₦airaland Forum

anonimi:
You are a very smart, knowledgeable guy.
The news is to excite the millions of gullible lazy youths who have no sense of history. Zero just like the barawo in Aso Rock who has no certificate.

Maldini212:
Buhari is a thief

KunleOshob:
Contrary to what mischief makers and OBJ detractors would like the Nigerian public to believe the truth is finally out:

As the House of Representatives continues to dilly-dally over its power probe report,  fresh facts emerged in Abuja on Tuesday that contrary to claim that about $13 billion was squandered by the Obasanjo administration on the power sector, only about $3.08 billion was actually expended.
This indication was from a summary presentation on the National Integrated Power Project (NIPP) presented to the National Economic Council (NEC) by the Governor Gabriel Suswam of Benue State.
Suswam, on behalf  of the Presidential Review Panel on the NIPP set up by the NEC, said the panel found that as at 2007, total project allocations/ estimates to NIPP was $10.231 billion inclusive of the $2 billion Federal Government counterpart funding for Mambilla Hydro Power project and $1.4 billion for additional nine turbines.
According to Suswam, out of these commitments, only $3.08 billion was funded and scrutinised with advance payment guarantees from “first class” Nigerian banks and Letters of Credits issued by the Central Bank of Nigeria (CBN). He said over $1.5 billion of the sum is still in the custody of the banks.
The report also said there is an ongoing comprehensive review exercise taking place to determine the most up-to-date estimates of costs to complete the project. This is in view of the cost over runs arising from over 18 months of delay and stall in funding.
Suswam, in his report, also identified intermittency and stoppage of funds as among the factors that helped to frustrate the implementation.
Lack of thorough feasibility studies was also fingered as being responsible for the several challenges of the project in the area of transportation, water supply and transmission connections to the sites.
There was also what the report called “slow pace of surveys, enumeration work and payment to land owners has impacted on site development. The project also lacked clear and defined ownership structure/agreed responsibilities and it has resulted in a dis-jointed and uncoordinated project implementation”.
For a new approach in the project, Suswam advocated the need to undertake comprehensive studies of the project strengths and weaknesses as well as rekindle federal and state governments’ interests in the project as shareholders on the investment.
He underscored the importance of good funding to complete the projects in order to realise the full value.
The report also recommended that the project should be executed under a new management structure and pragmatic and dynamic implementation scheme and efforts should be made to eliminate project bottlenecks through stakeholders’ participation.
The report said after due deliberations, the committee  agreed that completing the project as initiated is the right way to go as it would be the only sure way to improve Nigeria’s power supply logjam and free its citizenry and businesses from the shackles of darkness.
On the funding procedure henceforth, the committee recommended that $5.237 billion be provided through the interaction/cooperation of the federal and state governments.
The committee also suggested the legitimising of fund allocations from the Excess Crude Savings Account by securing appropriations by the National Assembly and state Houses of Assembly.
Among the terms of reference of the panel headed by Vice-President Goodluck Jonathan and governors drawn from the six geo-political zones as members included how to meet the 6000mw estimated by the government by 2009 and to recommend appropriate utilisation of government’s $5.3 billion.
Yar’Adua had last year ignited the debate when he disclosed that over $10 billion was spent on power by the previous administration with nothing to show for it.
The Speaker of the House Representatives, Dimeji Bankole, followed suit by saying the sum was over $16 billion, while the House power probe committee Chairman, Hon. Ndudi Elumelu, gave a figure of $13 billion.
Almost one year after the motion for the probe was moved by the House Minority Leader, Hon Ali Ndume, the report is yet to be debated many months after it was submitted by the committee.

Source: http://www.thisdayonline.com/nview.php?id=137931

melvinjames:
The great anonimi himself, you're a Nairaland legend, welcome back bro.

ManirBK:
IS LONG OVERDUE.. THIS MAN NEEDS TO ACCOUNT FOR SO MANY THINGS !!!

post=80988549:
From whichever angle you look at it, $16 billion is too huge to be swept under the same carpet that has harbored the egregious acts of our past leaders like Obasanjo.
$16 billion can do wonders in the life of any nation, even in the advanced world.
The money is too huge to be hidden inside the pages of a pejorative book that was aimed at self-praise and self-canonizations for which Obasanjo is a class act.
When you rightfully invest $16 billion into the power sector, you are bound to have three giant Mambila power plants; of the type Buhari is building now.
When you have $16 billion thrown into the power sector, you would generate over 10,000 megawatts of electricity and Nigeria would have put its power problems behind it by now.
When you throw $16 billion into the country’s power sector, the multiplier effects would have tremendously impacted on the country’s economy by now and not on a book.
These are hard, incontrovertible statistics that do not need the subjective narration of Obasanjo in a self-adulatory book to explain.
These are raw facts that do not need farther elucidation, fits of stammering or the kind of confusion Obasanjo and his lickspittle are trying to import into answering this simple poser.


Addendum: OBASANJO : WHERE IS THE POWER?!

INEFFECTUAL BUFFON: WHERE IS THE CASSAVA BREAD THAT YOU SET UP with BILLIONS OF NAIRA TO ESTABLISHED.

Incase you guys don't know...... STEALING IS NOW CORRUPTION.

Codes151:
I think the person who need probing is pmb

Islie:
… Despite low oil price under-recovery rises by N190bn in two months

Nigeria’s fuel subsidy payments shot up by 1,174 per cent in the wake of the 2019 general elections, as the Nigerian National petroleum Corporation, NNPC, disclosed that it paid N206.585 billion as under recovery in January and February 2019, an increase of N190.37 compared to N16.212 billion recorded in the last two months of 2018.

Nigeria’s 2019 general election took place, February 23 for the presidential and National Assembly elections and March 9 for the governorship and state assemblies’ elections.

Under recovery, also known as fuel subsidy is the cost the NNPC is incurring to subsidise the price of Premium Motor Spirit, PMS, also known as petrol, ensuring that it is sold at fuel retail stations at the regulated price of N145 per litre, even when the real market price is above the regulated price.

Since 2017, the NNPC had been the sole importer of PMS in Nigeria and it deducts cost for under recovery before making remittances to the Federation Account.

Ironically, the naira remained stable within these periods, while the price of crude oil in the international market remained low. In November and December 2018, the price of crude oil in the international market averaged N64.75 per barrel and $57.36 billion per barrel respectively, while in January and February 2019, crude oil price averaged $59.41 per barrel and $63.96 per barrel.

In October 2018, when crude oil hit the 2018 high of $81.03 per barrel, the NNPC recorded under recovery of N40.5 billion.

https://www.vanguardngr.com/2019/07/fuel-subsidy-skyrocketed-to-n207bn-days-to-2019-elections-nnpc-report/

post=80988567:
Criminals.
The past leaders that raped and supervised the rape of our dear nation.

It could have been worse with these men in power, ruling the affairs of our nation.

Danwakae:
So u mumu like this



Same people who ate from the loots are presently there with Baba Buhari looting presently, as I type more 1bn naira ve just been move...but because of the stipend u get , u r on NL displaying ur mumurity...hope u won't die poor

post=80988549]From whichever angle you look at it, $16 billion is too huge to be swept under the same carpet that has harbored the egregious acts of our past leaders like Obasanjo.
$16 billion can do wonders in the life of any nation, even in the advanced world.
The money is too huge to be hidden inside the pages of a pejorative book that was aimed at self-praise and self-canonizations for which Obasanjo is a class act.
When you rightfully invest $16 billion into the power sector, you are bound to have three giant Mambila power plants; of the type Buhari is building now.
When you have $16 billion thrown into the power sector, you would generate over 10,000 megawatts of electricity and Nigeria would have put its power problems behind it by now.
When you throw $16 billion into the country’s power sector, the multiplier effects would have tremendously impacted on the country’s economy by now and not on a book.
These are hard, incontrovertible statistics that do not need the subjective narration of Obasanjo in a self-adulatory book to explain.
These are raw facts that do not need farther elucidation, fits of stammering or the kind of confusion Obasanjo and his lickspittle are trying to import into answering this simple poser.


Addendum: OBASANJO : WHERE IS THE POWER?!

INEFFECTUAL BUFFON: WHERE IS THE CASSAVA BREAD THAT YOU SET UP with BILLIONS OF NAIRA TO ESTABLISHED.

Incase you guys don't know...... STEALING IS NOW CORRUPTION.[/quote]it is now corruption, which is swept under the carpet and packed inside babanriga like for Ganduje aka GanDollar


[quote author=Aneesaaa:
President Muhammadu Buhari has responded to a viral video involving the Governor of Kano State Abdullahi Ganduje in which he was filmed collecting bribe in dollars.

Watch the video below;

I Don't Know The Technology Used In Making Of Ganduje Bribery Videos - Buhari




https://www.youtube.com/watch?v=lOXj5eB2-YU

PrecisionFx:
But buhari has swept it under the carpet

post=80988567:
Criminals.
The past leaders that raped and supervised the rape of our dear nation.

It could have been worse with these men in power, ruling the affairs of our nation.



Kid bro,
We hope and keep praying God protect you and your colleagues as you fight and protect our nation on the war front.
You will all come back to your families in peace. 

Do have a great day ahead and THANKS for your compliment! 


One more thing : if we don't get any stipend as you have accused us of, then pray and fast that wrong ACCUSATION will not be your portion on the war front...this is very important Dan.

A better Nigeria is all we want.

Danwakae:
Who is your kid Bro , I have a girl friend older than u....so pls stop that age shit.

No Human in his/her real senses who can read and write come out publicly to defend any govt. in Africa let alone Nigeria...people like you are part of Nigeria's problem...some people are retrieving looted funds and properties for themselves u r here decieveinng urself...wake up and be wise.

anonimi:
Seriously needs probing for all the stealing and looting going on under him.
How did we allow Abacha's collaborator to return and continue looting our commonwealth?
Are we so dumb-ass people
The same man who called subsidy a scam in the video below is now paying stealing billions as subsidy.



https://www.youtube.com/watch?v=YmG_dYY7YRA

DameB:
These men are bloody gan.. $16,000,000,000....

barcanista:
Since I was born, I have never witness the kind of hypocrisy, double standard and demonisation that is currently perpetrated by Muhammadu Buhari, the APC, Alhaji Sanusi, Osinbajo and their "good governance crusaders" against the person of President Goodluck Jonathan, Allison Madekwe, and other government officials.

Alhajis Buhari and Sanusi and APC have been going about using every platform to talk about a "missing $20b", cheered by their hypocritical followers that pride themselves as good governance crusaders. They have deliberately gone blind over the fraud of CBN under Sanusi as outlined by the Financial Reporting Council of Nigeria report in February 2014.

Sanusi Indicted And Removed For Fraud
According to the report (see below) Sanusi was indicted for Gross Misconduct that bothers on fraud and financial recklessness among other offence. The FRCN subsequently advised Mr President to remove Lamido Sanusi from office for further investigation and probe after the explanation of Sanusi appeared more like a tale and outrightly illogical according to FRCN. The council indicates that the explanation provided by Sanusi is “a clear display of incompetence, nonchalance, fraud, wastefulness, and abuse of due process and deliberate efforts to misrepresent facts on the part of the leadership of the CBN.”

The council advised the President to exercise the powers conferred on him by Section 11(2)(f) of the CBN Act 2007 or invoke Section 11(2)(c) of the said Act “and cause the governor and the deputy governors to cease from holding office in the CBN.”


April 2014: VP-elect Yemi Osibanjo Filed Case To Stop Sanusi Probe
Rather than Sanusi to prove his innocence in court, he filed a case in Federal High Court, Lagos to STOP FRCN and Other Security Agencies from investigating and prosecuting him through three Senior Advocates of Nigeria, Prof. Yemi Osibanjo, Dr. Kanyinsola Ajayi and Kola Awodien.
http://www.theguardianmobile.com/readNewsItem1.php?nid=24587

13 May 2014: Lagos Judge Tshoho Grants Sanusi Prayers
High Court Judge John Tshoho rather than uphold the constitutional powers of FRCN to investigate probe Sanusi, he granted the prayers of Lamido Sanusi and BARRED FRCN from further investigation or probing Sanusi Lamido Sanusi. In his own words...
“Prejudice is very pronounced in the language of that document. The language of the briefing note (transmitted by the FRCN to the presidency) conveys a sense of the defendant desperately goading the presidency to deal with the plaintiff,”
“The plaintiff submitting himself for investigation (by FRCN) is like the cockroach finding itself in the midst of fowls. Such a cockroach cannot be innocent,”.
http://www.tv360nigeria.com/?p=11923

Despite the fact the President Jonathan commissioned PWC to audit NNPC books to ascertain the veracity or otherwise of Sanusi's claim, Buhari, APC, Sanusi and their online agents that parade themselves as good governance and anticorruption apostles have been crying blue murder but refused to comment on the FRCN report nor the APC's VP elect role in shielding Sanusi for probe.

April 26, 2015: Buhari's Display of Hypocrisy
In his usual hypocrisy, General Buahri vowed to re-visit the $20b allegation but said NOTHING about the FRCN report. In his own word... “Imagine a situation where the former CBN governor who by God ‘s grace would later become the  Emir of Kano raised an  issue of missing billions of money, not in Naira but in Dollars, $20 billion.
“What happened, instead of investigating to know whether it was true that the money was missing or not, they simply found a reason to remove him. So these are the issues we are talking about…"
Contrary to the lies of Alhaji Buhari, Sanusi wasn't removed because he raised alarm, he was removed because he was indicted by FRCN. Jonathan also never kept mute, he commissioned PWC to audit the books. Buhari was also blind to talk about prosecuting Sanusi for the CBN fraud. Perhaps the Emir is as "incorruptible" as him(Buhari)

DameB:
These men are bloody gan.. $16,000,000,000....

anonimi:
Sanusi/CBN/FRCN indictment report continued

(C) Available information indicates that the Central Bank has over the years engaged in procurement of goods, works and services worth billions of Naira each year without complying with the express provisions of the PPA.

(D) By deliberately refusing to be bound by the provisions of the Act, the CBN has not only decided to act in an unlawful manner, but has also persisted in promoting a governance regime characterised by financial recklessness, waste and impunity, as demonstrated by the contents of its 2012 Financial Statements.

Unlawful expenditure by the Central Bank of Nigeria on ‘Intervention Projects’ across the country

(A) the unacceptable level of financial recklessness displayed by the leadership of the Central Bank of Nigeria is typified by the execution of ‘Intervention Projects’ across the country. From available information, the bank has either executed or is currently executing about 63 such projects across the country and has committed over N163billion on them.

(B) it is inexcusable and patently unlawful for any agency of government to deploy huge sums of money as the CBN has done in this case, without appropriation and outside CBN’s statutory mandate. It is trite that the expenditure of public funds by any organ of government must be based on clear legal mandates, prudent costing and overriding national interest.

Financial infractions and acts of financial recklessness committed by the Central Bank as reflected in its audited financial statements of 2012

(A) pursuant to Section 50 of the CBN Act 2007, a copy of the audited financial statements of the CBN for the year ended 31st December 2012 was sent to Mr. President. Based on the issues raised in the financial statement, a reaction was requested from you to enable a proper appreciation of the nation’s economic outlook.

(B) the response to this query was further referred to the Financial Reporting Council of Nigeria. The review by the council, rather than allay the fears of government, further confirmed concern bout the untidy manner in which you have generally conducted the operations of the CBN.

Some of the salient observations arising from the review are;

(A) in a most ironical manner, it has become obvious that the CBN is not able to prepare its financial statements using applicable International Financial Reporting Standards (IFFS) whereas Deposit Money Banks that the CBN is supervising have complied with this national requirement since 2012.

Undoubtedly, this laxity on the part of our apex bank, apart from calling to question its capacity for proper corporate governance, is capable of sending wrong signals to both domestic and international investors on the state of the Nigerian economy.

(B) the provisions of the Memorandum of Understanding (MOU) signed by the CBN and other Deposit Money Banks on Banking Resolution Sinking Fund have been breached in a material manner. For example, a Board of Trustees (BOT) to manage the Fund has not been constituted since 2010 when it was established. The CBN has however continued to utilise the Fund for certain operations without approval of the said BOT.

(C) contrary to section 34 (b) of the CBN Act 2007 which provides that the CBN shall not, except as provided in Section 31 of the Act, inter alia, purchase the shares of any corporation of company, unless an entity set up by the approval or authority of the Federal Government,m CBN in 2010, acquired 7% shares of International Islamic Management Corporation of Malaysia to the tune of N0.743 billion. This transaction was neither brought to Mr. President’s attention nor was a board approval obtained before it was entered into.

(D) the CBN has failed or refused to implement the provisions of the Personal Income Tax (Amendment) Act 2007. Accordingly the Pay-As-You-Earn (PAYE) deductions of its staff are still being computed in accordance with the defunct Personal Income Tax Act 2004, thus effectively assisting its staff to evade tax despite the generous wage package in the CBN, relative to other sectors of the economy.

(E) the CBN had an additional brought forward to General Reserve Fund of N16.031bn in 2012 but proceeded on a boy age of indefensible expenses in 2012 characterised by inexplicable increases in some heads of expenditure during the year. Examples include:

1. The bank spent N3.086bn on “promotional activities” in 2012 (up from N1.084bn in 2011). The bank spent this sum even when it is not in competition with any other institution in Nigeria;

2. The CBN claimed to have expended N20.202bn on ‘Legal and Professional Fees’ in 2011 beyond all reasonable standards of prudence and accountability;

3. Between expenses on ‘Private Guards’ and ‘Lunch for Policemen’, the CBN claimed to have spent N1.257 billion in 2012;

4. While Section 6(3)(c) of the CBN Act 2007 provides that the board of the CBN is to make recommendations to Mr. President on the rate of renumeration to Auditors, the bank has consistently observed this provision in breach and even went to the extent of changing one of the Joint External Auditors without notifying the office of the President.

5. In the explanations offered by the CBN pursuant to presidential directives, it offered a breakdown of ‘Currency Issue Expenses’ for 2011 and 2012. Interestingly, it claimed to have paid N38.233bn to the Nigerian Security Printing and Minting. Company Limited (NSPMC) in 2011 for ‘Printing of Banknotes.’ Paradoxically however, in the same 2011, NSPMC reported a total turnover of N29.370bn for all its transactions with all clients (including the CBN).

6. It is significant to note that the external audit revealed balances of sundry foreign currencies without physical stock of foreign currencies in the CBN Head Office.

Questionable write-off of N40bn loans of a bank

The above issues are only a few of the infractions highlighted by the review and which point to the gross incompetence and recklessness which characterised the operations of the CBN in the period under review.

However, the CBN also claimed that it paid Air Charter, such as payments to Emirate Airline (N0.511bn), Wing Airline (N0.425bn) and Associated Airline (N1.025bn) to distribute currency by air nationwide. Emirate Airline does not fly local charter in Nigeria, Wing Airline is not registered with Nigeria Civil Aviation Authority and Associated Airline does not have a billion turnover for 2011 because upon enquiry, the management claimed that they have no financial statements and have not had any significant operations for the past two years that will warrant preparation of financial statements.

The breakdown also include “Currency Issue Expenses” of N1.158bn and Sundry Currency charges of N1.678bn under “Currency Issue Expenses.” As they are in 2011 so are similar expenses in 2012. These are difficult to understand.

Other areas of fraudulent activities include

1. Facility Management N7.034bn in 2012 (N5.751bn in 2011.

2. Foreign Bank accounts that have been closed offshore were still operational in the General Ledger for over six months after they have been confirmed as closed accounts by the offshore banks.

3. The “Know Your Customer” policy is not properly followed by the CBN to the extent that the CBN has unknown customer with account balance of N1.423bn since 2008. The CBN claim that it is taking steps to obtain the required details regarding the address of the customer.

Wastefulness

1. Training and travel expenses N9.24bn in 2012 up from N7.65bn in 2011.

2. Expenses on “ATM offsite policy change” came to N1.045bn.

3. Expenses on “Non Interest Banking” N1.359bn in 2012 up from N0.977bn in 2011.

The CBN is still very heavy on expenses on “Project Eagles” spending N0.606bn in 2012 up from N63m in 2011.

Expense on newspapers, books and periodicals (excluding CBN’s publications) is N1.678 billion in 2012 up from N1.670bn in 2011,

From: http://www.punchng.com/news/the-frcns-report-on-sanusi/

cockcrowatdawn:
yes o that is why we have to support the revolution protest .
Present and past leaders must give account for their service to the people. No time for hypocrisy

ManirBK:
Nigerians under the aegis of Young Nigerian Professionals (YNP) have demanded the National Assembly to probe the $16 billion spending on power during the administration of President Olusegun Obasanjo from 1999 to 2007.

They also demanded the federal lawmakers to do same to the regime of late President Umaru Musa Yar’adua, former President Goodluck Jonathan and the incumbent President Muhammadu Buhari.

Addressing a press conference yesterday in Abuja, the Chairman of the forum, Charles Olufemi Folayan who was flanked by many others said without probing and bringing those who brought Nigeria down to justice, the country cannot move forward.

“With just a year to go before the 2020 target of a 40,000 MW for the country, based on the alleged investment in the proposed power plants, all those who have questions to answer must be brought forward to explain why the power generation target has remained unattainable despite the huge investments.

“Considering that this will be a very comprehensive investigation, covering the $16 billion spent by the Obasanjo-led government between 1999 and 2007, the power spending of administrations of Presidents Umaru Musa Yar’Adua (late), Goodluck Jonathan and the incumbent, Muhammadu Buhari; we are confident no one will hide under the excuse of being witchhunted.

“It is high time that the books are opened, and the way and manner all funds allocated to this sector were spent are made public; while those who are found wanting face the wrath of the law.

“We therefore totally support the resolve of the House of Representatives to investigate and uncover those behind the ineffective and corruption – ridden investments in the power sector.

https://www.dailytrust.com.ng/nigerians-ask-n-assembly-to-probe-objs-16bn-power-spending-others.html?

Onlyonebuhari:
Revolution and protest are two opposite words protest is allowed but revolution is treasonable in Nigeria.

Onlyonebuhari:
Revolution and protest are two opposite words protest is allowed but revolution is treasonable in Nigeria.