OtunbaJega:
Trash as usual

Mogidi:
Barcanista's articles, the only article read by Femi and Garba.

Wow!!
What an article.
I heard from reliable sources on Twitter that when Femi Adesina visits Nairaland he only comes to read barcanista's article.
Judging from the above, its in his interest to read barcanista's article.




cc: Femi Adesina, Garba Shehu.

March 2012
FG under Jonathan proposed out of court settlement with the Governors to save the SWF and ECA.
www.channelstv.com/2012/03/27/excess-crude-accountfg-asks-state-governors-for-out-of-court-settlement/

May 2012
Despite the out of court settlement, the Governors were so determined to share the money, instituted another lawsuit again two months later asking the Supreme Court to stop the FG from saving $2billion in SWF but instead "share the money".
www.vanguardngr.com/2012/05/sovereign-wealth-fund-govs-ask-s-court-to-abort-fgs-plan-to-withdraw-2bn/

barcanista:

Pre-Jonathan: Obasanjo Left $20billion In ECA, Yar'adua Left $6.5billion
When late President Umaru Yar’Adua was sworn in on May 29th, 2007, the ECA held $20billion, out of which $5 billion had been pledged by the three tiers of government to the National Independent Power Project (NIPP), which jointly own the account.

Now something striking was revealed in this your research. So you mean OBJ actually saved ECA funds of up to $20billion? Wow!

OBJ met a nation with a foreign reserve of $5.4billion but he grew this figure to well over $40billion by the time he left office. He also saved ECA funds of $20billion and this same man also paid off Nigeria's external debt of $12billion (after negotiating it down from over $30billion in his numerous foreign trips). Lest I forget, the average oil price in the tenure of OBJ was $38 per barrel as against the $100 per barrel average in the reign of GEJ.

Meanwhile, Obasanjo who achieved the above is the same man we all called (and still call) 'useless thief' and Ota monkey while we go ahead to defend, praise, glorify and immortalise his successors who crashed our entire reserves in a space of 5 years when we had an economic boom. How can any right thinking society do this?... why is the black man like this for God's sake?

I have learnt a lesson in life that it takes you to meet a devil before you can truly identify who the angels are. OBJ deserves an apology from Nigerians.

barcanista:
Yar'adua inherited $20billion ECA nobody asked him or any of his ministers why the ECA dropped to $6.5 billion. Jonathan inherited $6.5billion and managed to leave behind $2billion despite the fact that the governors were so much on his neck. The explanation of the ECA under Jonathan is not a secret affair. Can that be said of Yar'adua and Obasanjo? Can that be said of the Governors?

nagastat:
The crux of the matter is that the FAAC did not approve of the withdrawal.
Its as simple as that!
What instrument of the procedural laid down laws were invoked to warrant the release of the funds.
She said ex president Jonathan ordered it!
Are such orders from the president not usurping the code of conduct and due process.
FAAC didn't approve and their non approval was circumvented.

P.S @ OP, you seem to me a very naive character. Embrace common sense! It would do you good!

barcanista:
The Contentious $2 billion
November 17, 2014
As at October 2014 the balance in the ECA was $4billion.[/b]While announcing government austerity (as a result of the sharp drop in oil price) in November, the former finance Minister made it clear that the [b]FG will tap $2billion from the ECA.

“We will work in such a way that we won’t deplete the ECA because we have to leave something for next year but we might go to tap about a half of it ($2bn) or slightly less than half to be able to meet expenditures that are crystalising at the moment that we need to make.”(Ngozi Okonjo Iwaela Nov 2014)
www.punchng.com/news/oil-slump-fg-unveils-austerity-measures/

ECA Balance As At November and December 2014
At the end of November 2014 the Accountant General of the Federation informed FAAC and Nigerians that the ECA was $3.11billioand in January 17 2015 the balance was announced to be $2.4billion. $1 billion was deducted in November and another in December 2014. The Governors were well aware including Mr. Adams Oshiomole.

barcanista:
Yar'adua inherited $20billion ECA nobody asked him or any of his ministers why the ECA dropped to $6.5 billion. Jonathan inherited $6.5billion and managed to leave behind $2billion despite the fact that the governors were so much on his neck. [size=13pt]The explanation of the ECA under Jonathan is not a secret affair.[/size] Can that be said of Yar'adua and Obasanjo? Can that be said of the Governors?

Mogidi:


This is where my problem lies with APC, their gullible supporters don't remember the above.

joseph1832:
Barcanista can we actually see case file/numbers of these cases where the governors took the FG to court?. I believe the cases must have been filed even though the FG decided to settle out of court.

And just why, why is the FG always making out of court settlements with the governors? [size=13pt]I mean if the FG really feel that protecting and not sharing the ECA is best for the country, why did the FG now settle out of court?.[/size]

nduchucks:
What the OP itemized is essentially not germane to the recent question of whether GEJ and Iweala broke the law by withdrawing $2bn Excess Crude Fund without FAAC approval as required by law.

The OP's submission is nothing but red herring and irrelevant to the criminal activities of GEJ and Iweala - the illegal withdrawal of the said $2billion.

By the time all is said and done, madam and GEJ will have to give an account of which companies got paid and how much. We'll also find out how much of that money was used to finance GEJ's election. Barawo banza

barcanista:
They are only trying to divert attention and to tarnish NOI's image. What did they do with the money they all received? They still went broke even after sharing almost N3trn in ECA alone between 2011 and 2014 (in addition to statutory allocation).

MabraO:


Barcanista
U aren't as wise as u think.
U provided links to all ur claims except for wen $1billion was deducted from d ECA btw November nd December, nd even saying osho baba was aware how re we sure

Secondly, do u know more than NOI?
She said Jonah daft ordered her to withdraw d said money yet u coming here as her lawyer to defend her

U just an attention seeker. I wonder how people take u serious

joseph1832:
Barcanista can we actually see case file/numbers of these cases where the governors took the FG to court?. I believe the cases must have been filed even though the FG decided to settle out of court.

And just why, why is the FG always making out of court settlements with the governors? I mean if the FG really feel that protecting and not sharing the ECA is best for the country, why did the FG now settle out of court?.

PassingShot:

What did FG do with her own share of the money during the crude windfall (peaked at $130)? Is it not disheartening that FG had to borrow to pay salaries in March and April?

Mogidi:


What did the governors do with their own share, you people selfishly leave out the governors who created the chaos in the first place.

adadadon:


How does this change the fact that Okonjo Iweala did not follow due process/Formal procedure or recieve authorization while withdrawing the money to pay for subsidy ??

Mogidi:


The article is for "discerning minds"

barcanista:
FAAC was pre-informed simple and the withdrawal wasn't done in one swoop. It was done in phases and the FG under GEJ informed the FAAC after every withdrawal.
Sometimes you people can be funny. Which laid down law was broken? Which Code of Conduct? No law was broken....If any, state the law! Were they aware of the withdrawal or not? Did they protest after the first and second withdrawal? Did they protest when the balance sheet was read in January? The money was more of National interests and done by a constitutedd authority. The States should leave NOI or Go to court.

adadadon:
I will be back

PassingShot:

@ emboldened, the FG opted to settle out of court so that they could continue to operate the illegal accounts as a means to continue their looting of the money there. It's simple and straight-forward. Had they not settled out of court, the accounts would have been ordered closed and all monies shared once and for all. That way, no future money will be kept there and that means no future money to steal.

Mogidi:


Why won't the fed govt settle out of court, are governors not stake holders in the Nigerian project?

PassingShot:

Who has left out governors out of this? The issue at hand now is that of FG. That of governors continue to receive attention as well and it is more up to each state's successor to probe his predecessor.

[size=13pt]GEJ, NOI, Madueke and their cohorts are criminals. Pure and simple![/size]

Mogidi:


My anger is directed more at the governors who depleted the savings in the first place. Less than two months after GEJ left power someone is already attempting revisionism. Some people forgot it was the governors that insisted the money be shared.

The governors wasted our resources while blaming Jonathan, there's no Jonathan to blame any more.

barcanista:
Dece 17 2014: FG informed FAAC on $1b drop in ECA
www.businessdayonline.com/2014/12/nigerias-revenue-again-slumps-n36-6bn-as-eca-depletes-to-3-1bn/

As for your "number 2" question it is answered in the write up! I don't spread lies

Mogidi:


How can you call people criminals when there are no verifiable evidence to back up such claims? Have they been convicted?
You're beginning to sound like a tout.

Truth234:
The analysis you did just show the level of misappropriation of past administration but before I get to that I have these questions how was Obasanjo administration able to saved $20 billion in ECA and yet all Yar'adua led Jonathan administration was doing is depletion of the ECA without replenishing?

Your analysis emphasized how the $6.5 billion ECA left by Yar'adua administration was shared you didn't mention how much was generated in revenue during GEJ administration, all you did was analysis how they shared what was left of Yar'adua administration. You said you will be objective and critical of the situation, please I will like to know why was GEJ administration sharing what was left of our ECA when oil price peaked above $100 for the first time?

IbokUtoroh:

do u knw d meaning of due process?