₦airaland Forum

Facing a huge cash crisis, President Muhammadu Buhari
has resorted to unusual strategies for recovering some of
the funds stolen from Nigeria’s treasury through a series
of shady deals between former Petroleum Minister Diezani
Alison-Madueke and a group of indigenous oil companies and
oil marketers she and former President Goodluck Jonathan
favored.

Former Governor of the Central Bank of Nigeria, Sanusi
Lamido Sanusi, brought the part of the illicit deals to public
attention when he alerted Nigerians that the Nigerian
National Petroleum Corporation (NNPC) had failed to deposit
$20 billion of oil revenues with the CBN. In addition, Mrs.
Alison-Madueke had inked some deals, with the blessing of
former President Jonathan, involving oil swaps and the
transfer of certain oil wells reclaimed from multinational oil
companies to shady Nigerian operators, including Jide
Omokore and Kola Aluko.
An investigation by SaharaReporters discovered that
President Buhari’s administration has begun the difficult and
complex process of retrieving some of the missing petro-
billions. One approach so far adopted by the new president is
aimed at addressing the fuel scarcity that has harmed the
Nigerian economy and threatens to paralyze the country’s
economic activities, according to highly placed officials in the
government.
But one exception involves Mr. Omokore whose Atlantic
Atlantic Energy Oil Company was involved in the controversial
concession of oil wells. A source at the Presidency told
SaharaReporters that Mr. Omokore had volunteered to return
$500 million to the Federal Government. However, the source
added that President Buhari nixed the deal based on
information that Mr. Omokore, believed to be a front for Mr.
Jonathan and Mrs. Alison-Madueke, is in possession of $4.5
billion of funds that should have been deposited in the
federation account.
The sources told SaharaReporters that the government’s
immediate strategy involved targeting oil marketers and
companies “caught red-handed in stealing huge sums of oil
subsidies and oil revenues.” The government has pressured
these companies and their owners to agree to repay the
stolen monies traced to them by immediately importing more
fuel into Nigeria.
The sources said the Buhari government has recorded
significant early success in getting some oil marketers and
their companies to accept the fuel-for-funds deals. “A number
of them have agreed to import massive levels of fuel in lieu
of the funds they received in shady transactions during the
Jonathan administration,” one Presidency source claimed.
Another source revealed that the administration had started
out by putting pressure on former Petroleum Minister,
Diezani Alison-Madueke. She was reportedly quick to deny
responsibility for the illicit deals with the oil marketers.
Instead, she squealed on her subordinates in the NNPC,
accusing them of structuring and doctoring the deals that
robbed Nigeria of billions of dollars.
“The [Buhari] government got her to write a formal account of
her allegations against some NNPC officials and oil
companies. What she put down gave a picture of how some of
the funds went missing. The document was then forwarded to
the Economic and Financial Crimes Commission (EFCC) in the
form of a petition,” one source said.
Mrs. Alison-Madueke’s “petition” reportedly named all the
persons involved in the massive fraud in the oil sector,
including some past and serving officials of the NNPC. Our
sources said those she implicated in the NNPC include the
current General Managing Director (GMD), Haruna Momoh, a
former GMD, Austen Oniwon, Reginald Stanley and Sam
Okeke, a former Group General Manager, New Business
Division of the NNPC.
An EFCC source told SaharaReporters that a crack team of
investigators was currently working on the former minister’s
petition. He said the document had revealed new facts
previously unknown by EFCC agents and Nigeria’s intelligence
officials at Department of State Services (DSS). Among the
scams disclosed by the former minister is information that at
least four companies involved in an oil swap deal had not
accounted for huge sums that should have been remitted to
the account of the Nigerian government.
Among the companies implicated in her “petition,”
Transfigura was reportedly unable to account for $80 million,
Televeras $111million, while Aiteo apparently gulped down
$150 million. Other oil firms named in the defrauding of the
Nigerian people are Ontario, which failed to account for $135
million, and Sahara Energy, accused of skipping the payment
of $120 million to the government.
Our EFCC source revealed that two companies, Transfigura
and Sahara Energy, had made some gesture towards paying
back some missing funds. However, a source at the
Presidency told our correspondent that “so far the
reconciliation has involved just paperwork and has not
scratched the heart of the scam.” Investigators described
Aiteo and Ontario as particularly problematic because they
have completely cooked their records. An investigator also
disclosed that the two companies are most directly linked to
Mrs. Alison-Madueke and former President Jonathan. Both
Ms. Alison-Madueke and Mr. Jonathan are currently in the UK,
with the former Petroleum Minister reportedly undergoing a
weeklong cancer therapy.
Some of the companies have agreed in principle to return the
funds by bartering imported fuel for the funds they acquired
illegally.
Our sources disclosed that other downstream companies
caught in the storm of missing and stolen funds include Forte
Oil, owned by businessman Femi Otedola, Folawiyo Energy,
and, Oando, owned by Wale Tinubu and Honeywell Oil
Company owned by Oba Otudeko.
Officials of the Buhari administration declined to give official
confirmation of the stolen assets recovery process relating to
other officials of the Jonathan Presidency.
Source:saharareporters.com/2015/06/10/stolen-assets-recovery-buhari-demands-fuel-imports-oil-marketers-implicated-fraud#.VXiCaQ0eDNU.twitter

Former Governor of the Central Bank of Nigeria, Sanusi
Lamido Sanusi, brought the part of the illicit deals to public
attention when he alerted Nigerians that the Nigerian
National Petroleum Corporation (NNPC) had failed to deposit
$20 billion of oil revenues with the CBN. In addition, Mrs.
Alison-Madueke had inked some deals, with the blessing of
former President Jonathan, involving oil swaps and the
transfer of certain oil wells reclaimed from multinational oil
companies to shady Nigerian operators, including Jide
Omokore and Kola Aluko.
An investigation by SaharaReporters discovered that
President Buhari’s administration has begun the difficult and
complex process of retrieving some of the missing petro-
billions. One approach so far adopted by the new president is
aimed at addressing the fuel scarcity that has harmed the
Nigerian economy and threatens to paralyze the country’s
economic activities, according to highly placed officials in the
government.
But one exception involves Mr. Omokore whose Atlantic
Atlantic Energy Oil Company was involved in the controversial
concession of oil wells. A source at the Presidency told
SaharaReporters that Mr. Omokore had volunteered to return
$500 million to the Federal Government. However, the source
added that President Buhari nixed the deal based on
information that Mr. Omokore, believed to be a front for Mr.
Jonathan and Mrs. Alison-Madueke, is in possession of $4.5
billion of funds that should have been deposited in the
federation account.
The sources told SaharaReporters that the government’s
immediate strategy involved targeting oil marketers and
companies “caught red-handed in stealing huge sums of oil
subsidies and oil revenues.” The government has pressured
these companies and their owners to agree to repay the
stolen monies traced to them by immediately importing more
fuel into Nigeria.
The sources said the Buhari government has recorded
significant early success in getting some oil marketers and
their companies to accept the fuel-for-funds deals. “A number
of them have agreed to import massive levels of fuel in lieu
of the funds they received in shady transactions during the
Jonathan administration,” one Presidency source claimed.
Another source revealed that the administration had started
out by putting pressure on former Petroleum Minister,
Diezani Alison-Madueke. She was reportedly quick to deny
responsibility for the illicit deals with the oil marketers.
Instead, she squealed on her subordinates in the NNPC,
accusing them of structuring and doctoring the deals that
robbed Nigeria of billions of dollars.
“The [Buhari] government got her to write a formal account of
her allegations against some NNPC officials and oil
companies. What she put down gave a picture of how some of
the funds went missing. The document was then forwarded to
the Economic and Financial Crimes Commission (EFCC) in the
form of a petition,” one source said.
Mrs. Alison-Madueke’s “petition” reportedly named all the
persons involved in the massive fraud in the oil sector,
including some past and serving officials of the NNPC. Our
sources said those she implicated in the NNPC include the
current General Managing Director (GMD), Haruna Momoh, a
former GMD, Austen Oniwon, Reginald Stanley and Sam
Okeke, a former Group General Manager, New Business
Division of the NNPC.
An EFCC source told SaharaReporters that a crack team of
investigators was currently working on the former minister’s
petition. He said the document had revealed new facts
previously unknown by EFCC agents and Nigeria’s intelligence
officials at Department of State Services (DSS). Among the
scams disclosed by the former minister is information that at
least four companies involved in an oil swap deal had not
accounted for huge sums that should have been remitted to
the account of the Nigerian government.
Among the companies implicated in her “petition,”
Transfigura was reportedly unable to account for $80 million,
Televeras $111million, while Aiteo apparently gulped down
$150 million. Other oil firms named in the defrauding of the
Nigerian people are Ontario, which failed to account for $135
million, and Sahara Energy, accused of skipping the payment
of $120 million to the government.
Our EFCC source revealed that two companies, Transfigura
and Sahara Energy, had made some gesture towards paying
back some missing funds. However, a source at the
Presidency told our correspondent that “so far the
reconciliation has involved just paperwork and has not
scratched the heart of the scam.” Investigators described
Aiteo and Ontario as particularly problematic because they
have completely cooked their records. An investigator also
disclosed that the two companies are most directly linked to
Mrs. Alison-Madueke and former President Jonathan. Both
Ms. Alison-Madueke and Mr. Jonathan are currently in the UK,
with the former Petroleum Minister reportedly undergoing a
weeklong cancer therapy.
Some of the companies have agreed in principle to return the
funds by bartering imported fuel for the funds they acquired
illegally.
Our sources disclosed that other downstream companies
caught in the storm of missing and stolen funds include Forte
Oil, owned by businessman Femi Otedola, Folawiyo Energy,
and, Oando, owned by Wale Tinubu and Honeywell Oil
Company owned by Oba Otudeko.
Officials of the Buhari administration declined to give official
confirmation of the stolen assets recovery process relating to
other officials of the Jonathan Presidency.

fighal:
u get choice? Common chop dog meat and laugh

I'm nt myopic in thot as u r.Go back to ur root n tell them what disloyalty brings,u will not that this is not d tyme 4 celebration.4 ur myopic mind,I'm not a party member.

PassingShot:
PMB has proved to be way smarter than Tinubu by not engaging in a battle he was not sure of winning.

Had Tinubu realized same, he would have negotiated with Saraki/Dogara to share the spoils.

PMB said it from day 1 that he would prefer the NASS choose their leaders without interference as he could not be sure of who would get it.

All attempts by APC to make him support their choice failed as the General could reason beyond them.

Now, Saraki/Dogara still have their respect for the president intact while Tinubu/APC must accept them as they cannot be impeached.

For you to appreciate that the president was neutral, you must first understand the dilemma he was put in by APC/Tinubu's position. The dilemma was such that he couldn't be seen to work against APC and he must also not be seen supporting one candidate against the other.

Y is Tinubu is always mentioned whenever APC take an action?APC is bigger that Tinubu.Do u knw y APC doesn't want Saraki as SP?APC is different from other parties.Passingshot!U should av knw berra.

Saraki n dogara?I dey laugh oooooo.just make sure una enjoy what u av now oooo.Hope una no go regret una actions.PDPings?congrat oooooo but I dey laugh oooo.

WombRaiders:
APC members keep telling me that Buhari deliberately did not want to meddle with the affairs of the house and to promote the strengthening of that institution and that is why he did not endorse or push for specific candidatures to represent APC in the house.

I say big lie to this crap,

Buhari does not fully understand how modern day politics and governance works in a democratic environment or else he would have seen that as president he can not do jack sh1t without the house in passing and ratifying most of his executive functions.

When I say this man is a dullard people will start insulting me.

Buhari still thinks this is 1984 and that Nigerians elected him as their head of state.

In some ways I understand Tinubu's frustration from the NASS elections is more towards Buhari's nonchalant attitude.

The likes of Tinubu know first hand of Buhari's daftness and that is why they supported him thinking they can have their way but now they now know that giving an ignoramus the reigns of power of both their party and the Nation was an act of folly on their own part.

Interesting times lie ahead of us.

www.nairaland.com/attachments/2496848_image_jpeg9f360c5ab7736510df54c882e9dbf188

PIC VERY RELATED: The dullard loitering the grounds of G7 summit lost and confused

I av such thot but was schooled that what Buhari did might not look right but depends what Buhari had in mind.APC is d biggest winner in what happened.They now know who is their friend n who is not.This is just a challenge.APC! Change!

WombRaiders:
Is Saraki not an APC member?

Is Dino not an APC member?

Why are you Tinubu tadpoles from the west so consumed with Tinubu's godfatherism?

National Assembly is not Osun or Lagos and Tinubu's influence ends in your region.

The collective foolishness of you people can not be allowed to be replicated at the core of our National politics.

Must u mention Tinubu in whatever APC does?APC is bigger than Tinubu n APC is a modern party that want to do things in near perfection.U guys might b happy with this actions but when d outcome start coming out,don't cry oooooo.History is a bitch.

democopy:
well, seem Buhari use APC to get his goal, because it is glaring, that he is a man of no APC

What do u want him to do?

StOla:
Indeed he has no choice and no business with what the legislative arm of government does with itself. A position if taken by previous governments since the Obasanjo regime, would have made our democracy more ideal.

Kudos to Buhari.

He has a choice but will follow d due process.A lot of dramas will follow.

finestiyke:
He has no choice man! He must work with Saraki and Dogara! Bitch assss Daura President!

hmmm

temmyjohnson:
. Because you and your short governor didn't understand and value the essence of information.

them scrap,una complained.Dem appointed 2pple,still complained.Na wa ooooo.

DauraDullard:
I can't imagine the pains today has brought to all APC faithfuls. It's just the beginning of their long journey

This is nt abt d pains but shows d ways to go.APC is still d force to reckon with.A. man who is not loyal is a nobody.

Ezenwammadu:
Metuh no go kill person

PDP teaching APC the game since the days of bread and butter.

PDP shall rise again

Loyalty wins all.Let's see what d outcome will b.PDP!Enjoy d moment while it lasts.

Hmmmm.

barcanista:
This is a VERY bad move. The management of information is a very serious business. That means there is no central information center in Kaduna state. This will hamper the flow of communication and will tell on the governance in the state. Whoever proposed this idea is a very mad man.

Must u counter every move made?

Ganoderma:
Where is it written that a coach must make substitutions?

Wetin u sabi?

I just dey laugh ooooooo.Loyalty is better than riches n ambitions.

Aystarz:
ORDEGA be her name; abeg, no change that beautiful gal's papa name.

Bros!no vex nao.Overpara no gud 4 body oooo.

WarRLaY:
You look like my ex-gf, that ran away with my foetus, m jst joking , u are beautiful ... if you don't mind, can we have a private chat?

Omo!u go fear toasting abi na wowing.

Ortega is a rare gem.

ozijay:
:oOH MY GOD..... HOW COME THIS COACH IS NOT MAKING ANY SUBS.... DOES HE THINK THESE GIRLS ARE ANIMALS
NIGERIAN COACHESSS ARE MUCH RATHER USELESS IN THINKING SOMETIMES....

This one is just gud in shouting but what a goal.

What's wrong with all these nigerian coaches not making substitutions at d right time?Its madness.

Breaking news n no source?what a combination.SMH.

FG won't agree to such price.#87\ltrs is too much.IPMAN!Buhari is not that clueless.

OLUWOLEYINKA:
The administration of President Muhammadu Buhari has been called upon to adopt new strategies in the fight against the Boko Haram insurgency in order to achieve the desired result.

Nobel laureate, Professor Wole Soyinka, made the call at the third convocation ceremony of Kwara State University, Malete, Kwara State in a lecture titled “Science and Imagination in a Temple of Knowledge” on Saturday.


Soyinka noted that the new administration has not adopted a new strategy yet, making Nigerians not to witness expected results, challenging the government to do more to end insecurity in the country occasioned by insurgency, warning that “temple of learning may soon be eroded.”..... I GUESSED BABA ONE CHANCE IS CONFUSED AT THE MOMENT

Where is ur source?

Only goats n childrerong onen of failure have such feeling.Ur Case is a strong one n God will deliver u oooo.

sambrow:
So u can consider aregbe, starving d ppl of osun a true leader. Itz obvious ur sick

Comprehension is ur greatest enemy.Pls take ur tyme n read my comment again.

Abacha's stove

brownlord:
Sometimes you just got to keep quiet when you gave nothing to say or contribute to a topic than talk and make a fool of yourself

U need this thing die.

brownlord:
Someone should remind her we just had election and a new government was sworn in less than a week, though he's spentmore time abroad than attending to the need of the masses.

It was for the same cause she constituted nuisance in the street of Abuja with her hypocritical APC sponsored group.

Thank God she just resume twitting, maybe she will tell us in a few days if the army are still incompetent or not in a few days

Now patiently waiting for the animal right lawyer and professor to speak up.

Madam, the people of Osun are dying of hunger, when are you going there to protest?

There is something called brain which could b found in a skull.I doubt if u av one.The pple of Osun?U can start d protest.When u see a true leader,learn to appreciate them.

Do these pple av shame at all?Its all madness.