20, 2012|
The International world recognizes him as a human rights activist .... they called him to deal with Senegal Wade, isn't that hypocritical.
|Re: Obasanjo Promotes Africa With PE Fund by mens dept: 3:25am On Mar 20, 2012|
OBASANJO the monkey president
|Re: Obasanjo Promotes Africa With PE Fund by courage89(m): 3:47am On Mar 20, 2012|
At least he's out there doing something constructive for the benefit of Africans. We should all see this as positive gesture coming from Obasanjo, and we should all in respective of our past hatred for the man commend his effort.
Some of Nigerian / African past leaders believe that because of their non-relevance in active politics, they have no role to play anymore in the moving their country or Africa forward. They are wrong. More of them need to come out of their hideout and get involve; to raise money for the progress of the continent, speak against injustice, push for peace, canvass for eradicating poverty in Africa, and other missing links in Africa.
We need more people like Obasanjo to fill all these voids.
|Re: Obasanjo Promotes Africa With PE Fund by obowunmi(m): 3:52am On Mar 20, 2012|
of course you can change the world, if you are un-prosecuted thief who receives awards for humanitarian work.... when will some people ever have high standards? seriously....
Let's reward Abacha while at it.
|Re: Obasanjo Promotes Africa With PE Fund by courage89(m): 4:21am On Mar 20, 2012|
So, your definition of "high standard" is prosecution, and no-prosecution equals low standard. Common, be real.
Its high time citizens of Nigeria realize that the likes of Obasanjo, IBB, Atiku et..all cannot be prosecuted or go to jail and we can also be rest assured that they will never taste the presidency again as well. Then, The least you can do and expect from them is to encourage and allow them to be useful to our economy. They wield so much influence, connection which Nigerians / Africans must harness for the benefit of Africans. These leaders can still press buttons that ordinary citizens only dream of, in order to drive positive change in Africa. Let's push them by supporting their positive agenda, and drive change before they all pack up and go.
|Re: Obasanjo Promotes Africa With PE Fund by obowunmi(m): 5:10am On Mar 20, 2012|
You are ignorant.
If Obasanjo and IBB want to cause a ruckus in Nigeria for presidency, THEY CAN AND THEY WILL.....and they will WIN.
Know your history before you start spewing RUBBISH ---- Qaddafi serves as an example to many of them.
There is Nothing positive about those men, they've made their billions, NOW THEY WILL ENJOY it until the end.
|Re: Obasanjo Promotes Africa With PE Fund by GenBuhari(m): 7:07am On Mar 20, 2012|
Contrary to popular beliefs, Abacha was not actually a looter
obowunmi: of course you can change the world, if you are un-prosecuted thief who receives awards for humanitarian work.... when will some people ever have high standards? seriously....
|Re: Obasanjo Promotes Africa With PE Fund by babaowo: 5:16pm On Mar 20, 2012|
mens dept: OBASANJO the monkey president..........pls can you post your father's picture here to compare OBJ? Thanks.
|Re: Obasanjo Promotes Africa With PE Fund by Abujabir24: 5:18pm On Mar 20, 2012|
|Re: Obasanjo Promotes Africa With PE Fund by babaowo: 5:23pm On Mar 20, 2012|
GenBuhari: So the useless criminal looter is still galavanting everywhere making noise......... OBJ had been making many good move to make history after he left office..... But have never read or heard where buhari. Ibb. Atiku make any such move, pls can u tell us what changes are northerner ex president trying to make to better nigeria and whole africa Thank
|Re: Obasanjo Promotes Africa With PE Fund by teskyg: 6:09pm On Mar 20, 2012|
I will continously say OBJ is the best ex Nigeria president.The world has continue to saddled him with responsibility.If you have ever worked with whites,you will know that they don't sacrisfice competency for mediocrity.Some blind posters expecially from the northern part of the country and blind with hatred cos their irrelevant ex leaders like IBB and Co have been relegated to the background and will never be given any of such opportunity cos they displayed high level of incompetency while in Power.Abdulsalam Abubakar and Ribadu are the key people who have been selected to perform and international duties from the North.We understand your frustration.
|Re: Obasanjo Promotes Africa With PE Fund by ajanaku2(m): 6:41pm On Mar 20, 2012|
mens dept: OBASANJO the monkey president
...as if you wouldn't be glad if He intends to marry your Mother, Aunts and Sisters all at once...Wouldn't you feel fulfilled and ecstatic if given the opportunity to meet the "Monkey" one-on-one?...to have a handshake and Rapport with him?...He might be a Monkey to you, but I'm fuc.kin' sure He's smarter than your Dad and Uncles put together...richer than your entire Household, Extended Family and all inhabitants of your Hometown put together...You foolish Vegetable! Mumu!
|Re: Obasanjo Promotes Africa With PE Fund by Emma_B(m): 6:53pm On Mar 20, 2012|
Ouch!!! That was so harsh @ajanuku
|Re: Obasanjo Promotes Africa With PE Fund by KINGwax(m): 7:03pm On Mar 20, 2012|
obowunmi: You are ignorant.shatap jö!
|Re: Obasanjo Promotes Africa With PE Fund by KINGwax(m): 7:06pm On Mar 20, 2012|
babaowo: ......... OBJ had been making many good move to make history after he left office..... But have never read or heard where buhari. Ibb. Atiku make any such move, pls can u tell us what changes are northerner ex president trying to make to better nigeria and whole africa Thankrelax now, em, atiku donated lots of millii dolls to the american university! That will somehow help africa now! Those ¡diots. Kudos to baba jare
|Re: Obasanjo Promotes Africa With PE Fund by kunlekunle: 7:24pm On Mar 20, 2012|
that is what you dont understand about nigeria.
that was the program he met in office.
that investment should be in SW.
obj haters open and shine your eyes
|Re: Obasanjo Promotes Africa With PE Fund by presfedrep: 7:31pm On Mar 20, 2012|
GenBuhari: So the useless criminal looter is still galavanting everywhere making noise
only in ur imagination
|Re: Obasanjo Promotes Africa With PE Fund by ismhab(m): 10:13pm On Mar 20, 2012|
|Re: Obasanjo Promotes Africa With PE Fund by blackboi(m): 12:10am On Mar 21, 2012|
a day after you start suya biz
|Re: Obasanjo Promotes Africa With PE Fund by GenBuhari(m): 12:38am On Mar 21, 2012|
The Nigerian Disaster Called Obasanjo
Posted: October 17, 2010 - 18:22
By Naiwu Osahon
Obasanjo was a total failure in office the second time around from May 29, 1999, and did not deserve to come back in 2003, so he embarked on the greatest electoral fraud perhaps any country in the world had ever experienced.
The rigging was monumental, audacious, vicious and unprecedented and yet it was uncalled for and totally unnecessary because he would still have won the election anyway, he had no competition in the field. As a ruler, he punished us with lack of electricity, pot-hole infested unmotorable highways, worthless currency, dry water taps, hunger, massive unemployment, regularly closed schools, criminally charged environment, and primitive living conditions.
He made a lot of palaver about anti-corruption but there was the issue of the endless estacodes he garnered from travels around the world virtually every week, in a self-approved N9.3 billion jet, to enjoy civilized quality of life abroad, brought about in those countries by conscientious, dedicated, caring and focused leaderships. Yes, Obasanjo shelled out N9.3 billion (US $72 million), for his new power toy, a Boeing Business Jet 737-800 series for exclusive use, bringing to six, at the last count, the number of aircraft in the presidential fleet. In other words, our President had six assorted deluxe jets, while the US Air Force had only two aircraft available for the use of the US President. Whichever of the two the US President flew in, was designated Air Force One for that moment. Britain’s Tony Blair proudly flew with the British Airways.
President Obasanjo loved chasing after shadows and he was too pre-occupied with day-to-day partisan party issues. He did not know when to separate being a statesman from being a party man. He went around the world regularly visiting other heads of states without learning anything from them. Obasanjo thought he was a PDP President. He did not know that once he had been elected into office, the PDP became a discrete issue in his portfolio and he became President of Nigeria and father for all. I think this was one of the most serious problems we had with Obasanjo. He boasted all the time about being a PDP, and attended their mundane activities, as if he was an ordinary rank and file member.
He was so involved in his party affairs that he succeeded in turning his party into a personal instrument of vendetta, and single-handedly took all its major decisions, as he tried to do on the government level for the entire country. He jettisoned his party’s constitution; settled for non-elective rather than elective congresses and appointments into party positions, and alienated all the elders and founders of the party, and drove them into opposition parties. His Ministers also boasted about being party Ministers. I was shocked in 2005 when Ogunlewe, his onetime Minister for Works and Housing, told journalists that he was a PDP Minister.
One of the most serious problems that plagued us as a people during Obasanjo’s second time in power was his disdain for the rule of law, and in particular, the laws of the land. A president who would not obey his own laws, forfeits moral grounds to enforce such laws? That was the main reason for the general increase in lawlessness in our society during Obasanjo’s civilian leadership. Obasanjo introduced a vicious criminal streak that destroyed the moral fabric of our society. He actually worshiped criminality in a most unbecoming and disturbing manner. Court decisions taken against him or his regime were ignored.
For example, his holding on to huge funds legally due to Lagos State Councils was against the advice of two courts of the land, including the Supreme Court. His disrespect for court decisions became so frustrating that lawyers in the country had to go on strike by boycotting court sessions for a couple of days in March 2006, to protest against Obasanjo’s high-handedness. And in a speech on May 31, 2006, the retiring Chief Justice of the Federation, Justice Muhammed Uwais, described government’s disregard of Court judgments as, “evidence of bad government.”
Obasanjo encouraged his lieutenants to ignore the laws and provided cover for them after the act. People who had access to Obasanjo took our laws into their own hands. They even went to him to share crooked banters because they assumed he loved listening to rogues and fraudsters, and would offer encouragement. To massage his ego, they told him he was the messiah Nigeria had been waiting for. He got carried away; patted the sycophants on the back, and gave them assignments on behalf of his party and government.
The President told the world in late 2003 that Chris Uba and Governor Chris Ngige confessed before him that the elections in Anambra state in 2003 were rigged. He said this without a sting of conscience or moral qualm. In fact, with his connivance and support, Chris Uba used the Federal police to abduct Governor Ngige because Ngige reneged on his promise to deliver substantial amount regularly from the state coffers to his political godfather, Chris Uba. When that strategy failed, Uba unleashed mayhem on the state with hired thugs hailed by police officers, burning cars and public buildings, including the state governor’s premises. When the efforts failed to remove the governor from office, or make the state ungovernable so as to get a chance to declare a state of emergency, Obasanjo awarded oil block to Chris Uba, and Obasanjo’s PDP sacked the governor from their party (the PDP), and promoted Chris Uba to the PDP’s trusteeship board. Uba was a PDP hero. In other words, you could be the worst criminal in the world, if you joined the PDP you were covered, as long as you were sharing your loot with the party.
On the other hand, Ngige’s name appeared to be too short for words, (he is short physically too). Imagine signing his own death warrant in broad daylight without undue duress, and having the effrontery later on to point accusing fingers. People lacking in self-honour and principles should not be allowed to rubbish our cherished values. Despite this, a coup is a coup, whether civilian or military, and Uba’s lawlessness in Anambra state should have been visited with the due process of the law.
Obasanjo replicated the Anambra state saga in Oyo state where an illiterate political godfather to Rashidi Ladoja, the governor of the state, was insisting on sharing the purported state’s security vote of N65 million monthly with the governor. The governor was playing footsie on the matter so, the national chairman of the governor’s political party, the PDP, Dr. Ahmed Ali, advised the governor to respect the wish of his godfather, and play the politics of his state, (or Ibadan politics as he put it). The party chairman, who himself was an aberration, because the president short-circuited his party’s constitutional provisions to plant him in the chairmanship position, was actually telling the governor to play ball and not be a fool.
Impeachment of the governor required two-thirds of the 32 members of the State House of Assembly to succeed, so the godfather’s 18 members in the house suspended their 14 members supporting the governor, and with the open backing of the Federal government, the Federal police prevented the 14 suspended members from attending the kangaroo assembly at which the 18 claimed to have impeached the governor. Obasanjo did not have sleepless nights over the matter. If anything, he and his party felt fulfilled that the new governor they had installed was dancing to the tune of the godfather. It was possible that the new governor was sharing his security vote with the godfather who in turn shared it with party members, to the satisfaction of the President and his PDP. The illiterate godfather nominated 90% of the state’s new commissioners and planted his crony, another stark illiterate, as the new Deputy-Governor.
Obasanjo sent Federal police to protect the illegal governor in office, and to tear-gas and arrest leaders of trade union and human rights groups, protesting against the illegality. The same way he tear–gassed, humiliated, and arrested our mothers, peacefully demonstrating solidarity with parents who had lost their children in an air-crash a few weeks earlier. Of course, governor Ladoja went to court, but that did not worry those who plotted the coup against him, because going by Nigerian courts’ traditions, the matter could drag until the end of tenure of the illegal regime in May 2007.
Obasanjo condoned his party’s fraudulent activities in Anambra and Oyo states but railed against his imagined Lagos state illegitimacy. In 2003, INEC (the Independent National Electoral Commission), posted false report on its Internet website some days before the actual gubernatorial election took place, giving victory in Lagos state to Obasanjo’s party. No one ever heard Obasanjo comment on that, or on the PDP’s well known rigged elections across Nigeria in 2003, that put him in power. Peter Obi of APGA’s stolen mandate, as the elected Governor of Anambra State, was restored in court, some three years into the illegal occupation of the position by Ngige of the PDP.
In the Delta State, rigging by the president’s party showed that all registered voters came out to vote, whereas voting did not take place in most areas of the state. The court ruled in Buhari’s case against Obasanjo, that the PDP massively rigged Obasanjo’s home state, Ogun, in 2003. Obasanjo not only rigged to claim that all registered voters in Ogun State voted during the 2003 elections, he added 600,000 fictitious votes of his own, to exceed the list of registered voters.
At a meeting with the South-West caucus of his party, the PDP, during a visit to Ogun state in early February 2006, Obasanjo said: “The person who rigged the elections in Lagos State came to me. You know I am a man of my words. It was in the presence of Bode George. The person prostrated and begged me. He confessed that he was the one who falsified the results of Lagos state. I told him God allowed it; otherwise, he would have been attacked by leprosy.”
Now what kind of future is there if the president of an aspiring democracy, openly, proudly, and confidently, admits that he condones electoral fraud? Why would anyone go to the president to prostrate and beg him on anything if the person wasn’t after some favours? The president did not contest election against the governor of Lagos state directly; therefore, such flippant talk should have been reserved for the PDP’s secretariat. But knowing that the president was gullible and would gladly embrace riggers of elections, the tale-bearer went confidently to the seat of power, convinced of a hearing, and a place in the future election plans of the president.
The president did not hand the fraudster over to the Police or INEC because apparently the ‘expert rigger of elections in Lagos state’ was God-sent. As a result, Obasanjo assured his February 2006 Ogun state audience, that Lagos state was already as good as won by the PDP in 2007. In fact, he had publicly given similar assurance before. That was while he was attending a rally in Central Lagos in 2005. He said then that the PDP would ‘capture’ Lagos in 2007. ‘Capture’ is a very strong word to use. It is a language of war, inappropriate in a family, or the Nigerian union context, but he was not joking. He was seeing the opposition parties as enemies.
He told his February, 2006, Ogun state audience: “We don’t want our enemies to surprise us but we have to surprise them so that by the time they open their eyes, they will discover that they are blind.” The president spoke of enemies as if he was at war with another country. He was supposed to be a father to all, but kept boasting instead of his rigging prowess, and confessing to aiding and abetting electoral fraud, (by the time they open their eyes), which obviously is a worst crime than converting state coffers into personal use, because rigged elections could lead to state disintegration.
To crush his enemies across the country, Obasanjo planted his cronies everywhere. He really did not have friends as such. If he could not use you, his parley-parley with you ended. Most people working with the president were compromised one way or the other. To compromise National Assembly members, the allegation is that he dangled lucrative contracts, oil bloc allocations, which they could sell to third parties, cash bribes, and other pecks. Compromise produced cobwebs in their cupboards, which he used to intimidate and coerce them.
|Re: Obasanjo Promotes Africa With PE Fund by lacasa: 1:25am On Mar 21, 2012|
I am sure u are defending the monkey president cos u wished he culd do all u stated above with ur generation n if faith wld allow, ur wife or ur son's wife as the monkey president is used to sleeping with his sons's wives.
That's y I knw Nigerians r empty vessels but think they r the smartest, C. U praising a corrupt ill-mannered baffoon lyk OBJ who stole billions upon billions of the nation's money. This is a president who squandered 21billion dollars on electricity or tell me ur papa house get light?. Fool
|Re: Obasanjo Promotes Africa With PE Fund by obowunmi(m): 1:58am On Mar 21, 2012|
Only people who don't know Nigeria's history will call Obasanjo a success..... He had his opportunity to transform Nigeria and he missed it.
|Re: Obasanjo Promotes Africa With PE Fund by GenBuhari(m): 2:39am On Mar 21, 2012|
How Obasanjo and his inner circle Stole Nigeria's Billions of Dollars
Friday, 09 September 2011 17:09 [elombah.com]
Corruption pervades the entire levels of the private and public sector under the administration of Former President Olusegun Obasanjo, so said a US Diplomatic cables revealed by wikileaks. The report said that "the arrests in London of the Bayelsa and Plateau State governors have barely scratched the surface of the endemic corruption at the federal, state, and local level. The diplomatic cables noted that in a
widely-circulated August 22 letter to President Obasanjo, Abia State Governor Orji Uzor Kalu accused Obasanjo of corruption, listing a number of
dubious deals, including:
--Cancellation of the contract for the construction of the national stadium in Abuja, only to re-award the contract to a different vendor at a higher price.
--Use of public funds for capital improvements at two private schools secretly owned by Obasanjo.
Obasanjo's response was to agree to be "investigated by the EFCC, which reports to the President. When the EFCC invited Kalu to provide evidence to support his accusations, Kalu refused, pointing out that the EFCC was not an independent investigative body and had no authority to prosecute the President, and the investigation died out.
The President's chicken farm in Otta is one of the largest in Nigeria. A Presidential spokesman said in November 2004, in order to explain Obasanjo's personal wealth, that the farm generated about $250,000 per month in income, though it was nearly bankrupt in the late 1990s (ref
A). Regardless of whether the current income figure is accurate, at least some Nigerians think it is unlikely that Obasanjo's military pension and benefits were the sole source of investment for establishing this huge enterprise, valued by a construction engineer involved in the construction at
more than $250 million.
It is also widely believed that the President's inner circle also reaps hefty rewards with impunity. Some frequently cited examples are:
--Edmund Daukoro, recently named Minister of State for Petroleum Resources, was charged in 1994 for embezzling some $47 million as a managing director of the Nigerian National Petroleum Corporation (NNPC). The charges were abandoned, and Daukoro's political career soared when Obasanjo took office in 1999.
--Senator Florence Ita Giwa, indicted for misappropriation of funds by the Idris Kuta Panel in 2000, was pardoned along with other indicted senators, and she was named a special advisor to Obasanjo when she left office.
--The head of the National Airport Management Authority (NAMA), Rochas Okorocha, was caught and dismissed for embezzling about $1 million through an inflated contract; Obasanjo then appointed him as a senior aide, without requiring Okorocha to repay the stolen funds. Okorocha was
eventually fired on July 13 in a cabinet reshuffle, but went on to start a political party for his renewed presidential ambitions.
--The recent auction of oil blocks included some firms bidding,, sometimes with no prior ties to the oil industry, that were linked to Obasanjo associates, including Daukoro, Rivers State governor Peter Odili, Ogun State governor Gbenga Daniel, presidential advisor Andy Uba, presidential
chief of staff Abdullahi Mohammed, Minister of the Federal Capital Territory Nasir al-Rufai and PDP Board of Trustees Chairman Tony Anenih.
--Anenih was indicted by the National Assembly for the sum of 300 billion Naira (approximately $2.4 billion) missing from Ministry of Works and Housing while he was the minister. The missing money is widely believed to have paid off 2003 elections "expenses," including to Balogun, in addition to
lining his own pockets.
--Minister of Finance Ngozie Okonjo-Iweala is said to have steered contracts to her brother (JonJon) with the help of el-Rufai. The contracts, said to amount to about $50 million, have been paid for consulting work for the Ministry.
--Al-Rufai is at the center of the corruption allegations. Well-known to PolCouns eight year ago, when he was homeless and seeking a loan to import a taxi from the UK, al-Rufai is said to have recently purchased seven upscale properties in a posh Abuja neighborhood. His demolitions of commercial and residential buildings in the capital have reportedly provided an opportunity for himself and several of his friends. After demolishing residential properties in Kubwa, the land was reallocated to several of his friends and to an investment company he allegedly owns. The community of Chika, where about two square miles of development was demolished in December, has allegedly been allocated to the same group of people.
--Chief Olabode George, current PDP National Chairman (Southwest) is a close friend of President Obasanjo and a leading proponent of the Third Term Agenda. He is one of the people accused of financial recklessness in the affairs of the National Port Authority, where he was chairman when the financial scandals were allegedly committed. He was retired from the Navy in the 1990s by the Babangida Administration after serving as military governor of Ondo State from 1987 to 1990 in addition to other military postings.
--Chris Uba, recently appointed to the PDP Board of Trustees, admitted rigging during the 2003 elections and attempted to kidnap the governor of Anambra state to try to collect payments for his efforts. Linked closely to several vigilante groups in the state, he is widely believed to be
responsible for the burning of many state government buildings in Awka, crimes that have yet to be solved.
|Re: Obasanjo Promotes Africa With PE Fund by WebSurfer(m): 4:14am On Mar 21, 2012|
babaowo: ..........pls can you post your father's picture here to compare OBJ? Thanks.haha
|Re: Obasanjo Promotes Africa With PE Fund by babs4president: 6:47am On Mar 21, 2012|
courage89: So, your definition of "high standard" is prosecution, and no-prosecution equals low standard. Common, be real.NOOO, Obasanjo is all bt roba & ad it bin he is 4rm advcd country he b wil coolin his leg in jail, n shame 2 us d youth who made noise bt alwys afraid 2 fite by comin out of d street. Do U hear anytin afta d fuel subsidy probe yet d revlation dat cam out of it is enof 2 start revltion. Nigerian youth ar 2 timid bside avin ethnic sentiment. It is shame.
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