FOR the second time in barely one month, another Senate committee has absolved the chairman of Globacom Limited, Dr. Mike Adenuga Jr and the Equitorial Trust Bank, ETB, of any complicity in the management of PTDF money placed in ETB.

The Senator Umaru Tsauri-led review committee on the ad hoc committee report on the PTDF, in its recommendations, said there was no link between the agency’s funds placed in ETB and the funding of Globacom. The committee said it was “satisfied that due process was followed” in the manner ETB administered the fund placed with it.

The review committee also sustained all the findings of the Senator Ndoma Egba-led ad hoc committee report on PTDF which had earlier cleared Adenuga, Globacom and the ETB of all speculative charges levelled against them in the EFCC report on PTDF.
The Senate ad-hoc committee had, in clearing Adenuga and Globacom, about three weeks ago, stated that after five months of investigations, it could neither establish any connection between Adenuga and PTDF nor between the fund and Globacom.

The development has proved as false, the claims by the EFCC that Adenuga and his company were involved in the mismanagement of PTDF money. With the verdict, both Adenuga and Globacom were absolved of any wrong doing in the alleged mismanagement of PTDF money. The report also debunked the stand of the EFCC that part of PTDF money was used to pay for the licence fee of Globacom.

The committee said contrary to EFCC report that PTDF money placed with Equitorial Trust Bank (ETB) in which Adenuga has interest, were used to pay for Globacom’s GSM licence, there was no evidence of any lending relationship between ETB and Globacom.
The committee also established that Adenuga is also a shareholder of ETB and that it could not establish any link between PTDF and himself. Both Globacom and Adenuga had consistently maintained their innocence of accusations by EFCC of involvement in the mismanagement of the PTDF money.