In the face of deepening world economic crisis, the
ability of the Presidential candidate of the All
Progressives Congress (APC), General
Muhammadu Buhari, to manage the Nigerian
economy and fight corruption, if elected president,
has been called to question.
THISDAY over the weekend, exclusively took hold
of the original copy of a report by the Petroleum
(Special) Trust Fund (PTF) Interim Management
Committee, instituted on July 7, 1999 by former
President Olusegun Obasanjo.
Based on this report, the PTF under Buhari's
supervision was mismanaged. The report was
however neither made public nor was it acted upon
by the former president.
In its summary, the Committee had advised
Obasanjo to "set up a high powered judicial panel
to recover the huge public fund and to take
necessary action against any officer, consultant or
contractor whose negligence resulted in this
colossal loss of public funds."
According to the report, the sum of
N25,758,532,448 was mismanaged by the Afri-
Project Consortium (APC), a company contracted
by the PTF as management and project consultant.
Buhari as PTF chairman was said to have also
"delegated to them the power of Engineer in all
appropriate project requiring such power," which
made them assume absolute powers to initiate,
approve and execute all projects by the PTF.
The mismanagement that took place in the PTF
under Buhari's watch was said to have been
carried out by the APC (the company) in their
capacity as management and project consultants.
Both their management services fee and budget
for several projects carried out during the
existence of the PTF were greatly overpriced.
While carrying out its obligations, the Committee
made up of Dr. Haroun Adam as Chairman, and
Alhaji Abdu Abdurrahim, Mr Achana Gaius Yaro,
Edward Eguavoen, Mr. T. Andrew Adegboro and
Mr. Baba Goni Machina as members, engaged
three management consulting firms to verify all
payments made to PTF from inception to
September 30, 1999.
On verification, according to the Committee, "it was
found that they (the consulting firms) had
overcharged PTF for their services to the tune of
N2,057,550,062". Also, while intervening on behalf
of the PTF in the road and waterways, education,
food, health, and other sectors, the APC, according
to the report, inflated all the prices.
For instance, intervention in the health sector, was
said to have totalled N9 billion. Projects in this
sector were said to have been executed by the
APC and PTF in-house staff, and loss of billions of
naira were recorded due to price inflation of
products and services.
To purchase spectacle frames, which could have
been done locally at a price between N80 to N880,
the APC, under the watch of the PTF chairman,
bought them at an inflated price of N1,900 each.
Ambulances were said to have been purchased at
N13 million per unit, instead of N3 million. And then
price inflation of drugs were done to the tune of
N1.5 billion.
The report also said that the PTF lost money to the
tune of N3.5 billion from its bank account
operations. The PTF operated its bank accounts
under three different categories: Administration,
Project and Treasury accounts, and the loss of
money to these accounts were said to have been
due to "overcharge on Cost of Turnover (CoT),
non-payment of interest on current account
balances as stipulated by the Central Bank of
Nigeria (CBN), short payment of interest on
deposited funds, and other various discrepancies."
While discharging their duties, the Committee
discovered that an average income of N182 billion
accrued to the PTF from its inception to the date of
filing their report. According to the Committee’s
report, the PTF used about 70 per cent of that
income on highways and urban road projects.
The report stated further that, "In this project
sector there was total variation of contract sums of
N68 billion. These variations were not done with
properly priced bills of quantities and approved civil
contracts procedure as stipulated by government
regulations.
"Taking the experience of what has been
discovered after verification of various contracts
awarded by PTF the minimum potential recovery
will be about 15%. This estimated percentage will
be about N10 billion. The verification of this project
sector was about to take off when the committee
members were replaced."

www.thisdaylive.com/articles/how-obasanjo-s-report-indicted-buhari-in-1999/198511/

And some peeps will see him as the MOSES that'll lead Nigeria to their promise land abii



Tondafaya devul

Buhari is a thief parading himself as a saint... GEJ till 2019!!!

Next?
Oh yes bring the next report that will condem GMB!

Am not going to go into details, Buh know this; The selection of consultancy firms for any PTF project or programme was done by due process and it will suprise you to know who and who constitutes the BoD of The APC in Question! The DPR is there to set records straight!

Breeze is blowing, fowl bottom is showing.

saaedlee:
Next?
Oh yes bring the next report that will condem GMB!

Am not going to go into details, Buh know this; The selection of consultancy firms for any PTF project or programme was done by due process and it will suprise you to know who and who constitutes the BoD of The APC in Question! The DPR is there to set records straight!

Ok all u want to see about pa GMB is how they force him to operate gadget, go to church to sing hymns, how his fellow dullards threaten to kill any supporter of. Gej