EFCC arrests Dangote - Slams 121-count charge on NERC boss, others
Lanre Adewole, Abuja
Wednesday, April 22, 2009

THE Economic and Financial Crimes Commission (EFCC) on Tuesday arrested billionaire-businessman, Alhaji Aliko Dangote, over his alleged involvement in the African Petroleum (AP) shares trading scandal.

A source in the commission confirmed that he was quizzed in Abuja by the operatives of the anti-graft agency.

AP Chairman, Femi Otedola, and the company’s shareholders had reportedly petitioned the commission over the alleged indictment of Dangote over the shares scandal, which had seen the Securities and Exchange Commission sanctioning Nova Securities, owned by a son of Chief Tony Anenih, former chairman of the Board of Trustees (BOT) of the Peoples Democratic Party (PDP).

Nova Securities and Dangote’s company had been reportedly involved in the alleged illegal sale of AP shares causing a free fall in the stock’s value. Otedola who is ranked behind Dangote as the second richest in Nigeria had accused his erstwhile friend of plots to ruin his business empire, an allegation which had been denied by Dangote’s camp.

Dangote is the vice-chairman of the Nigerian Stock Exchange and had been reportedly planning to succeed the incumbent chairman, Mr. Obadele Otudeko.

Another source, however, said that Dangote surrendered himself to the commission in Abuja, following a summons sent to him by the commission over the alleged scam.

As of press time, he was said to still be undergoing interrogation. However, there were indications that he was released on administrative bail last night.

Meanwhile, the trial of the chairman of the Nigeria Electricity Regulatory Commission (NERC) chairman, Dr. Ransome Owan, and six other commissioners of the agency will commence before Justice Salisu Garba of the Abuja High Court today.

Nigerian Tribune gathered that a 121-count charge had been slammed on the accused over an alleged N1.5 billion scam. The accused were re-arrested by the commission yesterday preparatory to their arraignment today.

The affected commissioners are Alimi Abdulrazaq, the commissioner in charge of Legal Licensing and Enforcement; Mallam Abdulrahman Ado, Commissioner, Market Competition and Rates; M.B.G. Bunu, Commissioner, Finance and Management Services; Grace Eyoma, Commissioner, Government and Consumer Affairs.

Others are: O.C. Iloeje, Commissioner, Research and Development and Abimbola Odubiyi, Commissioner, Engineering Standard and Safety. A source said that the commission, in an attempt to avoid returning unspent fund to the treasury, bought 54 vehicles valued at N350 million between December 22 and 29, 2008 without due authorisation.

The commission was also alleged to have moved N500 million to a mortgage finance bank, also without authorisation. The money was meant for staff housing financing since April 2008.

The commission, which was funded 100 per cent by the government, collects from the Power Holding Company of Nigeria (PHCN) N70 million every month, amounting to N840 million for last year, which allegedly could not be accounted for.

Its budget for 2008 was N2 billion, but “as a matter of fact, government gave it N5 billion” for that fiscal year, the source revealed. The commission also allegedly awarded contracts to companies that were not registered with the Corporate Affairs Commission (CAC).

this efcc sef?i can bet my life nothing will come out of this arrest

@Poster, This AP issue has been on the table a while, so I see no reason why the EFCC cannot pursue this while it does other issues like Haliburton etc. I cannot vouch for Dangote being 80% clean but if there is something in this, I do support that it be investigated. Doubt the EFCC would actually think they could placate us with this arrest.

mikeansy:

Dangote is a model Nigerian Elite

Corrupt or not he is investing in Nigeria.

If all the loot by others have been used to start up companies at home and create Jobs.

I doubt if Nigeria would have been the same.

Sam Milla:

When are they arresting ATIKU, IBB and OBJ?

mikeansy:

Dangote is a model Nigerian Elite

Corrupt or not he is investing in Nigeria.

If all the loot by others have been used to start up companies at home and create Jobs.

I doubt if Nigeria would have been the same.