All is not well with the Peoples Democratic Party(PDP) that once pride itself as the largest party in African, if its financial reports presented to the new chairman are to be relay on, as the party is not only is in dire need of a financial lifeline , but a bailout of a sort.
The party is in a serious financial crisis to the extent that it is finding it very difficult to meet its obligations, and may not even be able to pay its workers by the end of this month, all no thanks to the precarious financial situation the former ruling party is facing.
According to an internal report of the party’s Finance Directorate, prepared as part of the handover document to the new national chairman, Senator Ali Modu Sheriff, by the director of finance, Chief J.O. Omuya, the party has as at last week, had a very hug debt of not less than N872 million.
The report shows that this debt is as a result of accumulated bills and liabilities that are outstanding, and the party is finding it difficult to offset them.
It gives the breakdown of the indebtedness as follows; bills and other claims that have been awaiting payment from January 1, 2014 to date, as; N12, 487, 160, for utilities and security, just as it says N73, 457, 912 is for staff related issues, while N73, 724,000 is for members of the party’s National Working Committee (NWC), while on the other hand, N37, 049, 715 is what the party owes its contractors. Similarly, legal bills now stands at N30, 750,000, and N232, 138,273 is for other out standings.
Accordingly, the report also noted that the party has not been able to pay properly approved bills that dates back from April 2012 to 2013.
These claims still waiting payment includes; N125, 977,713 for staff related issues, N125,712,740, for NWC expenses it is N125, 977,713, and N79,896,503 is for contractors, N36,350,000, for legal bills, it is N38,608,275, for publicity it is N51,700,000, for congresses, and N29,052,427 for other issues.
However, before April 2012, the party had outstanding payments of N2,064,674 for staff issues, N1,000,000 expenses for NWC members, N23,383,500 was for payment of contractors, N11, 300,000 as legal bills, N21,600,000 for congresses and N79, 949, 750 as others.

Also lamenting the precarious financial situation of the PDP, the report described it as ‘From hand to mouth’, particularly its zone 5 national secretariat, commonly referred to as Wadata House, which was once the most powerful place in the country.
“In recent years, the National Secretariat has been living from hand to mouth and with no well-defined and sustainable means of regular income, safe for the funds realised from the sale of forms in 2014 for the 2015 general elections, which has been expended’’ noted.
The report also quoted the director of finance as lamenting the refusal of state chapters of the party to pay their usual monthly dues, despite approval to this effect since 2009.
It noted that in the year 2009, the party leadership had approved a monthly due of one million naira to be paid by each of its 36 chapters, including the Federal Capital Territory, across the country, for the running of the national secretariat, however, even this due, as noted by the report, states have since stopped paying, thereby compounding the party’s already bad situation.
Part of the report reads: “In 2009, the leadership of our great party decided that each PDP state should contribute a monthly sum of one million naira only for the running of the National Headquarters. For over a year now, the states have stopped making this payment to the national secretariat.”
Despite this indebtedness, the report told Senator Sheriff that the party still operates several small bank accounts that were not active, which the report recommended the closure of most of them.
“the party has over 20 dormant bank accounts with small balances”, hence the Finance Directorate has recommended the closure of most of the accounts.
From the report, shortly before Ali Modu Sheriff took over as chair of the party, in February this year, PDP could only boast of a mere N616,654,205, as both cash and bank balance, while another N8,266,146, remained stocked in some 20 inactive accounts, and another N508,674,108, is held at Sky Bank as a result of litigation.
“as at the close of business on 19th February, 2016, the party’s cash and bank balances stood at N616, 654, 205. It is important to highlight, N8, 266, 143 is held in over 20 dormant bank accounts while N508, 674, 108 held at Skye Bank is currently the subject of litigation for mereva injunction, leaving a paltry sum of N99, 714,954”.
The report said “as at date, outstanding bills, claims and other liabilities that have been passed to the Finance Directorate for payment, but which have not been paid for lack of funds amounted to N872 million.

Source http://nationaltrailonline.com.ng/2016/03/14/financial-crisis-hits-pdp/

Just N872 million?

I don't believe this story, as i consider it very misleading. How can PDP be broke when Nigerian's Billions of Dollars is with them? how can PDP be broke when they stole everything they could carry in Nigeria for 16 Years? and this includes Needles,Mats,Pots, Refineries, CBN, Airports, Wives and even our Dreams.

This is too early for this kind of lies.

Mtcheew! Let's just assume they are not willing to pay the money because they are out o power. The money wasting away in a single PDP bigwig water tank would put that debt to shame.

Good news for Zombies

HungerBAD:


This is too early for this kind of lies.

I was going to say the same thing


900 Million is chicken change compared to what's seating in some PDP Leaderships' member's account

NO BAILOUT FOR PDP

Yes, that is because all their members are afraid to put money into the party's pocket so that they won't be probe..

Although DASUKI their ATM is faulty for now

Quite a lie

900m is too small to be broke.

account does not go dormant after a year.

chai op......u can lie oh

These people don start this fresh week with another lie again!
I fit kill person becos of all these lies o

This is what happens to a party who fails to acknowledge the fact that nothing lasts forever.

IAMLOOSEWEIGHT

It started with APC, that's why they're fighting to take over Rivers State

Despite the enormous amount of money they milked from us?
But who's gonna offset the debt? Jonathan? Dasuki? or Sherrif aka bh?

JONATHAN SELF

As they don't have access to loot the national treasury, they have no options but to loot theor party Dry

Methu help us out.

as them loot nation, na so them loot party.

gbese re o,gbese

Omg, please close down that party. We got more pressing debts to repay! What! I need my salary already

PDP= People Destroying People

APC= Association of Past Criminals

Nigeria is in boiling pepper soup...make i come find my way to Ghana oo

They're not broke.
.
.
.
.
Their loots is in their various private vaults in their bedrooms

Chicken Change !!! ALI SHERIFF CAN FINANCE THAT WITHOUT ANY POCKET PAINS

Seem investing in party is no more a lucrative business

There is money jareeeeh !!! Just that if u let BABa know u hv and u are a pdp member... Dss and EFCC will visit u.

I believe Godswill Akpabio can offset that debt

Lies

dunkem21:
Good news for Zombies

This was posted here days ago but the MOD refused to put it on FP

https://www.nairaland.com/2977455/aggrieved-apc-workers-cry-out#43582406

Abuja – Many of the staff working at the
headquarters of the All Progressives Congress (APC) in Abuja are not happy, reports Daily Trust.
This is because majority of them are casual workers with no appointment letters.
Some of the workers have been working for the party for over three years.
The workers said they do not know what is due to them as entitlements for working for the party.
The concerned aggrieved workers blamed the John Odigie-Oyegun-led National Working Committee (NWC) for their plight.
They alleged that the decision not to give them appointment letters was based on the instructions from some NWC members.
When contacted, the National Secretary of the party, Mai Mala Buni said a committee headed by the Deputy Chairman South, Segun Oni, was working to resolve the issue.

Omo,see black lie.

So ow much is 800milla 2 dem...mtcheww abegi!!

Theives! the N20 billion they raised for GEJs reelection nko?