But a member of the Ndoma-Egba-led PTDF ad hoc committee, Senator Victor Oyofo, told newsmen in Abuja on Friday that the review committee report was fit only for the dustbin. He said, “I agree with the statement that there is confusion. It is even worse than confusion; it is a quagmire. If you attempt to stand truth on its head, then it leads to the confusion we are in now. For example, how can any body suggest that President Obasanjo is guilty in the handling of the PTDF? There is no shred of evidence to support it. Number one, administratively, the executive secretary reports to the Federal Executive Council via Mr. Vice-President.”

According to Oyofo, there is nowhere in the report where the President was said to have benefited directly from the funds. This, he argued, was different from the case of the vice-president who was in charge of the daily administration of the fund.

He said he was taken aback by the report of the review committee with respect to the issue of $125 million.

In his view, said there is no excuse to let the vice-president off the hook when he approved an additional $20m, knowing that the $125m earlier granted was not used for the stated purpose.

A member of the Senate Ad-Hoc Committee on Petroleum Technology Development Fund (PTDF), Senator Victor Kassim Oyofo (Edo North) has dismissed the report of the Review Committee as hogwash and a document fit only for the garbage can.
Oyofo, a former Chief Whip of the Senate, called on Nigerians to be conversant with the fact that the report has not yet been accepted by the Senate and therefore they should discountenance it.
Speaking yesterday with Senate Correspondents in Abuja, Oyofo said that what the Senate had done and which was procedurally correct was to allow the Review Committee headed by Senator Umaru Tsauri to lay the report on the table of the Senate preparatory to debate in May.
But he noted that the confusion in the Senate over the report has its roots in the vendetta mission by the other camp to pronounce President Olusegun Obasanjo guilty.
He also said that the inability of Some Peoples Democratic Party (PDP) Senators to secure re-election tickets contributed to the accomplishment of the mission to “stand truth on its head” in the matter and blamed the PDP leadership for not taking proper control of the Senate and the Presidency’s relationship with the Upper Legislative Chamber.
Oyofo stated that he agreed completely with the Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu that the Senate is confused over the PTDF matter.
According to him, “Indeed, I agree with the statement by the EFCC Chairman that there is confusion. It is even worse than confusion. I think it is a quagmire.”

But while reacting to a statement credited to Lagos lawyer used as Missile in THISDAY yesterday, Political Adviser to the President, Bashorun Akin Osuntokun, said Atiku, rather than the president has questions to answer.
Osuntokun's statement reads: "Our attention has been drawn to a quote contained in the THISDAY of Tuesday, March 27th, 2007, in which renowned social crusader, Mr. Femi Falana, called on Vice President Atiku Abubakar to resign over his various indictments concerning the Petroleum Technology Development Fund (PTDF).
“Mr. Falana was quoted in these words: 'What Mr. Vice President is saying is clear. That I am a thief and that my boss should also own up. That admission is enough for him to resign and quit the presidential race. In a normal situation, both of them would have resigned honourably, having been indicted by the National Assembly'.
"As much as we appreciate the concerns of Mr. Falana on this issue, we have to, however, set the picture straight. [b]The PTDF issue has gone through five stages of investigation or review viz: the Economic and Financial Crimes Commission (EFCC) investigations and indictment; the Federal Executive Council review headed by the Attorney General of the Federation, Chief Bayo Ojo, his indictment, white paper and gazette; and the Professor Ignatius Ayua Administrative Panel of Inquiry inquest and indictment.
"Furthermore, the Senator Ndoma-Egba Senate Committee report similarly investigated the issue and returned a verdict of indictment on the Vice President, followed at last by the Senator Tsauri Committee of the Senate, which reviewed the Ndoma-Egba Committee’s work. It also returned a vote of indictment on the Vice President.
"The only difference this time is that the Tsauri Committee, which is chiefly populated by senators who have one axe or the other to grind with the President, decided to also drag President Obasanjo’s name into the scandal- not for corruption but what it deemed as 'illegality' in the approval of public utility projects
"The President has maintained that he did no wrong, and his views have been corroborated by prominent and credible government officials, including the Chairman of the EFCC, Malam Nuhu Ribadu and the Minister of Finance, Mrs. Nenadi Usman.
"The same cannot apply to Vice President Atiku Abubakar, whose only defence is that he is not the only one with soiled fingers. We agree with Mr. Falana that it is only an abnormally immoral person who will be indicted by five consecutive panels that will still remain in the office of the Vice President and in the race for President of the Federal Republic of Nigeria[/b].

alabiyemmy:

Obasanjo Envisaged Rot, Reveals Document
By Yemi Adebowale, 03.31.2007


PTDF

Fresh facts on the crisis rocking the Petroleum Technology Developm-ent Fund (PTDF) has revealed that President Olusegun Obasanjo made moves in 2004 to stop approvals by Vice President Atiku Abubakar for the placement of PTDF funds in banks. Documents made exclusively to THISDAY showed that Obasanjo had the premonition that the PTDF would end up in a mess, even when his relationship with Atiku was still rosy.
In the memo dated July 5, 2004 to Atiku, following a report on activities of the PTDF to the presidency, Obasanjo warned: “I do, however, consider the financial practice of having a large sum of N20 billion (Twenty billion Naira) and $150 million (One hundred and fifty million dollars) as deposit placements with commercial banks as an aspect of PTDF’s operation that is susceptible to abuse.” The President in the memo expressed fears that it would be detrimental to the economy for such quantum of funds to be left with commercial banks, “in the light of the sharp practices that are associated with the activities of the sector, now under scrutiny.” Obasanjo subsequently directed that the deposits be immediately withdrawn from the banks and transferred to the account of the PTDF with the Central Bank, for investment in Treasury Bills.
He continued in the memo: “Following from this, any other fund attributable to PTDF must be directly lodged in the same Central Bank Account. On a final note, I wish to state that henceforth, no monies of the fund from the Central Bank account should be withdrawn without the authorisation of the Vice-President and endorsed by me.”
The PTDF funds placed in banks eventually snowballed into a big crisis last year when Obasanjo – following security tips – called in the Economic and Financial Crimes Commission (EFCC) to investigate Atiku. EFCC investigated and found him guilty of money laundering and other financial misdemeanours in the management of PTDF funds. The EFCC provided evidence showing that Atiku helped Mike Adenuga pay for the Glo GSM license with PTDF funds. PTDF's $110m was allegedly placed at ETB owned by Chief Mike Adenuga and $20 million in TIB, substantially owned by Oyo and Osun States. PTDF had deposited money in 12 other banks, including ETB and TIB.
Atiku was also alleged to have transferred $20 million out of PTDF without Obasanjo and FEC approval. Again, the VP was alleged to own 12.5 per cent of Globacom. But the telecom firm has denied this. According to EFCC: "Prince Babatunde Akinyera is believed to be fronting for His Excellency, Alhaji Atiku Abubakar, for the 12.5 per cent against his name at Globacom. That contrary to the believe that it was only the sum of $115 million that was placed at ETB by PTDF, it has been discovered again that another $50 million was transferred from UBA (New York) account of PTDF to ETB with the knowledge of the approving authority, just at the time Otunba Mike Adenuga was to pay his $20million deposit to NCC." It indicted Atiku of being party to the placement of deposits in Equitorial Trust Bank (ETB) and the defunct Trans International Bank (TIB).
An administrative panel headed by the Attorney General and Minister of Justice, Chief Bayo Ojo, was subsequently raised by Obasanjo to examine the report of the EFCC. Others in the panel were Federal Capital Territory (FCT) Minister, Mallam Nasir el-Rufai; Education Minister, Mrs. Oby Ezekwesili; National Security Adviser, Major-Gen Sarki Muktar (rtd.); and the Minister of State for Agriculture, Mr. Bamidele Dada. The Panel of Inquiry also found Atiku guilty. The panel submitted that money was laundered from the PTDF to procure the Globacom licence. The panel was said to have confronted Atiku with incriminating documents. It questioned Atiku on the coincidence of Adenuga’s payment of the 10 per cent deposit required for Globacom’s licence shortly after ETB received the PTDF deposit. The panel also questioned Atiku on how Otunba Oyewole Fashawe, believed to be Atiku’s business associate and an estranged friend of Obasanjo, was able to secure over N700 million loan from TIB shortly after the bank secured the PTDF’s deposit. Atiku was also questioned about Fashawe's donation of a building to ABTI Academy owned by Atiku.
Atiku told the EFCC as well as the Administrative Panel that he would not know the factors that come to bear when banks determine how they use their deposits.
On Globacom, Atiku said it paid for its license eight months before ETB secured the PTDF fund placement. An aide of Atiku who pleaded for anonymity claimed that the PTDF’s former executive secretary, Hamisu Yusuf Mairago, had recommended the placement of the deposits in the local banks because he believed they would attract higher interests than leaving them in overseas banks: The aide said: "In fact, while foreign banks were offering 3 per cent and 4 per cent, the Nigerian banks offered more than ten per cent. It was on the basis of the sound business judgment that the Vice President recommended the request to the President who immediately approved. PTDF went on to earn over N1billion interest from its deposit at ETB. The bank has also paid back the money following government’s recall of public funds in commercial banks. In other words, not a single kobo of PTDF has been lost in the transaction.”
An adhoc committee set up by the Senate and headed by Victor Ndoma Egba was asked to investigate the PTDF scam. It found Atiku guilty in controversial circumstances. It also found the president guilty for taking decisions outside the prescribed mandate of the fund while asking he should make refund in an instance where he made an unwarranted withdrawal. The panel while prescribing punishment for Atiku merely stated that the president should be advised for the wrong decisions he took over the fund placement.
A review committee was later set up by the Senate, which found both Obasanjo and Atiku guilty. Atiku, who was disqualified from the April Presidential polls on the basis of the Ojo Panel Report, is already in court, challenging it.

Enigma:

There is an article on the legal side (Court of Appeal versus Federal High Court) at http://lexnigeriana..com/