₦airaland Forum

Yaradua is quite honest and sincere but he lacks that hard touch in him to implore authority and impose believe. Am sure, you know what i mean

Crude Oil:
I was not supprised that Atiku was indicted.They said Obasanjo misapplied the funds,while atiku misappropriated the funds.They also said that Atiku should be sanctioned,while OBj be warned.


The chairman of that commitee(victor Ndoma)was bribed by OBJ.There was a report that they were caught behind closed doors with the president.

These bastards be Impeached.

Conspiracy theorists, if it was the other way round it becomes victory for democracy

@Lola

You are such a pretty girl and I will be so shocked if a pretty girl like you do understand the nitty gritty of naija politics.

Though your advice to 4play is spot on.

the Judges pronounced their verdict through their pockets. They have all been bribed.

Where all those Students in Cyprus who are still eating the money Atiku gave them, they wont come out now if for any reason the senate refuse this report they will come here abusing people and typing crap.

I'm confident that his ambitions will be brougt to an abrupt end shortly. Inshah Allah.

Sorry it has come to an end already just that him Atiku and his allies have refused to believe. Probably they thought Iwu was joking when he asked the AC to replace their candidate.
The only way Atiku can be President right now is to create his own INEC to conduct an election for him and eventually create his own Nigeria he will govern. Because he does'nt seem to accept any laws of the land that is not in his favour and you know where this will finally lead him to??

[size=40pt]jail[/size]

@Mo Wapa

No disrespect but you have learnt to talk like AC members.
Prof. Iwu over the weekend accused the AC of picking aspects of the constitution and electoral act that favours their views while neglecting aspects that negates their claims. He went further to suggest its so bad that they say it so repeatedly that it begins to look like the truth.

This statement is so true and you are exhibiting such traits,
Does section 137 of the constitution say only courts and the people can indict a candidate before they are barred from elections/ yet you are suggesting that the constitution is a sacrament which should not be desecrated.

You are asking if money was lost, Otumba Fasawe returned some aspects of the money he collected and the report is suggesting that he is yet to return over 1billion as all the money have not been returned. If you still think no money was lost I ask you if Fasawe is an extension of PTDF?

They have started again, why summarising page 39&40 without posting the whole report if you have access to it?

PTDF: Panel blames Obasanjo, indicts Atiku
By John Alechenu and Oluwole Josiah, Abuja
Published: Wednesday, 28 Feb 2007
The Senate Ad hoc Committee on the Petroleum Technology Development Fund has faulted President Olusegun Obasanjo for acting outside the Act establishing the PTDF.

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Abubakar Atiku

It, however, indicted Vice-President Atiku Abubakar for the mismanagement of the agency’s funds.

In a report formally presented by its Chairman, Senator Victor Ndoma-Egba, to the Senate on Tuesday, the committee found Obasanjo and the Federal Executive Council guilty of allegedly using PTDF money for projects not covered within the law establishing the fund.

It said, ”In respect of some projects commenced by the PTDF in 2006, particularly the establishment of African Institute of Science and Technology in the FCT, incorporation of Galaxy Backbone Plc; and purchase of computers for civil servants under the Computer for All Nigerians Initiative, for which Obasanjo gave approval and subsequently obtained the ratification of the FEC, laudable as they may seem, they were outside the mandate of the PTDF as provided for in Section 2 of the enabling Act.

”The President and the FEC acted in disregard of the law establishing the PTDF. Though the ratification by the FEC may mitigate this breach of the law, it however, does not absolve the President and the council of blame.”

The committee, therefore, recommended that the President “be advised to adhere strictly to the provisions of the law establishing the PTDF at all times in either approving projects, expenditure of funds or howsoever.”

The committe indicted Abubakar for allegedly aiding and abetting the placement of $145m belonging to the PTDF in banks.

It added that the money which was meant for specific projects, was fraudulently given out as loans to companies.

The report reads in part, ”That His Excellency, Alhaji Atiku Abubakar, vice-president of the Federal Republic of Nigeria from 1999 to 2007, abused his office by aiding and abetting the diversion of public funds in the sums of $125m and $20m respectively approved for specific projects to deposits in banks, some of which were fraudulently converted to loans to Netlink Digital Television, Mofas Shipping Company Limited and Transvari Services Limited.”

It also noted that contrary to the argument by Abubakar that PTDF funds were not lost in the various placements, N1.130bn loaned in two instalments to the NDTV; N420m to Mofas Shipping Company Limited; and N300m to Transvari Services Limited by TIB were yet to be recovered.

The committee, however, said that although the loans had been restructured with the acquisition of TIB by Spring Bank Plc., they (loans) might not be recovered outside the restructured framework without endangering the health of Spring Bank.

It, therefore, recommended that the VP be penalised for the offences.

It added that the Marine Float Limited Accounts, which had generated a lot of public interest, was outside its terms of reference as no PTDF funds were traced directly to the account. But the committee noted that the company was at best, a second line beneficiary of the PTDF funds.

The committee further recommended that a businessman, Chief Johnson Oyewole Fasawe, be prosecuted and made to refund N1.55bn being the loan advanced to NDTV and Mofas Shipping Company.

The committee also advised that another businessman, Ahmed Vanderpuye, “be prosecuted and made to refund N300m being a purported loan to Transvari Services from the TIB.”

Also recommended for prosecution are two former executive secretaries of the PTDF, Mr. Hamisu Abubakar, and Mr. Hussein Jallo.

The committee said, “Hamisu Abubakar, executive secretary of the PTDF from September 2000 to July 2005, abused his office by diverting public funds in the sums of $125m and $20m approved for specific projects to deposits in banks, some of which were fraudulently converted to loans to the NDTV, Mofas Shipping Company Limited and TSL and other criminal acts and should be prosecuted for any offences disclosed.

“Hussein Jallo, the executive secretary of the PTDF, from July 2005 to November 2005, having abused his office through criminal acts and for which N49m and six vehicles have so far been recovered from him by the EFCC, should be prosecuted for any offences disclosed.”

EFCC had recovered N200m from Hamisu Abubakar.

The committe also recommended that another former Executive Secretary of the PTDF, Alhaji Adamu Waziri, be made to refund the N4.5m which he okayed for the execution of the Progress Report on Obasanjo Administration and photographs for State House Library since the projects were outside the contemplation of the Section 2 of the PTDF Act.

The committee also suggested that the Marine Float Accounts be independently investigated by the Independent Corrupt Practices and other Related Offences Commission since the initial investigation by the EFCC had been controversial.

It advised that all accounts in the name of the PTDF within and outside Nigeria be established by the Senate Committees on Petroleum (Upstream) and Public Accounts.

The committee said taxes payable on the bill by Emmanuel Chambers, the company which allegedly registered Galaxy Backbone Plc, should be recovered by the PTDF and paid over to the relevant tax authorities.

While it suggested that the management of the PTDF be reorganised to enhance its capacity to deliver on its objectives, it also voted for the amendment to the PTDF Act.

The committee observed that because the PTDF was a special fund for which appropriation was not required by the National Assembly, it was treated more or less by the Presidency like a security vote with scant regard to the provisions of the Act establishing it.

It also lamented the fact that training for oil and gas sector was relegated to the background as against unrelated projects for which there might have been appropriation elsewhere.

”The fortunes of the fund did not appear to have improved from when its supervision moved from the VP to the President,” it added.

The committee also held that some accounts kept in the name of the PTDF by the Accountant-General of the Federation were not known to the PTDF.

It added that the decision to restrict the funding of the PTDF to a limit of 25 per cent of signature bonuses or $100m per annum was done without legal backing.

It further observed that the supervision of the PTDF by the executive had been grossly inadequate and compounded by the lack of proper oversight by the National Assembly.

The committee also said that the increase in approval limits of the executive secretary of the PTDF from N.7m to N10m was not in accordance with extant financial regulations. It added that bogus and unrealisable projects were recommended and funds approved for them.

It said, ”Many of the projects for which monies were approved have not been implemented.”

The President of the Senate, Chief Ken Nnamani, said, ”The time for propaganda is over, now we have to deal with facts not emotions.”

He said he would sign every page of the report to ensure that the document was not ”doctored”

Soon after presenting the report, Ndoma-Egba, a Senior Advocate of Nigeria, told newsmen that Abubakar was not compelled to appear before his committee.

The debate on the report will commence on Wednesday(today).

The Senate had on September 28, 2006 set up the committee to look into the management of the PTDF funds.

Prior to this, the EFCC had indicted Abubakar and Fasawe over the running of the PTDF.

Although Abubakar denied any wrong doing, the Presidency set up a special panel headed by the Minister of Justice and Attorney-General of the Fedration, Chief Bayo Ojo, to further probe the PTDF.

Abubakar and Fasawe were again indicted by the panel. A White Paper on the panel’s findings was consequently gazetted.

While accusations and counter-accusations by the Presidency and Abubakar’s camp lasted, the vice-president and Fasawe filed separate suits challenging their links to the mismanagement of the PTDF.

The case by Fasawe has since been dispensed with in his favour by a Lagos High Court.

The one by Abubakar is still pending before a Federal High Court in Abuja

there you go

debosky:
it may sound fishy, but no one gets convicted for sounding fishy. if there is no concrete proof, these accusations must stop

the fact is that he had oversight and decided to invest it to yield interest to the government ( a fact no one is denying), while waiting for FEC to approve projects, that is not tampering, that is judicious use in my opinion.

there is no evidence of any intent to defraud, no evidence either.

I dont agree with you, that is no judicious use of money. Over the years in this country we have seen civil servant salaries delayed because their bosses send the money in block to banks to make profit in their personal interest. Mind you Atiku have only announced this interest because the issue is now in the public domain. Otherwise he would have benefited in two fronts by depositing that money in bank (1. faciltating loans for his private bussiness interest 2. making profits out of the same money without deploying them to what they should be used for)

I know a friend who got a scholarship to study at Heriot Watt University under PTDF scholarship. He was delayed for 1year cos of lack of fund in 2004. Probably the fund that should have been used for this purpose may have been deposited by someone in some bank to yield interest for him. What does this translate into reversing a young man's life by one year because someone somewhere is making profit out of fund ment for his sponsorship. That in my view is exploitation and oppression.

any major PTDF projects have to be approved by the FEC, if it wasn't approved, Atiku or anyone else has no power to spend the money.

Where did you get that info from?

Atiku remains disqualified by previous indictments, this latest indictment of him and OBj even strengthens that. OBJ or INEC is'nt disqualifying anyone rather the constitution has according to its provisions in section 137.

debosky:
there is no case of funds diversion. what happened was placement of idle government funds in investments with 13 banks, only one of which is being focused on in this case.

as stated, the funds yielded double digit (12%) interest to the government, and after the directive by the CBN that all govt funds be withdrawn from commercial banks, the funds were returned in full with interest.

placement of funds in banks at that time was regular government practice. no diversion has been proven.

Selling this defence is as good as selling ice to the eskimos.
That Petroleum Technology Development Fund was not used for any meaningful Technological development in the country rather it was deposited in Banks an act which facilitated the giving of loans to friends of the VP, by the same bank, without collateral does not amount to diversion of Fund I will rather beg you to define what you mean by diversion??/

Ok lets say hypothetically that there was no diversion, can you please tell us any meaningful technological development the PTDF Fund was used for

Placing that money in banks when the pressing needs for which the programme was set up has not been addressed is in itself is abuse of office. While establishing that friends of the VP were able to secure loan without collateral hours after that fund was deposited  is Fraud and money laundering.

Debosky it is an excersize in futility to try to polish what Garba Shehu has been unable to polish. Both OBJ and Atiku remain indicted of Fraud.

BigB1

You are simply looking for an ally, hope debosky becomes one

who did he betray to become a traitor? his loyalty is to Nigerians and the constitution, not a man who believes himself to be a demi-god.

Probably part of that loyalty to Nigerians and the constitution include:

Discussing the Government's security policy on the pages of the Newspaper and alleging that a Govt he is part of is wrongly deploying $2b for importation of ammunition.

The Senate an unbiassed body have indicted both. So Atiku is still not eligible to contest.

Nigerian journalists are shit, the breaking news on Guardian is just copy and paste of PM News paragraph 2.

Parties have right to choose their leader as they so wish. Those guys probably have no clue what party politics is about.

Their proclamatiion is a waste of time by a bunch of people seeking recognition. What else do you expect? Some of them even have surnames like "America"?

As much as I think Buhari's candidature is a slap on everything democracy stands for, I do also think that ANPP endorsed PDP presidency the day they chose Buhari cos he wont win any election in Nigeria however this proclamation amounts to nothing.

I am obviously not preaching to you, I am not asking you to accept my views either. Though you have time and time again refused to answer my question of what your interest in a corrupt Nigeria is.

If there is any half baked job I have seen Ribadu do it is not prosecuting the likes of IBB and send them to jail. Though this is largely because OBJ is blocking dosiers of the gulf oild windfall.

Sorry it is not down to him to clear, Atiku should go to his oracle the courts for clearance.

I mean clearing up your so-called controversy.

Iwu is only playing by the rules and implementing the constitution to the letter. He has said it that he has no powers to disqualify anybody but those not qualified according to the provision of the constitution will not be cleared. It is that simple!!!

If the AC are trying to bully Iwu to borrow their words that INEC has disqualified Atiku so that they will go and challenge the statement in court. Sorry Iwu is not that dumb he is not in the league of Uba Sani they can not put words in his mouth.

@BigB1

This organization will never improve if we keep quiet or continue to dance to half job well done.
Infact, RIBADU should be happy to hear from people like myself; it is part of the job. Some people will be firm, some will cry while the rest will continue to kiss AS s to the fullest.

Which group do you belong to, Mckren?

The job of State executives and political leaders affect the lives of Nigerians, in fact their achievements or lack of it translates into the sorry state of our roads, economy, electricity etc. because of corruption.
An EFCC which is expected to check corruption in our society comes on board and brings about some degree of probity that has never been seen or achieved by Police and Judiciary put together since the inception of this country.
You now call their job half done and should never be given a chance but you are happy to give politicians who are the biggest thieves the chance to do what they want.
What a shame!!!!!!!!!!!!!!!!!!!!!!!

You want EFCC to disengage from politics, tell politicians you know to denounce corruption and EFCC will have no bussiness with them.

@Topic

This is another PHD syndrome (Pull-him-down) against Ribadu, God, Nature and the voice of the silent majority of Nigerians on the streets will not let anybody bring him down. It is that simple.

THE war of words between the Action Congress (AC) and the Independent National Electoral Commission (INEC) heightened on Monday as INEC denied reports over the candidature of Vice President Atiku Abubakar.


While the AC insisted that the vice president remained qualified to run in the April polls, the electoral body was hinting at a disqualification of Atiku based on his indictment by a government white paper.


The AC had also repeatedly responded by saying that the white paper had been made of no effect by a court ruling.


It also said that the indictment had been challenged in a court of law, making it not grounds for disqualification.


The matter got to a head yesterday when a news report said the commission had already asked the vice president and his deputy to provide their pictures for ballot papers.


The commission, however, denied ever asking the Action Congress (AC) for the passport photographs of the vice president.


The INEC chairman, Professor Maurice Iwu, said the commission never demanded for Atiku's photographs for any reason even as he warned INEC officials to be wary of newspaper reports on INEC's activities.


Iwu made this known at the INEC headquarters in Abuja during a swearing in ceremony for newly appointed resident commissioners for Rivers and Gombe states.


Iwu also denied newspaper reports on the possibility of shifting the election dates.


He insisted that the plans by his commission for the general election were fully on course.


He said unlike in the 2003 general election when, according to him, preparations by the commission suffered hitches, the preparations by INEC for the 2007 elections had been going far ahead of schedule.


The INEC chairman admonished the new commissioners never to take any action based on newspaper reports.


The vice president had said weekend that his party did not receive any letter from the INEC on the issue of substitution.


All efforts to get Atiku campaign organisation proved abortive as they were said to be in a crucial meeting when the Nigerian Tribune called.

AC is full of gangsters and fraudulent people, I bet you they may have intentionally sent a photograph to INEC claiming INEC demanded for them. Just to cause confusion. They are joking with Prof. Maurice Iwu, they think he is Uba Sani who allows words to be put in his mouth. Iwu has said it that they intentionally tell lies repeatedly such that it looks like the truth.

No the situation of Nigeria is very perfect

Instead of matching into the streets and attacking some of this politicians from councilors to the highest level people are here asking Ribadu to declare his assets first before we start fighting corruption.

hhhhhhhhhhmmmmmmmmmmm!!!!!!!!!!

You sabi how many power plant them don commission for PH yet no light

Big B1:
Thanks for the wisdom talk, Mr. Story Teller.

I still think that it isn't too much to ask RIBADU to declare his assets starting from 2000; afterall, he has only one head like just the rest of us.

What is the big deal?

Any futher delay will only send wrong message to the great citizens of Nigeria.

This is democracy; what is good for Peter is also perfect for Paul.


Please, forget Kalu for the moment.

Its about time you told us what your interest is in a Nigeria where corruption thrives. I have followed your comments for a while and I have been able to establish the fact that you always have soft spot for people who have raped this nation of its treasury while attacking those who are trying to make a difference.

WHAT ARE YOUR INTERESTS BIGB1

The inflation rate is so frightening. I love to be a Nigerian, no one can do this in Nigeria. If it were in Nigeria one of those Generals who back him up will simply assasinate him.

shutmouth:
Afam, I thought Kalu and Atiku are on your good books.

Surprise!!!, Surprise!!!

You have simply misplaced Afam for someone else.

Ferlie:
you are all goats and herds heading in the way of permanent misnomer.

Those who suggest that being exposed to formal education does not necessarily mean being learned may not be wrong after all.

What a political De Javu!!!!!!!!!!!!!!!!!!!!!!!

There is no military action involved in this trust me. America will not engage Russia in an indirect war. Puttin has autorised his soldiers to shoot any American who threatens the safety of their facilities in Iran.
They are only trying to bully Iran but it is not going to happen this time.

the face of new nigeria we never had.