₦airaland Forum

How Atiku Prevented Tinubu From Scamming FG – El-Rufai
56 mins ago

An Encounter with Enron

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 went really wrong but they 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.

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 transaction at various levels and capacities. 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 foresee 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 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. Within a couple of weeks, we received a summary of the agreement, its impact on privatization, what the equations and annexes meant in terms of tariffs, security arrangements, dollar payments and contingent liabilities. I immediately briefed the Vice President who was alarmed at the findings, and he instructed me to draft a memo for onward transmission to President Obasanjo.

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Within five weeks of taking over the headship of BPE, I drafted the first of many memos which would be forwarded to the drawing attention to surreptitious steps being taken by line ministries to frustrate sector reforms and privatization. The Lagos State-Enron case was particularly dangerous as it would have bankrupted NEPA almost overnight! The president immediately put the transaction on hold and commended the vice president for briefing him on the implications of the deal. The VP set up a ministerial committee chaired by Minister of State Danjuma Goje, with BPE, the Federal Ministry of Finance,and Lagos State Government represented as members,to review the agreement. Enron immediately hired GoodWorks International, the global advisory firm co-founded by former US Ambassador to the UN, Andrew Young, to influence the outcome of the review, while Bola Ige and some sections of the South-West media got busy attacking me, the vice president and the BPE for depriving Lagos and Yoruba people of steady electricity’. We declined to respond, focusing on fixing what we saw as a potential stumbling block to reforming and privatizing our electricity supply industry. I am glad we truncated the original deal, but even the better and arrangement which reduced tariffs from 8.5 cents per kilowatt – hour to just 1 cent a kilowatt – hour ended up placing huge financial burdens on NEPA years into the future – and the undertaking we extracted from Lagos State to share part of the burden was subsequently challenged court, and remained in dispute until we left office.

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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).

A good Nigerian has spoken
Our Incoming President thanks for you concern about the well being of Nigerian
PDP will insha Allah Succedd to Rescues Redirect and Rebuild Nigeria
#AtikuOkowaOrganizingForAction

PDP will insha Allah succedd and Rescues Redirect and Rebuild Nigeria

All the best
May PDp success to Rescues Redirect and Rebuild Nigeria

A journey to Rescues Redirect and Rebuild Nigeria

Dear good People's of Nigeria
But for a Healthy Leader to Rescues Redirect and Rebuild Nigeria.
#AtikuOkowaOrganizingForAction

Ok let me wake up

Apc have no candidate in the next Election is Sleeping machine can't do anything Positive.
AtikuOkowaOrganizingForAction is coming to Rescues Redirect and Rebuild Nigeria

Hello good People's of Bayelsa state AtikuOkowaOrganizingForAction is coming to Rescues Redirect and Rebuild Nigeria.

PDP presidential candidate, H.E Atiku Abubakar, poses with Hajia Naja'atu Muhammad in Abuja.

Naja’atu Muhammad, recently resigned as director in the Bola Tinubu presidential campaign team.
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Sleeping machine!!!

Imagine Nigerian President at UN General assembly or at the white house sleeping all through a conference.

We all pray to get old but we should first respect our selves and not selfishly desire the food meant for children.
Sincerely Speaking Tinubu deserved to be at home. Nigerians will never Vote for incompetent wick Person
#AtikuOkowaOrganizingForAction Remain the only Alternative to Rescue Redirect and Rebuild Nigeria

No any Responsibility Nigerian will vote Tinubu he can't take Nigeria to grace Land
Let's vote PDP power
#AtikuOkowaOrganizingForAction

Hello good People's of Niger State
AtikuOkowaOrganizingForAction is Coming to Rescue Redirect and Rebuild Nigeria

Atiku's simple message - Small government, private sector participation, privatization of moribund national assets, Youth/Women inclusiveness and Restructuring.

#AtikuForAll
#RecoverNigeria
#AtikuOkowaOrganizingForAction

#AtikuOkowaOrganizingForAction
A journey to Rescues Redirect and Rebuild Nigeria

*BREAKING NEWS:*

*PDP crisis:*

*Makinde makes U-turn dumps Wike, agrees to lead Atiku's Ibadan rally*

The crisis in the Peoples Democratic Party (PDP) might be on the verge of ending in a matter of days Fresh reports have confirmed that Governor Seyi Makinde, a member of the G-5 governor's clique has agreed to lead Atiku Abubakar's campaign in Ibadan Governor Makinde and the G-5 governors have been on anti-Atiku for quite a while now following disagreements over party affairs.

ALHAMDULILLAH 37 DAYS ATIKU IS COMING 2023 IN SHA ALLAH�

*DG MEDIA*
ENGR.BEBEJI

The 2023 PDP Atiku/Okowa Presidential Campaign Rally in Abeokuta, Ogun state. *#RecoverNigeria
PDp will Succedd by God grace to Rescues Redirect and Rebuild Nigeria
#SouthwestforAtikuOkowa
#AtikuOkowaOrganizingForAction

Alh Atiku Abubakar wazirin Adamawa remain the best Alternative to Rescues Redirect and Rebuild Nigeria. Any attempt to blackmail him will never work
AtikuOkowaOrganizingForAction the best Option for National Development

Arrival of H.E. Atiku Abubakar in Abeokuta for the PDP Atiku/Okowa Presidential Campaign Rally in Ogun state.

#AtikuForAll
#RecoverNigeria
#AtikuOkowaOrganizingForAction

Touchdown Ekiti-kete. It feels good to be here. -AA #RecoverEkitiWithPDP
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“A warm handshake with the private sector is needed for any policy or economic agenda to succeed.” -H.E Atiku Abubakar

#AtikuAtNESG_
#AtikuIsComing
#AtikuOrganisingForAction

Hello Good People's of Nigeria
Vote for integrity to Rescues Redirect and Rebuild Nigeria
AtikuOkowaOrganizingForAction

AtikuOkowa will Succedd by the special Grace of Almighty Lord to Rescues Redirect and Rebuild Nigeria

40 days left for Nigeria to decide.

To RECOVER and RESET Nigeria, vote Atiku/Okowa for President and Vice President 2023.
#AtikuOkowaOrganizingForAction

Nigerians will vote AtikuOkowa to Rescue Redirect and Rebuild Nigeria

ATIKU PROMISES TO REVITALIZE AJAOKUTA STEEL PLANT AND LOKOJA PORT AS PDP RESUMES ITS PRESIDENTIAL CAMPAIGN IN KOGI
AtikuOkowaOrganizingForAction
The political atmosphere in Lokoja, the Kogi State capital was tumultuous today as the Peoples Democratic Party (PDP) campaign team stormed Lokoja in continuation of its presidential campaign for the forthcoming general elections in February.


As early as 10:00 am, the Confluence town Stadium, the venue of the presidential campaign rally was crammed full with party faithful and supporters who had come from the 21 Local Government Areas of the state and beyond.

In attendance at the occasion were the party bigwigs from within and outside the state including Arch. Namadi Sambo, the former vice president, Senator Iyorchia Ayu, the PDP national chairman, the Chairman of the PDP Presidential Campaign Council, Gov. Udom Gabriel Emmanuel, the Presidential Campaign DG, Rt. Hon. Aminu Waziri Tambuwal, the Matawalle of Sokoto and Sokoto State governor, Senator Dino Melaye including many serving and former PDP governors, as well as serving and former members of the National Assembly.

After the opening prayers and the national anthem, there were goodwill messages from the Kogi State chieftains of the party that include: Hon. Yomi Awoniyi, Alhaji Idris Ibrahim, Idris Wada, the former governor of the state, Barr. Natasha Akpoti-Uduaghan, a senatorial candidate, Engr. Sam Uhotu, the Kogi State PDP chairman and many other dignitaries, including thr representatives of over 180 support groups in the state.

In their speeches, the Kogi State PDP leaders welcome Atiku and his team and praised him for his consistency in promises, sense of patriotism, passion for work and statesmanship and pledged their loyalty and support for him; however, they drew the attention of the Wazirin Adamawa to the deplorable state of infrastructure in the state and appealed to him to improve them if elected to power.

Other speakers at the occasion were the campaign DG, Rt. Hon. Aminu Tambuwal the campaign council chairman, His Excellency Udom Emmanuel and Senator Ifeanyi Okowa, governor of Delta State and running mate to Atiku Abubakar, who were unanimous in identifying the uniqueness and strategic location of Kogi as the gateway to all the regions of the country and the natural endowment of the state but pointed out that what was lacking was purposeful leadership to transform the state.

And in agreement with the submissions of the speakers and the request of the state's party chieftains, the PDP presidential candidate Atiku Abubakar (GCON) promised to revitalize the moribund Ajaokuta Steel Plant and provide the critical road infrastructure that will link the state with its neighbors.

The former vice president also promised to develop the inland port in Lokoja which will improve maritime transportation and boost economic activities in the country. Atiku also reiterated his promise to tackle federal government/varsity teachers perennial dispute, create jobs and provide the needed financial incentives to support the MSMEs in the country.

The highpoint of the event was the receipt of over 140 thousand defectors led by the former state deputy governor Simon Achuba, one time speaker of the state house of assembly, Hon. Iman and Hon. Karaku from APC by the party chairman, Ayu. The "decampees" pledged their loyalty and support for the PDP and its standard bearer, while urging the people to vote for Atiku for experience, competence, capacity and performance.

AbdulRasheed Shehu

Special Assistant to H.E Atiku Abubakar, GCON

(Broadcast Media)

January 14, 2023.

The PDP Presidential Campaign team will once again visit “The Confluence State” the only state in Nigeria to border ten other states. KOGI STATE will receive the incoming GCFR Insha Allah. @atiku Wazirin Adamawa
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AtikuOkowaOrganizingForAction
A journey to Rescues Redirect and Rebuild Nigeria

AtikuOkowaOrganizingForAction
A journey to Rescues Redirect and Rebuild Nigeria. A unified ticket for National Development

Our next President and his conveyed successful Landed In London yesterday
May PDP Succedd to Rescue Redirect and Rebuild Nigeria.
AtikuOkowaOrganizingForAction

AtikuOkowaOrganizingForAction
A journey to Rescues Redirect and Rebuild the Nation

Tinubu said he will turn Yahoo boys into experts in manufacturing and creation of chips

*So,chips producers are also manufacturers?

AtikuOkowaOrganizingForAction