₦airaland Forum

I knew something was wrong, but now Soludo fully exposed

You don't work for OBJ and not be corrupt.

http://www.africafc.org/WhoWeAre.html

just looking at the web site, you know it 's 419

As a panel recently constituted to look into how Central Bank Governor Charles Soludo has managed the affairs of the African Finance Corporation winds down its assignment, several reliable sources have disclosed that Dr. Soludo has gone on a wild spree to bribe panelists. “Professor Soludo is determined not to lose his plum job at the helm of the Central Bank. He’s throwing money left and right to ensure that the panel overlooks his extensive malpractices in the AFC deals,” said one of the sources who is close to the investigation.

Saharareporters has learned that Soludo is using Tony Elumelu, the managing director of the United Bank of Africa and co-director of the scam-infested Africa Finance Corporation, to bribe panel members not to recommend anything negative against his person.
In fact, Soludo has gone as far as writing a draft recommendation for the panel on what it should do to save him. Part of his recommendation is that the panel should “not recommend the closure of the AFC.” Instead, he suggests that the probe panel strongly “recommend to Mr. President to restructure the leadership of the AFC, so as not to scare investors away from Nigeria."

He also suggested that the panel recommend the removal of the Managing Director of the AFC, Mr. Austine Ometoruwa, as well as his special advisor. He is said to be willing to sacrifice Mr. Ometoruwa who is to carry the blame for all the questionable decisions and management mishaps that brought the problem of the AFC to the fore.

But Soludo's shenanigans are not resolving the problems of the AFC, according to information from US government officials monitoring the AFC accounts with the UBA New York Branch. One of the sources told Saharareporters, while the UBA New York Branch may have returned the AFC money into an escrow account as requested by the Nigerian government, the branch may have dissipated the interests that accrued from the AFC deposits into the private accounts of individuals of interest.

Our sources indicate that, since appearing before the panel investigating the AFC investments, Soludo has not been able to return the interests or profits made from the AFC accounts at the UBA New York Branch. The two accounts of the AFC to which Soludo remitted AFC funds in November 2007 and March 2008 are account no. 68959001 and account no. 68959013 maintained with UBA New York Branch.

Soludo was also still unable to provide a retirement of account no. 0230449534013, an AFC's pre-operational Expenses Account maintained with the CBN Lagos branch. Soludo and Mr. Ometoruwa have admitted to spending $15 million in pre-operational expenses. The only visible part of the pre-operational account expenses was the refurbishment of a block of flats reportedly leased from Aliko Dangote, also a director of the AFC. Mr. Ometoruwa and Soludo claimed that they spent N6 billion to set up the AFC headquarters at Dangote's block of flats. Those privy to the renovations told Saharareporters that it could not have cost N25 million.

Instead of explaining the discrepancies, Soludo has contracted Mr. Dele Alake, a former editor of Concord newspapers and Bola Tinubu's Commissioner for Information and Strategy, to launch a propaganda war to save his job. His specific instruction is that the local media be conditioned to report that he was being hounded because he was Igbo and that some highly placed Northern hawks around Umaru Yar'adua wanted his job. The media onslaughts, which are in progress, have named Tanimu Yakubu Kurfi Yar'adua's Man Friday and "treasurer," as the person interested in replacing him.

Several staff members of the AFC however told Saharareporters that there was no formal account rendered on the cost of hiring media consultants, though the AFC was made to pay for their services. The staff audit shows that Mr. Alake and one Irish employee named "Mike" operating out of London as an "Executive Vice president" of AFC were receiving payments but were not listed anywhere either as staff or consultants to the company.

Soludo was also said to have bamboozled some presidency officials with figures and statistics about the potential for AFC to become an "African gigantic multilateral development bank" comparing it with the European Bank for Reconstruction and Development. He promised that the AFC would have diplomatic immunity, tax exemption status and what he called "International Immunity." He even went a step further by paying AFC staff high tax-free salary, free car, housing, airplane tickets, free education, and even free lunch. But those familiar with the status of the AFC said it would be impossible for the corporation to acquire the legal and diplomatic identity that Soludo envisions since it is not a multi-government corporation like the African Development Bank.

"AFC was Charles Soludo's way of using Nigeria's wealth to create a Limited Liability Company for himself and his friends who he helped swallow up weak banks in the name of banking consolidation," volunteered a former CBN board member familiar with the idea of the AFC.

As Saharareporters investigations revealed, Soludo actually "created" the money he invested in the AFC, according to CBN staffers, who spoke to us anonymously.

Soludo went out of his way to mint the equivalent of $500 million and transferred the monies into two accounts opened with the UBA in New York and a third account with the Citibank in London. He warehoused the rest of the money at the CBN vault in Lagos.

Through a pre-expense account operated at the Central Bank branch in Lagos, AFC's CEO and Managing Director, Ometoruwa, was spending money “as if it was water,” in the words of one staff member. Since assuming the role of CEO last year he has occupied a $1000-per-night suite at the Eko Hotel Le Meridien. Soludo also maintains a suite at the same hotel where he occasionally retires to change his striped custom-made suits while in the Lagos area. We could not confirm if Soludo's suite at Eko Le Meridien was paid for by the AFC or through some other sources.

One source told Saharareporters that “the operations of the AFC remain spasmodic.” He explained that “the entire corporation is run like a boy scout camp with a scout leader in Professor Soludo and Mr. Ometoruwa.”

Our investigations revealed that AFC does not have a chief risk officer, internal auditor, and human resource manager as would be the case with corporations of the size proposed by Soludo and his agents. Many of those hired to work at the AFC are members of the family and in-laws of directors of the AFC.

What the AFC does not have in internal structures and standard operating procedures it has in an effective ability to shuffle funds around. For example, $120 million was placed with the Dangote Group for no discernible reason. In addition to the wet lease of AFC headquarters from Dangote, another $100 million was paid to a Chinese company—WEMPCO—which then bought shares from the AFC with the money. A mysterious company known as "Gloria Investment” also "invested" $50 million into the AFC. $100 million was moved to an offshore account at the UBS in Hong Kong. The money was to make its way to a strange subsidiary of the AFC known as "AFC Asian Holdings" where Ometoruwa and Soludo are account signatories. A mining company, Costelor, was also established in Ghana as a subsidiary of the AFC.

Saharareporters has learned that, given the torrent of information it has received on the AFC scam, the investigating panel led by Tunde Ogunshakin, the former ICPC head of investigations, is expected to visit the UK and New York. “The goal is to do thorough fact-finding,” said a source close to the panel.

But another source told us that Soludo was set to use his considerable personal fortune to “shut down the investigation for good” and to ensure that the panel would recommend “only cosmetic reforms in the AFC and that it is business as usual.”

NO COMMENT:

This Day (Lagos)

29 May 2008
Posted to the web 29 May 2008

Femi Solaja
Lagos

To commemorate the 10 years since the death of former Head of State, General Sani Abacha, his family, in conjunction with the Youths Sports Federation of Nigeria (YSFON) has concluded plans to stage a maiden U-17 soccer tournament in his honour in Kano.

The representative of the Abacha family and one time Secretary General of Nigeria Football Association (NFA) Fanny Amun, disclosed yesterday that the former First Lady Marian Abacha has put all logistics in place for the first edition which incidentally coincide with the 10-year anniversary of the death of her husband.


"The former Nigerian leader had a passion for sports with football in particular and Nigerians should not forget that it was under his regime that the country made its best achievements in sports with the victory of the Dream Team in the football event of Atlanta Olympic Games as the height of Nigeria's success in sports."

The winners of the competition according the YSFON boss will represent Nigeria at Gothia cup in Sweden and Norway cup next year.

And in case DSWEBMAS alias muktarah tries to change the email address. here is evidence for reference

Same DSWEBMAS alias muktarah, who want to sell FAKE houses to innocent people posted below:

FYI.
muktarah and dswebmas are ONE and same person and he is FRAUD

see evidence below:

Oct 4th, 2007, dswebma posted below. look at the email address in RED

@chukz4real,

the last time, dswebmas posted this:

--
hi!busta,
i can't seem to upload pics on nairaland.com
can you send me your email?so i send them over.

the houses im selling are not actually publicised
if they were,they wouldnt go for this price
and i wouldnt be contacted to sell them as the
govt agency in uestion does not deal with middlemen.

this happens to be unaudited/underpriced houses
mis handled by the former chairman of the agency.
the new chairman has asked that they be sold of at the
original govt price.

this is being carried on discreetly to avoid the normal
hijack by politicians(you get)
and all i recieve is my 10%when you have
gotten your papers.

you don't pay to me or anyone you make your payments
to the agenct's account.please not that you can call me now on +2348037600752
or mail me at dswebmaster2003@yahoo.com.

payments close on friday this week.
thank you

Hakir,

whats the asking price?

where in Abuja?

nuzo:
More reason why the lunatic al-quada will make the god damned country a prime target.

can the 'sane' people of Nigeria stop Yara-ill now before putting us in the 'line of fire'?

OBJ has done enough damage.

what we dont need are 'road-side-bombs' in Lagos/Abuja/Aba/Kano etc.

The last picture is from Eko Hotel, 10th floor.

This is the Internation Trade Fair area in Ojo along badagry expressway.

But why go live there?

The traffic in Festac and that at LASU gate junction will simply kill you.

And in raining season; it is welcome to HELL

Blatant:
What exactly does Nigeria stand to gain from this?

thats exactly the question. but yara-ill has already drag nigeria into this.

the gathering storm is slowly coming

america has not helped Mexico, who they share history + border with.

so why should they help Nigeria??

they are coming to help themselves for our Oil.

Yara-ill has accepted the US Africa Command.

Another tactically decision that will come back to hunt Nigeria. But Yara-ill is doing this for his own survival. Now US will back him.

The Federal Government may have reconsidered its stand on the United States Africa Command, known as Africom, as it has accepted most of the proposals in the policy.
He noted that Nigeria rejected a situation in the past when the US military made incursions into parts of Africa without seeking the consent of African countries.

He described the situation as Africom 1, adding that the practice of unwarranted incursions by US military formations was a thing of the past.

On Nigeria‘s new position, Maduekwe said the proposal was examined by Nigeria and it was found suitable for her survival as a nation.

He said it was not wise for Nigeria to maintain a ”cold war” posture by exhibiting the old communist anti-west stance.

He said the Africom proposal would be beneficial to both Nigeria and the US interests in handling the issue of terrorism and the building of the capacities of African soldiers.

He said, ”The Africom 2 is one that will continue to exist for US cooperation with African militaries in the area of training, logistics and equipment support. It is the Africom that will see our officers going to the US War College and that had existed for many decades, but now if they have been admitting five of them, they can now admit 20 of them because there is a new understanding.

”This Africom 2 is that which will avail us satellite governance to enable us enhance our own capacity for nipping terrorist attacks. Terrorist attacks know no boundary and if there is terrorist attack in Nigeria it can literally cripple our economy because we still have a fragile economy.

”So, if there is a level of infrastructure available somewhere, it does not have to be in America, it could be any other country. But now the Americans have offered what they have been offering us but they have said ‘let us make it more administratively tidy‘ rather than getting this support from Europe.”

On Nigeria‘s bid for a permanent seat in the UN Security Council, Maduekwe said the country was better positioned to get it.

icemann:
First u need site expriencem to know mix ratios, reinforcements, also a little structural design(in case the drawing is complex)
If u don't have site exprience don't try building 1 cause it will keep leaking
You can down load the manual but u still need exprience
u better look 4 some 1 that is on a pool project and learn(best advise)

paste picture of what you have done. lets verify it.

enque:
@ landis
what?! u want to crucify me just because i made a little' error of wrong thread post? well, go ahead

@emque,
who am I to crucify you?

I am neither from Roman Empire nor a Jew.

why Bode Thomas? It is full of traffic-hold.

@enque
'ko le ye won, bi omi se wonu agbon!!!'

I have pasted picture of my pool for 600K in 2006.

Why should I build another for 4mil in 2008? what type of inflation is that?

Paste picture of pools you have done and let us see.

are you serious?

this is  not productive.  

instead of that, why not ask for donations so that nairaland can go to 'Nigeria stock market' or why not raise Equity Investor Tool so we can all invest in it and this nairaland can grow bigger?

Once Nigerian mechanics touch the 'car' - with their dirty fingers; thats begining of the end of such cars, plus it looses value rapidily.

Singapore is very nice, if its real residence permit, your cousin should take it.

also, it is visa-free for nigerians, you can visit any time.

but it is very expensive, most people survive on govt debt and it's size of Lagos Island + VI.

above all, it is VERY CLEAN, much cleaner than any European City.

there is 'mama africa' restuarant in Habour Front.

http://tv.orf.at/program/orf2/20080527/441099001/

try that.

Saw this that could be useful:

www.jobs-nigeria.com

BBC at it again?

May God bless their souls.

But this is 'old stories', soon there will be another road calamity.

is ValuCard dead?

You can't make a pool 4 less than 2.m and u are telling me 600k 4 a sand filtered pool, NA LIE!!!

Very Real and you can see the picture there.

self-chorinating + sand filter were all imported. I bought those two piece for $450 in Europe.

What I have noticed things are uneccessarily expensive in naija.

He was a great Musician.

God Bless his soul.

Afam:
You want us to give Yar'adua 18 months to solve the power problem? No one, quote me anyway will start and finish and power project in 18 months. Maybe he has realized that completion of the about 400 power projects out there will really increase the electricity available and is capitalizing on that.

Thats not completely true. You cant plan and implement in 18months but you can implement in 18months.

OBJ had 8years, so there must have been lot of planning already done and YARA-ILL only needs to implement unless he is also saying OBJ did not even plan anything.

There are many tasks that runs con-current.

Bullshit.

Awolowo remains the #1 Yoruba Leaders. Others after come after him.

Awolowo leadership has nothing to do with his Political Party but his contribution to Yoruba Progress.

In 1945 in London, Awo helped found the Egbe Omo Oduduwa (Society of the Descendants of Oduduwa, the mythical ancestor of the Yoruba-speaking peoples), an organization devoted to the study and preservation of Yoruba culture.

http://www.britannica.com/eb/topic-180104/Egbe-Omo-Oduduwa

Akintola is not a Yoruba leader because he jeopadise Yoruba Progress by aligning with North for his own selfish ends; same category is OBJ.

Akinjide knows this but just deceiving himself and few others.

aysometin:
That is why I said if you wish, We are in Nigeria and people cut corners.
I have quoted for a standard pool of high quality and I was faulted, so in trying to explain, I had to say N300, 000 to show that you can get very cheap pools but it will be of very low standard. Please read my post well before you judge

I did not fault you only that N4mil is too much for my budget.

The last one above cost me N600K in 2006. It is self-chlorinating with sand-filters.

Can you paste picture of your works?

Big B1:
Ribadu should be probed.

yep. a can of worm will blow open.

your job in Nigeria is surely better if you getting about N400,000 per month.

In UK may be you get £25,000.00 per annum and minus 38% tax. You are left with nothing.

And if you loose your job, you get only £50 per week.

where is this cold-room?

how old?

what is capacity?

what component included?