HOW ATIKU PREVENTED TINUBU FROM SCAMMING FG, BY @elrufai

One of my memorable early experiences in BPE was a political baptism of fire – an encounter that opportunity to cash in on that misfortune. They did something similar in India in the 1990s and it and it went really wrong.
learnt some lessons and came to Nigeria with a more refined approach.

What Enron proposed was to supply second-hand, barge-based generators (moveable and easy to relocate in case of payment defaults) using diesel initially, to be supplied by Wale Tinubu’s Ocean & Oil Ltd.
(now Oando)until gas pipelines are extended from Egbin to the barges’ location, to provide initially 90MW and expandable to 540MW of electricity exclusively for Lagos State.

Nasir El-Rufai Governor of Kaduna State and former DG BPE writing in his book:PAGE(81-84) ..............

The Lagos State governor, Bola Tinubu, his finance commissioner Wale Edun, budget commissioner Yemi Cardoso, Gbenga Oyebode of Aluko & Oyebode, Wale Tinubu and Tunde Folawiyo, all of them friends or acquaintances of mine, were involved in the transction at various levls nd capcts
There were only three hurdles that needed to be crossed. First was the legal reality of the time: that only federally-owned National Electricity Power Authority (NEPA) could buy, transmit and distribute power so the cooperation of the Federal Government (FGN) was needed.
Second was that NEPA was notorious for not paying its bills (even to government-owned companies like the Nigerian Gas Company which supplies it with feedstock), so some payment security arrangements needed to be put in place in anticipation of NEPA’s default, and finally Enron
would require a sovereign guarantee in the event that NEPA fails to pay and the security arrangement fails to crystallise or is exhausted by multiple defaults.
Enron and Bola Tinubu found a way by getting Chief Bola Ige, a fellow opposition AD party leader working in a PDP administration, to get Obasanjo to sign off on the transaction without any cabinet review or rigorous inter-agency discussions.
Bola Ige also obtained the president’s consent to sign a sovereign guarantee on behalf of the Federal Government of Nigeria something only the Minister of Finance was legally authorized to do.
There were no loud protest from NEPA management who could forsee the dangers

of potential corporate insolvency because they all believe resistance was fruitless since Minister Bola Ige had the ears of President Obasanjo. Everything was signed, sealed and delivered and we all read about it in the newspapers.
I was concerned that this could negatively impact the future privatization of NEPA and requested the VP (Atiku Abubakar) to obtain copies of the agreements signed for our review. This was barely two weeks after I resumed, and then early in December 1999,
we received the ‘power purchase agreement’ (PPA) of over 100 pages including annexes, annexures and other attachments.
We could not make any sense out of it. We approached Norton Rose of the UK, and two local law firms, A B Mahmoud & Co. based in Kano and George Ikoli & Okagbue
Of Lagos to undertake a review of the power purchase agreement.
Norton Rose needed several weeks, and instinctively I knew we had to figure this out before it got too late, and several weeks night be too late. The local law firms submitted the outcome of their reviews within a
short period, but what we got were not very helpful in isolating the potential impact of the PPA on our power sector reform programme.
The agreement was highly technical with enough equations and integrals to scare all but the most mathematically proficient of lawyers.
At this point, I approached the World Bank country office for assistance. Trevor Byer, the country director who fortuitously had been involved in power sector reforms elsewhere before his posting to Nigeria, was very very helpful, proactive and immediately responsive.

challenged court, and remained in dispute until we left office.
My Enron experience was an education of sort. I learnt many new lessons that dispelled my naivety.
Well-informed and trusted friends put pressure on me to look the other way because they were advisers or consultants to Enron, or were potential; beneficiaries in the transaction. My explanations and passionate representations that the transaction was inimical to national
interest, negatively impacts the long-term viability of NEPA and threatened the reforms of the electricity industry were neither nor relevant to their position.
I saw starkly how government officials were willing to prevent the interest of the country to impress foreigners,
or obtain preferences for those they thought were their kinsmen. It was an early sobering experience and an appreciation of the reigning dictum of every one for himself, and no one for the country.

Mallam Nasir El-Rufai Governor of Kaduna State and former Director General BPE writing in his book: The Accidental Public Servant (Page 81-84)


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https://twitter.com/sirdanladi/status/1622279249942953985?s=20&t=_MYXBJtqXAtL94ozy_9WRg

The founder of agberos in Nigeria and the drug landlord of Africa and fraudulent activities are inseparable...

This life!🤣🤣🤣

@op you appear to be a confusionist judging by your post headline as against your post content.

Holla911:
@op you appear to be a confusionist judging by your post headline as against your post content.

Learn to read

Hmmmmm. . . .Abeggggg ooooo
February 25th. . . or whenever. . . come and go oooooo.
Please, take APC with you!!!!!

Reinaldo:


Learn to read

Learn to read and understand.
Who sold nepa?
I read through the post and I didn't see where Tinubu attempted to scam the federal government.
Perhaps, you can point me to the paragraph which reference tinubu to such accusation ?

Holla911:

Learn to read and understand.
Who sold nepa?
I read through the post and I didn't see where Tinubu attempted to scam the federal government.
Perhaps, you can point me to the paragraph which reference tinubu to such accusation ?

the agreement was between federal government and what company?
Go back and read, but this time call your mama to explain it.

Nigeria!!
The giant of Africa
A nation of over
Over 200m citizens are contemplating who to vote between
A thief

A drugslords

A prudent man.