₦airaland Forum

jason123:
Don't mind that edwin clark!!! Bloody tribalist!

Jennifer Douglas Abubakar, a U.S. citizen, is the fourth wife of Atiku Abubakar, the former Vice President of Nigeria and a former candidate for the Presidency of Nigeria. This case history examines how, from 2000 to 2008, Ms. Douglas helped her husband bring over $40 million in suspect funds into the United States, including at least $1.7 million in bribe payments from Siemens AG, a German corporation, and over $38 million from little known offshore corporations, primarily LetsGo Ltd. Inc., Guernsey Trust Company Nigeria Ltd., and Sima Holding Ltd.

Over half of the suspect funds, nearly $25 million, were wire transferred by the offshore corporations into U.S. bank accounts opened by Ms. Douglas. For most of the time period examined, the U.S. banks with those accounts were unaware of Ms. Douglas' PEP status, and allowed multiple large wire transfers into her accounts from the offshore corporations. As, over time, each of the banks began to question the wire transfers into her accounts, Ms. Douglas indicated that all of the funds came from her husband and professed little familiarity with the offshore corporations actually sending her money.

Bank records indicate that Ms. Douglas used most of the funds placed into her accounts to support a lavish lifestyle in the United States, paying credit card bills and household expenses in the range of $10,000 to $90,000 per month, including substantial legal and accounting bills. She also transferred funds to accounts she opened for the Gede Foundation, a nonprofit corporation she established in 2002, and the American University of Nigeria (AUN), a university that Mr. Abubakar founded in 2003, and whose name reflects its association with American University in the United States.

An additional $14 million of the suspect funds were wire transferred by two of the offshore corporations, LetsGo and the Guernsey Trust Company, to American University to pay for consulting fees related to AUN. American University officials told the Subcommittee that they understood the funds came from Mr. Abubakar and never inquired why the wire transfers were sent by unfamiliar offshore corporations. At least another $2.1 million was wire transferred by the Guernsey Trust Corporation to accounts controlled by Edward Weidenfeld, a U.S. lawyer who provided legal services to Ms. Douglas, Mr. Abubakar, and AUN. Mr. Weidenfeld explained that the funds paid for the Abubakars' legal expenses and an account set up for AUN, and that he had assumed the funds came from Mr. Abubakar.

Over the years, questions have been raised about the source of Mr. Abubakar's wealth. He spent twenty years in the Nigerian Customs Service, and then worked in the private sector for ten years, before serving as Vice President of Nigeria from 1999 to 2007. While Vice President, Mr. Abubakar was the subject ©f corruption allegations relating to the Nigerian Petroleum Technology Development Fund. In December 2008, the U.S. Securities and Exchange Commission alleged in a formal complaint against Siemens AG, a German company, that, among other actions, in 2001 and 2002, Siemens wire transferred $2.8 million in bribe payments to a U.S.)' bank account belonging to Ms. Douglas as part of a scheme to bribe Nigerian officials. In response to this and other legal actions, Siemens admitted to engaging in widespread bribery payments, pled guilty to criminal violations and settled civil violations of the U.S. Foreign Corrupt Practices Act, and agreed to pay over $1.6 billion in civil and criminal fines. Ms. Douglas has denied any wrongdoing, but the Subcommittee has obtained financial records showing the transfer of over $2 million from Siemens AG to Ms. Douglas' account at Citibank.

Mr. Abubakar has attributed his substantial wealth to fortunate investments. His wealth is attributable in part to a 16% ownership interest he held in Integrated Logistics Services Inc. ("Intels", an oil services company formed in the 1980s, which has now become one of the largest Nigerian companies in the oil industry in Africa. When Mr. Abubakar took office in 1999, he placed his Intels shares in a blind trust. Instead of selecting an independent trustee from a financial firm, however, Mr. Abubakar appointed as trustee of the blind trust Orleans Invest Holding Ltd., a Panamanian corporation that is active in the oil industry in Africa, is closely associated with Intels, and is owned in part by Gabriele Volpi, Mr. Abubakar's trusted friend and business partner. Orlean served as trustee of the Abubakar Blind Trust from 1999 to 2003, when the trustees exchanged the Intels shares for shares in Orlean, thereby making the trust part owner of its own trustee. Orlean then resigned from the Abubakar Blind Trust and was replaced by Guernsey Trust Company Nigeria Ltd., a Nigerian shell company that was formed the day before the appointment. Mr. Volpi is one of three trustees of the Guernsey Trust Company whose sole activity is managing the Abubakar Blind Trust.

From 2003 to 2008, the Guernsey Trust Company wire transferred over $10 million into the United States, including about $7 million into Douglas and AUN accounts; $2.1 million into the Weidenfeld law firm and AUN accounts; and $900,000 into American University accounts. Two other offshore corporations, LetsGo Ltd. and Sima Holdings Ltd., both of which are private corporations beneficially owned by Mr. Volpi and his family members, wire transferred nearly $27 million into the United States, including about $8 million into Ms. Douglas' accounts; $5.5 million into AUN accounts; and $13.1 million into American University accounts. Mr. Volpi told the Subcommittee that LetsGo and Sima Holdings sent millions of dollars to Ms. Douglas in connection with Mr. Abubakar's ownership interest in Intels and a line of credit that LetsGo had extended to the Bind Trust.

Gov rerun: Uduaghan leads •Jega confirms ballot box snatching
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Written by Sylvester Idowu and Alphonsus Agborh
Friday, 07 January 2011

SUSPENSE and apprehension, these were the two words that played out in Delta State as voters turned out on Thursday in the gubernatorial rerun ordered by the Court of Appeal, Benin City, Edo State.

Results so far from the rerun show a race between former Governor Emmanuel Uduaghan of the Peoples Democratic Party (PDP) and Chief Great Ogboru of the Democratic Peoples Party (DPP).

Checks in the state revealed that so far, the PDP won overwhelmingly in Ika North East; Ika South; Aniocha South; Oshimili North; Ethiope West; Ndokwa East; Aniocha North and Warri North.  The PDP also won all Ijaw local government areas: Bomadi, Burutu and Patani. Uduaghan won Patani Local Government with over 7,000 votes.

According to online agency reports, authentic INEC results from Ika South, PDP polled 5,476 votes, while DPP polled 2,760.

In Ukwani Local Government Area, PDP polled 2, 248, while DPP polled 7,168. In Ika North-East, PDP polled 14,360, while DPP polled 2,604.

Results also show that the DPP (Ogboru) won in Oshimili South; Ndokwa West and Uvwie local governments.

However, according to the chairman, Independent National Electoral Commission (INEC), Professor Attahiru Jega, who admitted he faced serious challenges in the Delta election, the results of the election would be released as soon as all collation has been made from the wards down to the local governments in the state and warned against relying on any result that is not of INEC.

“Until INEC releases the result it is not final,” he stated, confirming that there were incidents of ballot box snatching.

There was a massive turnout of voters. Election materials arrived on time in some of the polling units, but in some others, they came a bit late, but within the stipulated time set by the Independent National Electoral Commission (INEC).

Voting also took place simultaneously without any hitch but for missing names of some of the electorate in the voter register which sparked protests in some polling units.

Election materials left Isiokolo, the headquarters of Ethiope East, quite early but arrived late to some units in Abraka like Ekrejeta unit.

The materials eventually came and were distributed to the various polling units about 10:30 a.m, with voting commencing at some units at exactly 12 noon.

At Eku and Abraka urban, Nigerian Tribune observed long queues of voters in the University town and campus 2 at units 7 and 8 including units 9, 10 and 11 in Urhoaka area.

In Ughelli North Local Government Area, the chairman of INEC, Professor Attahiru Jega, ordered the cancellation of the rerun over non-availability of voting materials at various polling booths.

Professor Jega, who was on an  assessment tour of the exercise, frowned on the situation in the area.

At Sapele, there were reported cases of ballot box snatching resulting in clashes among supporters of the three major candidates.

The security agents, however, rose to the occasion to ensure the situation did not get out of hand.

Security report indicated that there was peaceful election in Kwale in the Ndokwa axis.

Meanwhile, the PDP running mate in the rerun, Professor Amos Utuama, has commended the peaceful conduct of the polls.

Utuama, who cast his vote at 12.53 p.m at Unit 4 of Jeremi Ward in Ughelli South Local Government Area, made the remark while fielding questions from reporters after casting his vote.

He commended the INEC and the various security agencies for the orderly manner voters conducted themselves at the unit.

In Isoko area of the state, the stronghold of PDP, many voters identified with pineapple logo of DPP.

However, former chairman of Isoko South Local Government Area, Chief Josiah Iroro, was optimistic that PDP would win the election.

Thursday, 06 January 2011

The Nigerian National Petroleum Corporation, (NNPC), on Tuesday, vowed to sustain and consolidate on the free flow of petroleum products across the country which was evident during the Yuletide and Sallah festivities.

For the first time in decades, Nigerians witnessed no disruption in the supply chain of petroleum products in sharp contrast with the recent past when artificially induced fuel scarcity was a permanent feature during the end of year and major religious festivities.

Addressing news men at the end of an assessment tour across petrol stations in Abuja and Lagos after the Christmas and New Year festivities, the Group General Manager of the Group Public Affairs Division of the corporation, Dr. Levi Ajuonuma, reiterated that the present management of the NNPC under the watch of Mr. Austen Oniwon, had resolved to ensure a sustained policy of zero-tolerance for fuel scarcity during major festivities and, indeed, all year round.

Ajuonuma stated that the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had worked closely with the NNPC to ensure free flow of petroleum products throughout the country, which characterised 2010 and efforts were being made to sustain it beyond the Yuletide.

“The NNPC’s new year tiding to the nation is that Nigerians should be ready to enjoy unimpeded supply of petroleum products all year round. I make bold to put on record that the era of product scarcity is over,” Dr. Ajuonuma noted.

He disclosed that the drive to expand the scope of operation of NNPC retail sector received extra fillip during the year as the number of acquired and affiliate stations increased to 502.

The NNPC spokesman said the move was in furtherance of the strategic plan by the NNPC to own at least 50 per cent of the entire petrol stations in the country with the aim of ending future artificially induced fuel scarcity.

Wednesday, 05 January 2011 00:00 From Emeka Anuforo, Abuja News - National .User Rating: / 0

DESPITE protest by labour on the planned privatisation of the electricity sector, government is unrelenting in its reform agenda. In fact, government said yesterday that the reform was fully on course and had become irreversible.

Latest revelations from the Presidency indicate that government has actually commenced the winding up of the central headquarters of the Power Holding Company of Nigeria (PHCN) in Maitama, Abuja.

According to details made available by the Presidential Task Force (PTF) on Power, the headquarters’ workers have started moving out either to the Ministry of Power or to successor companies, while the functions of PHCN are being transferred to individual successor companies.

The eventual winding-up is, however, expected to be a legal or court-ordered formality, occurring when ongoing workers movements and transfer of assets and liabilities are concluded, before the end of April.

A report detailing measures to remove obstacles to private sector investment in Nigeria’s power sector was released yesterday by the PTF on Power and contains major decisions to be taken in this regard.

The report stated that the Power Grid of India, ESB International of Ireland and Manitoba Hydro of Canada have been invited to submit technical and financial proposals for the management contract of the Transmission Company of Nigeria.

A transaction adviser, CPSC Transcom, was appointed in December 2010 to assist the Bureau of Public Enterprises in undertaking the divestiture transactions. Details of the report signed by the Chairman, Communications Committee of the PTF on Power, Mr. Abimbola Agboluaje, also indicate that new tariffs for electricity will be announced by April 2011.

The Nigerian Electricity Liability Management Company (NELMCO) was also established in September 2010 to assume the liabilities of the PHCN successor companies, “thus neutralising operational and financial risks of investors and new managers of the companies such as the settlement of arrears of salaries, pensions and other benefits of current sector workers.”

On measures so far taken to end government’s monopoly and attract private investors, the PTF on Power recalled that adverts inviting companies to submit expressions of interest in taking up 51 per cent stake of the six generation and 11 distribution PHCN successor companies had been published in the media.

Agboluaje noted that interested companies were to submit expressions of interest by February 18, 2011, while short-listed companies would be invited to submit bids for the successor companies early in the second quarter of the year.

Winning bidders are to take over management of the companies by the end of second quarter of 2011.
Part of the report read: “The Nigerian Bulk Electricity Trading Plc (NBET) was incorporated in July 2010 to address the concern of investors in the generation sector about the credit worthiness of the distribution companies; the NBET will purchase electricity on behalf of the distribution companies until they establish a track record of paying for the power they deliver to consumers by efficiently metering electricity consumers and collecting bills. A World Bank Partial Risk Guarantee and a Federal Ministry of Finance Risk Guarantee to compensate against political and other risks and further give confidence to investors are being finalised.

The risk guarantees will also cover contracts to supply gas to power plants. Already, NBET has commenced negotiations with Nigerian Independent Power Plants to contract new generation capacity for the country, backed by these guarantees.”

On the contentious labour issues, it continued: “Arrears of monetisation benefits worth N57 billion has been paid to PHCN workers. The government also secured an additional N143 billion naira from the National Assembly as part of the supplementary budget of 2010 to compensate current PHCN workers for the severance of their current employment contracts with the government.

“A labour committee chaired by the Minister of Labour, Mr. Chukwuemeka Wogu, has been also established by the Presidential Action Committee on Power (PACP) to ensure that government honours all obligations to current PHCN workers. The Nigerian Electricity Liability Management Company (NELMCO) will be legally obliged to settle any outstanding liabilities after the PHCN successor companies come under the management of new private sector investors. It is worth noting that Investors cannot afford to bring in expatriate staff to replace Nigerians who best understand the system; they will rely on the technical experts currently engaged in the sector to run the companies.”

KnowAll:
The budget is a budget for someone planning a quick exit and early retirement from Aso Rock. Those two Jonathan & Sambo are doomed already and they know it, they have deicided to pursue plan B with reknewed gusto than any other scheme, they are already planning a life style outside the prying eyes of all u armed chair critics.

-Jonathan leads PDP’s campaign for Uduaghan today
-We’re ready for Thursday’s election - INEC
Tuesday, 04 January 2011

OVER 23,000 policemen are to be deployed for the Delta State gubernatorial rerun scheduled for Thursday.
Informed police sources disclosed to the Nigerian Tribune that the team would be a combination of anti-riot and conventional policemen, who would be drafted to  all parts of the state.

The sources revealed that the Deputy Inspector General of Police “B” Operations, Audu Abubakar, left Abuja on Monday to coordinate security and assess the situation on the ground in Delta State.

According to the sources, “this election is very crucial, and we don’t want to take chances, as it’s a forerunner to the April elections and if we get it right, then, it means that all will be well. That is why the police are making sure that there are no mistakes.”

Sources added that apart from policemen from Delta State, more men would be drafted from neighbouring states, including anti-riot police squadrons.

It was gathered that the police want their presence in every area of Delta State to stop voters from being intimidated, and all roads leading into and out of the state will be blocked until after the election.

The sources revealed that the Inspector-General of Police, Hafiz Ringim, was  very much concerned about the success of the Delta State rerun and had put machinery in motion.

“He has made it a point to every policeman participating in the election that any person who rigs the election or foments trouble at the polling booths must be arrested and prosecuted,” the source added.

The rerun follows the nullification of the election of Dr Emmanuel Uduaghan by the Court of Appeal in Benin City last November.

Meanwhile, President Goodluck Jonathan will today lead members of the Peoples Democratic Party (PDP)  across the country to a rally in Warri, ahead of Thursday’s governorship rerun in that state.

A statement by Dr Festus Okubor, the Media and Publicity Director, PDP Re-run Campaign Committee, in Asaba on Monday, stated that “the rally is designed to end the electioneering of PDP candidate in the election, Dr Emmanuel Uduaghan.”

Thirteen political parties, including the Democratic Peoples Party (DPP), whose candidate in the April 14, 2007 polls, Great Ogboru, challenged the outcome of the election at the court, would participate in the repeat poll.

Expected at the Warri rally, with President Jonathan leading, are the PDP national chairman, Dr Okwesilieze Nwodo and National Working Committee (NWC) members.

The statement noted that leaders of the party across the country would join their counterparts in the South-South “to show the strength of our party and support for its candidate in the election”

It described the rally as “mother-of-all-rallies,” stressing that “PDP and Dr Uduaghan are fully set for the rerun  and are confident of victory.”

It indicated that “President Jonathan has been most supportive of the party in Delta in the rerun effort.”

Okubor also stated that “the NWC of the party, led by Dr Nwodo, has been unequivocal in its support for Dr Uduaghan’s candidacy and victory for the party in the Delta rerun.”

Security beefed up ahead Jonathan’s visit
In another development, security in Effurun and Warri in Delta State has been heightened in preparation for the visit of President Jonathan today.

Scores of security personnel, many in mufti and others in uniform, were seen in the streets of the cities keeping vigil on socio-economic activities of the people as well as Warri Stadium, venue of the rally.

Vehicles were searched at military and police checkpoints while suspicious people were frisked and asked questions about their movements. Hotels were also kept under surveillance by undercover security agents.

Nigerian Tribune gathered that the unprecedented security arrangement was as a result of the spate of bombings across the country and considering the fact that it was Warri that first recorded such incident, during the Vanguard Media conference at the Government House Annex.

“We are taking all the necessary security measures to prevent a repeat of the Abuja incident in Warri. You know some desperate politicians might use that tactic to embarrass the president in his own region.

“We have cordoned off Warri Stadium since Sunday, when it was confirmed that the president is coming for the rally. No vehicle would be allowed near the venue. Undercover security agents are also on the ground to monitor movements from now till the president returns to Abuja,” a security source told the Nigerian Tribune.

Delta State Police Public Relations Officer, Mr Charles Muka, an Assistant Superintendent of Police (ASP), was said to be away on assignment with the state Commissioner of Police, apparently in connection with today’s visit of the president when the Nigerian Tribune tried to get his comments.

Meanwhile, INEC had said that 1.5 million voters were expected to exercise their franchise in the rerun.

It also disclosed that the election, which would be conducted with “updated” old voter register, would take place in 3,165 polling units across the state.

Although some political parties in the state had been pushing for a shift in the rerun date, giving the non-display of the voter register as reason for the agitation, INEC said that the date would not change.

It explained that the display of the register was not constitutionally obligatory on the commission in a rerun.

Also, INEC Chairman, Professor Attahiru Jega, says the commission is adequately prepared for the conduct of a free, fair and credible governorship rerun in Delta.

Speaking at the News Agency of Nigeria (NAN) forum in Abuja, on Monday, Jega said adequate logistics had been put in place for the exercise.

“Since the inauguration of the new commission, we have conducted by-elections, both state constituency elections, as well as at the senatorial level.

“This is the first time, as a new commission, that we will be conducting election at the gubernatorial level.

“So certainly the Delta re-run election is a very, very important threshold in the preparations of INEC to conduct free, fair and credible elections.

“I want to say that we are adequately prepared to conduct a free, fair and credible election in the Delta governorship rerun.
“All logistical arrangements and preparations have been concluded,” he said.

Jega said staff had been deployed for the election, adding that important deployments to the polling units would be done in the next couple of days.

“I am very pleased with the level of our preparations and we have received all the support and cooperation that we require.
“The security agencies are to ensure that there is a peaceful atmosphere for the conduct of the election on Thursday,” he said.

REC, 4 others to supervise polls
Four national electoral commissioners  are expected to join the Resident Electoral Commissioner (REC) in Delta, Dr Gabriel Adah, for the state governorship rerun.

Mr Ishmael Bami, chairman of the INEC taskforce on Delta rerun, announced this on Monday, at a meeting with chairmen, of political parties, secretaries and gubernatorial candidates.

Bami said the leadership of the commission had interest in the conduct and outcome of the rerun and would leave no stone unturned in ensuring credible and transparent election in the state.

He said INEC had provided guidelines towards achieving transparency in the rerun, to forestall irregularities experienced in previous elections.

He also said  only accredited observers would be allowed to  monitor the election, adding that the commission would be guided by the Electoral Act.

Bami further said that the voter register had been improved upon to enable each vote counted.

Earlier, Dr Adah had said the method for the election was similar to option A4, adding that number of votes cast must tally with the number of accredited voters.

He said the copies of the voter register would be presented to the political candidates at the end of the meeting.

Adah said that INEC personnel from seven other states had been trained, to ensure a free, fair and credible rerun.

He said a meeting would be held with political parties today, to address salient issues pertaining to the election, while appealing to candidates and parties to be of good conduct during the rerun.

What do prosecutors allege Stevens got out of the deal?
• A new 1999 Land Rover worth $44,000, for his youngest child.
• Renovations to his Girdwood home that doubled its size. A new first floor was added with two bedrooms and a bathroom. Also new: a garage, workshop, wraparound decks, wiring, plumbing, and a heat tape system on the roof. Stevens says he paid every invoice he was given.
• A new Viking gas grill, new and used furniture, and a storage cabinet stocked with tools.
• Repairs to the boiler and heating system.

What did Veco chief executive Bill Allen get out of the deal?
• A 1964 Ford Mustang valued at less than $20,000, plus $5,000, in exchange for the Land Rover.
• Stevens' help with various Veco funding requests, grants and projects including, according to the indictment, projects in Pakistan and Russia; grants to benefit Veco, its subsidiaries and business partners including grants from the National Science Foundation; and help on state and federal issues connected to construction of a natural gas pipeline from the North Slope.

Read more: http://www.adn.com/2008/07/30/479199/what-stevens-and-allen-are-accused.html#ixzz19vXZ9d3T

Akainzo:
The above made me laugh quite amusingly. If that were to happen, you'd be selling our commonwealth to foreigners. Pray tell me, which big time industrialist in Nigeria is not an acquaintance of either Atiku or OBJ as of that time?

And for your information, nothing in our constitution or laws precludes the CBN governor from owning shares in a bank in Nigeria while in office! That unfortunately is the law.

You might also want to read up on Tony Blair and the drug importer that financed his political campaign. Do read up the house of commons conclusion on it.

mikeansy:
Obiagu please ignore Koruji on issues that have to do with Soludo.

It seems like he will rather talk about Soludo than defend GEJ's budget.

Obiagu1:
This is why I have problem with people. How do you know he knew about it? Was any article published on this issue before they were discovered by Sanusi? Just a link and the case will be put to rest, else leave Soludo alone.

Akainzo:
From the above, it shows that you are one of those that go postulating without knowledge. Do you know the privatization process / procedures operating in Nigeria? Let me educate you, it is an auction. It goes to the highest bidder that have passed the technical qualifications. Those companies need to be sold and were sold at the best economic price for Nigeria.
Compare that to when BPE sold Nitel to Pentascope, it brought the company down and made it moribund. Or is is Ajaokuta or DSC? Remove the speck in your eyes and start reasoning.

And he did not sell the companies to himself, as if by fiat. Let me ask you, do you know of the PortHarcourt Refinery fiasco, the reason for the personal animosity between him and OBJ prior to the Third Term? Obviously, you do not read to learn nor follow the goings on in this country but only woke up to start spewing because an inexperienced and majorly incompetent ND person is contesting.

Obiagu1:
This thread is not about Soludo but I’ll point out that Soludo did nothing wrong. Banking problems was mainly internal, corruption inside the banks which can be hard to detect. It’s Sanusi’s area of specialty that’s why he was able to detect it.

In the US, it was the same thing despite the fact they have better checks and regulations. They could not even detect Madoff’s scandal which is in billions of dollars.

mikeansy:
Koruji

From your own chat. The crash (i.e. periods when oil prices may actually be below budget estimates) was for a short time around late 2008 or early 2009 . And that crash is mainly of no effect because the budget estimates was based on around $37 per barrel. Hence even during periods of drops in oil prices around the 1st - 2nd quater of 2008, we should still be ok because if oil price was $150/barrel and drops to $60 while budget estimates were based on $37/barrel; a Govt that knows what they are doing will still be in excess. Now also note that  oil price crash to about $35/barrel only stayed at lowest point for a short time of lets say 3 months. The rest of the time its been between $60 - $150.

So what exactly is going on? why is GEJ always trying to borrow in the midst of what is a relative boom.

Do you honestly believe that based on the chat above we should be running as much in deficit as we are now if there was prudent management of the economy.

If OBJ/Atiku could save $40b with modest boom in oil prices; I think the least Yar'adua/GEJ and GEJ/Sambo should have done based on the chat above is to either double the reserve or massively improved our infrastructure on ground.

But curriously none has been achieved.

mikeansy:
whats the state of oil prices at  the moment and what has been the state of oil prices in the last 12 months? That has been the basis of this budget critic. How come at a time of Oil Boom, we are still trying to borrow money from everywhere else to finance our budget and yet there are no major infrastructures we have spent the money on.

Read the critic again with an open mind as a Nigerian and forget your obligation to attack perceieved opponents back and then we can have a reasonable conversation.

BTW before you criticise Atiku/Soludo, remember that when Atiku left office with OBJ; the reserves stood at over $40b dollars in spite of the challenges of recurrent expenditures that they too had. When you criticise Soludo I hope you will compare the state of banks that Soludo met and the state of banks he left and offer an honest critic.

Akainzo:
For once I want to put this name calling of Atiku in perspective and I hope you read it with an open mind.

Atiku left the customs service of Nigeria in 1985! That is some 25 years ago. Do you think he has been stagnant since that time? Or you do not have friends that have improved their station in life after leaving their previous jobs?

When Atiku started Intels Oil Services back in the early 90s from a single storey building as a fully indigenous company to compete with the Harliburtons of this world, it was termed preposterous. When he changed the company to fully focus on providing logistics services to the oil companies, it was the only indigenous company providing such services. Thus when the pro-Nigerian and national content started, Intels was well positioned to benefit.

The BPE issue. Prior to Atiku being the head of the BPE that is the 1999 -2003 era, can you tell me which sector the bPE successfully privatized? The example of Nitel that the then BPE headed by El-Rufai took from a N10B revenue company and sold to Pentascope to manage which made a N10B loss by the 2nd year! Compare that to all the companies that were privatized when Atiku became head of BPE. You might have issues with him buying those companies, but know that he also paid the highest for these companies. Ask yourself, if your commonwealth was been sold, would you rather it be sold for $50M or $100M? And to also have the benefit that the companies work.
You might also want to do a small comparison of the state of the companies that Atiku bought vis-a-vis the one that OBJ caused to be sold to his cronies.

Since some of you have heard about the 58 suitcases scandal in Nigeria, you might want to read up about the customs officer that blew the scandal. And while at it, find out why Atiku was retired in 1985. You might be in for some shocking revelation. Don't take my word for it, just read up or find out about it.

Abagworo:
Sorry but from your chart the climax was actually in 2008 and it remains very high compared with the Abacha/IBB era.

Obiagu1:
@ koruji,

If you find “lying” offensive, sorry about that; but I’ll still say what you said was untrue (if this is more acceptable to you).

Accusing OBJ and Soludo of ballooning recurrent expenditure is not wise, from the table you gave, the recurrent expenditure grew by 19% from 2004-2005, 5% to 2006, and 14% to 2007 and total growth from 2004 to 2007 was 47.9%.

Now compare it with Yar’dua and GEJ, only in 2008, it grew by 33%. From 2007 to 2011, it grew by 89.2% if debt part is excluded, adding that, it will be over a 100%.

Do you see the difference? Who do you now accuse of ballooning government recurrent expenditure? I need an answer here so don’t dodge it.

Obiagu1:
I'll add that oil price in 2007 was between $35 and $40, now it is over $90.

Obiagu1:
Stop lying!  
In 2007, the last budget by OBJ was N2.3 Trillion and total recurrent expenditure (non-debt) was N1.057 Trillion.
Now in 2011, the total expenditure is N4.22 trillion with 33% financed thru borrowing, the total recurrent expenditure (non-debt) is N2.481Trillion, so how does your statement add up?

Beaf:
OP, the wise thing for you to do is remove GEJ's name from this false document. You are commiting a series of quite serious crimes with this post.
It is only possible to get away with such on NL.

Big B1:
Coming together as a nation becomes very challenging when there is no leader.

It is obvious that at this point Nigeria as a nation is very fragile, I challenge our lucky leader to come out and present what he has planned to secure the country during the new year festivity or the 2011 election.

I can assure you that he has nothing in place. This dude is busy worrying about the green eagles and ivory coast.
Give me a break.

Disaster like this happens when you have a very weak and incompetent leader in charge.

Sharon_f:
I'll wait for a newsource I consider credible

Gbawe:
@Mikeansy.

I really don't think there is any subterfuge or guile at work here . Jonathan looks very bad with all these defections of his appointees to other Parties because his judgement is called into question like that of a General who appoints commanding officers who all desert their post when war begins !!! All those defecting are choosing different platforms to the PDP perhaps  because , as analyst concluded , they do not believe Jonathan will even survive his own challenges let alone assist their own electoral causes. Besides , we all know that Jonathan is only reaching out to folks who can "assist" his ambition like Gbenga Daniel , and not neccessarily those best for the job, so some individuals may feel it is useless trying to go against GEJ's 'annointed' in the PDP for office they are interested in.

When one factors into the equation the unspoken truth that Jonathan has a 0.0001 % chance of retaining his job if he does not run on the platform of the PDP then we can take this for probably what it probably is - folks abandoning an "underwhelming" character.

Ma_J_Blige:
Two months running - there was constant electricity in my area in Abuja. Very constant, if it goes off- within the minute, it will be restored, and I guessed so many other parts of Nigeria experienced same. When this was happening, none of the people here came forward to start a thread praising GEJ or PHCN, but suddenly, there is a techinal fault and people begin to write heavy English and crying how their money had been stolen. Na wa for Naija people. Abeg, chop chill pill and let things work out. People are not sleeping as you want everyone here to believe.

Beaf:
There are serious issues with our gas supply infrastructure. For instance, the SE (for reasons best known to past govts) is completely cut off from the rest of the country gas wise, whereas Eastern Nigeria is very important in gas production. Port Harcourt is in the East, same as our highest oil producing state, Akwa ibom, same as Bayelsa and Rivers.
The problem is so gross, that there could be abundant gas coming from Delta state, but absolutely none in the East and vice-versa. How we could have ended up with such an arrangement is beyond me. It ranks right up there with how we signed all of our gas supplies to foreign countries up till 2015. Way above that though, is that it is a serious security problem for the country, if an enemy were to attack, then the isolation of the East would make it easy to knock out 100% of Nigeria's power supply, a very dire situation indeed.

So far there has been a lot of frantic behind the scenes work to normalise our gas infrastructure and bring it up to date (hence the record amount of power supplied last week), because govt seems serious about power supply, but it will take time to get some things right, there might be further hiccups. of course, being Nigeria, there might also be some mago mago dealings. But we will get there.

NNPC has to answer quite serious questions about how gas supply they had guaranteed could drop so low as have a chain effect that knocked out plants across the nation.