Navalsadiq: there is nothing new in politics.get your PVC and encourage others to.Labour party has no structure to win an election
We already heard that. Why are you guy wasting your energy looking for that doesn't exist in a party that has no structure. Why not face Atiku or Tinubu depending on who you're happy with.
Dagenius53: Arise TV are so unprofessional to the extent that you will know they are campaigning against TINUBU. Please is the media not suppose to be neutral? Very useless TV station.
modsfucker: But he dared anyone with proof of corruption against him to bring it on, and if there were any, PDP would've used it against him when they were in power.
Yea like Northern controlled EFCC, NSA? The people (Dasuki) that had intelligence on him and hid it from Jonathan. when he won, he turned on him and others.
Graft Allegations Dog Nigeria’s Main Presidential Hopefuls • Tinubu and Abubakar have both been accused of corruption • Issue is unlikely to feature on campaign trail, analysts say
William Clowes 22 June 2022, 05:00 GMT+1Updated on22 June 2022, 13:09 GMT+1
The fight against corruption has been a top campaign issue in Nigeria’s last two presidential elections, but the history of graft allegations surrounding the two main candidates means neither is likely to raise it in the run-up to February’s vote. Front-runner Bola Tinubu, who secured the ruling party’s nomination earlier this month, was being investigated by the country’s anti-corruption agency as recently as last June. Three decades ago he fought a lawsuit in which the US government accused him of laundering the proceeds of heroin trafficking and eventually reached a settlement. Atiku Abubakar, his chief rival, brought tens of millions of dollars of “suspect funds” into the US when he was Nigeria’s vice president in the 2000s, according to a US Senate report, and was implicated in a bribery case that resulted in the imprisonment of an American congressman. Neither episode resulted in charges against Abubakar. Spokesmen for Tinubu and Abubakar didn’t respond to requests for comment. The next president will face a daunting challenge to turn around Africa’s largest economy. Falling oil production threatens Nigeria’s place as the continent’s biggest crude producer, inflation is soaring and more than half of the working-age population are either unemployed or underemployed. Read: Buhari Defends Record as Nigerians Endure Hardship, Insecurity The local currency has depreciated steeply under outgoing President Muhammadu Buhari, falling from around 220 naira to the US dollar on the widely-used parallel market when he was first elected in early 2015 to about 600 naira this week. Nigeria vies with India as the country with the highest number of people living in extreme poverty despite having a seventh of the population. Meanwhile, secessionists, Islamist militants and armed criminal gangs terrorize large swathes of territory. Efforts to restore security and fix the economy alone will likely fall short because there’s an unavoidable connection between financial graft and government dysfunction in Nigeria, said Leena Koni Hoffmann, an associate fellow at Chatham House in London. Corruption “hollows systems out and cripples them from the inside,” she said. Contrast with Buhari The race will see the two wealthy septuagenarians mobilize impressive political machines built over more than 30 years pursuing power in Africa’s most-populous country. Voters in Nigeria are often offered cash, food or clothing to persuade them to cast their ballots for particular candidates. On the eve of the last election in 2019, two armored bank vans were photographed driving into Tinubu’s home. “If I have money to spend, if I like, I give it to the people for free of charge as long as it’s not to buy votes,” he told reporters when asked what the vehicles were transporting. Tinubu and Abubakar have cultivated deep systems of political patronage, according to Hoffmann. Both men excel at “engineering and expanding political networks through co-optation, through channeling and redistributing money and positions and favors,” she said. Tinubu, 70, who lives in Lagos’s wealthiest neighborhood, says he made his fortune before going into politics by investing well and working as an accountant for companies including Deloitte LLP. Abubakar, 75, who splits his time between Nigeria and Dubai, spent two decades working for the government’s customs department and co-founded a large logistics and oil services firm that has operated concessions at Nigerian ports.
Atiku Abubakar Photographer: Pius Utomi Ekpei/AFP/Getty Images Their lifestyles contrast sharply with Buhari, an austere 80-year-old former general who keeps a herd of cattle at his ranch in the far north of Nigeria and briefly ruled the country as a military dictator nearly 40 years ago. He was swept to power in 2015 promising to eliminate the corruption that had flourished under the previous administration. While Buhari insists he has made some headway in reducing graft, Clement Nwankwo, executive director of the Policy and Legal Advocacy Centre in Abuja, said he has “failed woefully”. Still, corruption is likely to take a back seat this election to more pressing issues, particularly “the incredible levels of insecurity across the country and the rise in poverty,” he said. Corruption Ranking Nigeria ranked 154th out of 180 countries on Transparency International’s 2021 Corruption Perceptions Index, an all-time low. Inaction against those implicated in wrongdoing has created a sense of impunity and stalled the fight against graft, the Berlin-based watchdog said. Tinubu won the ruling All Progressives Congress party’s primary in a landslide on June 8. A former two-term governor of Lagos state first elected in 1999 and the most powerful politician in southwestern Nigeria, he has handpicked his three successors and been dogged by allegations of lawbreaking for decades. As of last June, the Economic and Financial Crimes Commission had an open investigation into Tinubu, the agency’s chairman, Abdulrasheed Bawa, told ThisDay newspaper at the time, without specifying what it was scrutinizing. An EFCC spokesman didn’t respond to questions about whether the probe is still active. Tinubu is also accused in an ongoing Nigerian high court case of secretly controlling the company that handles Lagos state taxes and is entitled to take a 10% cut of what it collects. It was awarded the contract while Tinubu was governor. The firm’s founder sued Alpha Beta Consulting LLP and Tinubu in June 2021, alleging the company had wired out millions of dollars in “suspicious monetary transfers” and denied him his share of profits for more than a decade. The plaintiff and ABC are currently discussing an out-of-court settlement. A spokesman for Tinubu, who has not participated in the talks, told Bloomberg in March that the allegations are “unsubstantiated.” Read: President’s Main Backer in 2015 Says It’s His Turn in Nigeria Revenue raised by the Lagos government rose sharply during Tinubu’s tenure to 83 billion naira (about $690 million at the time) from less than 15 billion naira when he took office. In 2020, it was almost 420 billion naira (about $1.1 billion at the time), more than three times higher than the next-best performing of the country’s 36 states. In July 1993, when Tinubu briefly served as a Nigerian senator, the US government filed a forfeiture lawsuit in Chicago against bank accounts in his name, claiming there was “probable cause” to believe they held the proceeds of heroin dealing. The case followed a probe by the Internal Revenue Service and other agencies into a trafficking network involving Nigerian suppliers. The IRS secured warrants in January 1992 to seize almost $2 million, according to court filings. While living in Chicago between 1989 and 1991, Tinubu had deposited more than $1.8 million into one of the accounts, before transferring large sums to another bank, according to the US government’s complaint. While disputing the US’s reason for targeting the accounts, Tinubu settled in September 1993, agreeing to give up $460,000 to the US government in exchange for the release of the rest of the money. Tinubu wasn’t indicted over the matter.
You know your reasons. You have a preferred candidate you chose based on primordial reasons. You are mow looking gor a way to malign his opponent who you feel is better qualified
modsfucker: Same as Buhari, nothing to pin him with, but guyman failed woefully... So that shouldn't be a yardstick at all.
Who said? There were a lot but you didn't want to see it.
His time as the head of state was a disaster. He ran PTF street. Sidelined board members and handed it over to his relatives to run without supervision. He would easily say it was not him. Billions missed under him in PTF, billions missed under him as commissioner for petroleum in 1978. We shouted here but you guys wouldn't listen. We are shouting again.
Stop being clever by half. The black market rate shouldn't be used to calculate the value of investment when you used official rate initially, black market isn't used for official calculations
I did not do that. Check my attachment
2) Even at that the ROI is less than 8% per annum, that is daylight robbery because fixing the money would have done 2.5times that value.
Obi robbed the state blind with this Yahoo investment
Did you read the article? Did you see anything about the recession? etc
3) If the investment was in rice mills or local agricultural sector, apart from the employment that would have been generated, the ROI would have been more same for tax and revenue for the state. Same result if it was even done in construction of houses for sale in GRA or even in the educational sector.
This investment was a result of crooked thinking and lack of foresight
By a billionaire who had been investing before possibly your mother was born?
Lagos had a similar investment of #4bn in econet but few years after it appreciated to $19bn, it was removed to fund the Lagos State Teaching Hospital, which today gets referrals from even FG teaching hospitals, part was used as counterpart funding for LAMATA which gave rise to BRT buses still being enjoyed till today.
Where is the money? It was liquidated through an unknown broker into a private wallet.
The difference in the 2 scenario is the quality if thinking if Asiwaju and Peter Obi
Sixfiguresmart: Firstly, I will advise you to learn how to quote someone on Nairaland. You quoted me twice and adjoined my comment to yours.
Secondly, I do not represent Obi or his appointees but from a professional POV, investment profits are not decided by research or one's level of education. Like I rightly called it a "volatile market" (that is a term that you must get accustomed to), you need to understand how it works. The market can be determined by many factors. Traders of face masks, hand sanitizers, denatured alcohol and oxygen tanks didn't see the massive profit ahead of them back in the early 2000s. Traders of stationaries and educational tools didn't imagine that two years could elapse on a free fall scale. The fashion world didn't foresee 2 years without fashion events and international shows. Event center investors didn't believe that corrosion and closure were associated with their business? It is called busi"ness" for a reason. When the market isn't busy, profit is either stalled or lost. Let me provide a more realistic example away from business. The value of properties on Banana Island soars above the financial roof, right? Imagine that a volcanic eruption began right in the middle of the Island. Wouldn't that crash the value? Would you blame the estate valuers or call them incompetent?
Thirdly, there is no formula for success. The only suggestion is endeavor. That is what the man did. There is still a potential for growth in that business.
Lastly, in comparison to looted funds (money approved to better the lives of all Nigerians stolen by a thief for his own selfish and greedy use) , invested fund is extensively more noble, legal and credible.
Now, who has a more credible character, the man who looted or the man who invested?
If Nigeria were your company, who would you throw in jail, (the embezzler) the thief or the manager man who made less profit?
Tell yourself the truth and let sentiment hide in shame
Apologies Chairman. I have heard you. I was trying to remove my focus from the price of rice and the rice in Tinubu's warehouse. You are supporting my point of view actually. Obi the investor is my choice.
Freethinker87: Not really, the Anambra ministry of finance does not have access to these funds as the investment is a CBO. A CBO is a corporate bond that pays annual dividends to shareholders and the full capital at maturity which will be in 2050. I don't think successive Anambra governors are interested in it since they don't have access to it.
I think they're not really happy about it.
. Thanks. On a good day I will add flesh and come out with a convincing stuff
casualobserver: Why didn’t he include the 185b in contract liabilities if he can include FG refund that hasn’t crystallized
He has said in several media appearances that he did not owe any contractor when he left office. You can actually watch his interview with 90.3 fm on YouTube
casualobserver: I have since verified Obis claims to be true.
You are not a regular BMC crew sir respect. I had someone like you here supporting Buhari in 2015. But he ran away after everything I told him will happen about Buhari began to happen. You are like him in that he is reasonable and can do what you just did. His mind about Buhari was made up. We were friends here but he couldn't bear the shame of Buhari's performance within 18 months.
Sir, join me now to campaign for Obi. Obi will help all of us. I am not from Anambra but I have lived here since his days in the Government house and I am talking from a point of experience.
casualobserver: I am a man who stands for truth and I just checked the share price in 2018. I deal in verifiable facts. I have no problem in admitting that on this I was wrong and Peter Obi was indeed right. Whether or not the interview was done in 2018, the stake was worth more than $100m in 2018. My other issues against Obi still stand until proven otherwise.
As for Buhari I have never been a fan or apostle of Buhari, never voted for him, even though I will vote Tinubu in 2023. I was around to see what he did when he 1st came in in 1983 and I warned he would be a disaster.
And you will vote for someone who brought him in? You will vote for Peter Obi. I will make sure you do personally.
BlackBaron: Thought as much the article disregarded exchange rate.
However the sum now shown isn't still a windfall in naira terms. Obi himself mentioned returns equivalent to 4 times (apparently $20 million to $100 million) what he put in. The current figure shown is nowhere close to that figure even in naira terms. Makes him a LIAR!
Unfortunately, all the people up for elections this year are liars, thieves and same old crop of politicians.
Freethinker87: No, it's true. That interview was from 2018 and INTBREW shares were trading at N58.69 per share, 11X what it is worth today and Anambra's stake was valued at over $98M at N300/$ exchange rate.
It's not Obi's fault that Buharinomics destroyed the economy.
PHIPEX: You think you are smart but empty. The interview was over 3 years ago when the company share price was around #40 per share. Your god Buhari supported by Tinubu killed Nigeria economy crashing share prices and naira value to what it is today, the share price is now down at #5. Calculate the value using the share price and dollar price when the interview was made in 2018 then return here with an apology
Itsrm: The US has had a combined inflation rate of 27.1% from 2012 till date. Discount it fron the money he invested and tell us how much he has lost.
Note, the ideal thing is to discount by the rate of inflation in Nigeria but since you have blamed that on APC, let's use a relatively stable economy to do it.
What that will show you is that even if our inflation had stayed at a decent rate like that of the US, he still lost a lot of money.
Bruh, you know what dealt with investment is the same thing that removed $18Bn from Dangote's net worth. That is Buhari's body language induced recession. So the company he invested in have good fundamentals and debt. That is why they are able to resurrect from an Armageddon that consumed many companies. Do you live in Nigeria? Do you know how many companies that either collapsed or left Nigeria because of Buhari's utterances that made investors withdraw their funds in droves? A richest man in Africa lost 72% of net worth because of it even with government backing. Who is arguing that there no loss?
What we are saying is 1. He did well by investing. You did agree before 2. He did his due diligence and he is not new to investing. The NPV and IRR of the company was great for him to have invested 3. The company is strong otherwise it would not have survived Buhari 4. We know where the money is. For some state money was invested and the liquidated into unknown accounts do not belong to state using unknown brokers and those campaigning for such people are not even bothered.
casualobserver: He seems to be in a habit of getting his facts wrong. While you are verifying please also verify that
1. Anambra state government wa a the largest shareholder in the company as you heard him say….a lie
2. Contrary to the position being touted that he left 75b when he left Anambra, the real state of affairs was that he left a net liability of 105B. As he does by always being economical with the truth, he conveniently failed to mention that the state govt had contingent liabilities of 185B.
A man of Peter Obi’s stature and business experience knows how to prepare accounts. I refuse to believe he was incompetent or inept. This was either deliberate attempt at being fraudulent or he is incompetent. But no accountant will give you a balance sheet and not state liabilities because they are not due today. The man is very clever with his choice of words. You have to decipher and investigate when Obi talks about his affairs. Because they are mostly lies and half truths.
Uniportadmision: I first saw that tweet from one Reuben Abbati, he quoted an old news/interview, the manipulators took it, pushed the narrative to unsuspecting PO campaigners and after it was adopted, boom! Their trick worked! Then they released their media houses to attack. I was waiting for this. They are really pushing dirty.
Politics › Re: Analysis Of The 2023 Candidates For President (apc, Pdp, Lp, Nnpp) by agabaI23(m): 5:52pm On Jun 25, 2022
