₦airaland Forum

yoruboid:
Muhammadu Buhari was hauled into court on Saturday for breaching terms of a power generation and distribution contract awarded to Sunrise Power and Transmission Company of Nigeria.

Former Nigerian President Muhammadu Buhari has been dragged before a court in Paris, where he took the witness stand in an arbitration proceeding over a federal power contract dispute.

Peoples Gazette learnt that Mr Buhari was hauled before the court on Saturday for breaching the terms of a power generation and distribution contract awarded to Sunrise Power and Transmission Company of Nigeria by former President Olusegun Obasanjo in 2003.

The $6 billion project has dragged on for over 20 years, and its main anchor, Leno Adesanya, has been a target of anti-graft investigations, including claims that he bribed a former minister at the time to secure the contract

The Gazette was told that Mr Buhari was grilled for hours on Saturday and would continue his testimony on Sunday before the International Chamber of Commerce Court of Arbitration in Paris in case number 26260/SPN/AB/CPB.

A top administration official told The Gazette that Mr Buhari was reluctant to give testimony on the matter. Still, Attorney-General Lateef Fagbemi visited him at his residence in Daura last week to compel his appearance.

“The AGF made it clear to the president that he must be in Paris,” the official said under anonymity to discuss the situation.

President Bola Tinubu approved the decision to haul his predecessor before the foreign arbitration panel, the source added. It’s rare for a Nigerian president to appear in a court case over actions he took while in office, as former executive aides are usually saddled with answering for all powers exercised on behalf of the president during their tenures. In 2017, former President Goodluck Jonathan shunned a Nigerian court subpoena to appear in a criminal trial in Abuja.

Mr Fagbemi and two presidential spokespersons did not immediately respond to a request for comments about the administration’s decision. A spokesman for Mr Buhari could not be reached on Saturday evening.

Mr Buhari’s government was accused of withholding about $200 million in payments previously approved for the project, which was to be launched in conjunction with a Chinese consortium.

Court filings showed former Attorney-General Abubakar Malami communicated the decision to truncate the agreement to Mr Adesanya and Mambilla Power on April 22, 2020.

However, when Mr Adesanya protested the action against his company, Nigerian authorities sought to arrest him and charge him with bribery and economic sabotage. He denied the allegations and proceeded to arbitration.

Mr Adesanya was also forced to defend himself against EFCC’s decision to declare him wanted in Nigerian courts. He was charged alongside Olu Agunloye, a former power minister under Mr Obasanjo.

Mr Adesanya said he sought to ensure sustainable power in Nigeria when he proposed constructing the Mambilla Hydroelectric Power Project through Sunrise Ltd as the special purpose vehicle to drive the project.

https://gazettengr.com/exclusive-bola-tinubu-forces-ex-president-buhari-to-take-witness-stand-in-paris-court-over-6-billion-mambilla-power-contract-fraud/

With your misleading headline. How did Tinubu force Buhari to testify in court?

emkz:
Hatchet job for whom? For the owner of Arise News who I have opposed their modus operandi here? Perhaps you mistake me for someone else.

I am not hungry to do a hatchet job for anyone. Try and find another argument.

Where were you in 2009 when 4 bank MDs were fired? Are you aware that some of them were doing kalo-kalo with depositors' funds?

Almost 16 years on, what has changed?

Are you aware that there were reports last year that a bank employee diverted over sixty billion naira to various accounts from First Bank which led to the dismissal of over 100 employees? That was over 7% of the bank's asset equivalent stolen! Are you also aware that only yesterday, two of the bank's former executives were said to have a case of 12.4 billion naira with EFCC? Are you aware that there were denied reports of other fraudulent activities?

Are you also aware that the board of the bank has changed hands several times in the last four years, a pointer that various interests are after the bank?

Then they granted a loan to finance an asset whose acquisition was said to be questionable.

In all I surmised above, there are indications of severe corporate and compliance lapses and the regulator needs to be questioned.

Because of bad loans like this, AMCON was set up. Our hope was that our banks would learn and take measures to protect our funds.

There was a rumour that IBB said that he didn't understand why the Nigerian economy had not collapsed. I don't wish it to collapse, but it is hard to understand why it hasn't with the way the financial system is mismanaged.

Okay. Continue.

emkz:
What has been established?

1. That General Hydrocarbons Limited (GHL) took out a loan facility that it refused to service and instead requested for more loans.

2. That the loan was diverted by the beneficiary.

3. First Bank proposed an independent operator agreed by both parties manages the financed asset when the bank realized breaches on the part of GHL. GHL rejected the idea.

We have the following questions for First Bank:

(1) On what basis was such a huge credit facility granted to GHL? This is considering that the said person with principal interest in GHL in the dispute does not have expertise in hydrocarbon exploration? Does he have any history in such projects?

(2) What due diligence was carried out before the loan was approved? In this sense, we'd like to know those running the company. Could the bank publish this information?

(3) Oil exploration is extremely expensive and a risky venture. Considering the exposure of banks to bad loans in the past due to cases of unserviced loans by some indigenous oil companies, what wisdom informed the bank to expose itself to such toxic credit asset?

(4) The debtor in question has been said to have a questionable credit history, the bank needs to explain to us the process of the loan approval and whether the loan was properly collaterized.

(5) Where exactly were the funds diverted to? The public would like to know.

(6) These are depositors' funds. What guarantee does the bank have for customers that their funds are not mismanaged?

(7) We saw a statement from the chairman of the holding company who said the asset the bank financed was secured by the debtor in questionable circumstances, i.e., without competitive bidding. At what point did this information come to light? If it was before the facility was granted, it then means the bank committed depositors' funds towards a shady asset. Was there proper corporate governance and due diligence?

For the debtor, we also have questions:

(1) What led to your inability to service the loan? They said you diverted the loan. What did you divert it to?

(2) If you could not honour previous obligations, why did you request for more?

(3) On the 1st of January 2025, President Tinubu, who was consistently opposed and mocked by your related businesses received "Man of the Year" award. Only yesterday, reports emerged that Wike was named "Minister of the Year" by your outfits. In order not to take Nigerians for granted, we are curious as to the sudden volte-face regarding these two individuals by your media businesses. Could you explain the motivation for these awards? Are the awardees expected to twist the law? How?

(4) There has been a lot of stories in the media targeted at some individuals who seem to want to recover the loan. There are stories discrediting the Chairman of First Holdco and seemingly planted stories calling for his head by unknown shareholders. Why can't the debtor explain to us properly why he couldn't service the loan?

(5) Can the debtor confirm if he owns shares in any First Bank subsidiary? If yes, does it mean that shareholders abuse their positions to secure uncollaterized loans?

(6) Why always you?

To CBN, why are you quiet?

What is your interest in the matter? You seem to be out to do a hatchet job.

Bunch of jokers who should focus on their pipeline maiguard work.

Pig?

Shameless he-goat.

Richtaiwo:
I now understand why my friend Obiora refuse to travel for Christmas and new year.

I also understand why Peter Obi celebrated Christmas with his family in Lagos and planning to be in Lagos for crossover.

Funny people. Overrated Umahi.

Honour well deserved

Like oga, like aide. Always having gaffs.

Good.
The only region that needs additional state is SE. Anioma is in Southsouth. Ned Nwoko should not allow himself to be used.

Inconsequential reaction from blackmailers.

Finally? Abi they have tampered with the...

This man is speaking without any inspiration. He should go back to motivational speaking and remain there.

True.

Kukutente23:
Bitter, unhinged Demonrats are a threat to democracy

They are like a mob

I tell you! The Democrats want this world to end quickly.

Good riddance to nonsense.

Atụrụ.

Ebubu8:
timid bushman na your bloodline name. Ewu

Timid bushman na timid bushman. The kind of successors APC governors usually install after themselves.

Sophisticated thugs in government.

yarimo is a criminal and a serial supporter of terrorists. Why has he not been eliminated?

yarimo:
Army should react immediately and kill all criminals in that axes please

Hypocritical Jihadist everywhere.

A Medical lab technician is needed in Lagos within Satellite Town area. Applicant must reside within Satellite Town. Call 0803328eight55seven

A Medical lab technician is needed in Lagos within Satellite Town area. Applicant must reside within Satellite Town. Call 0803328eight55seven

Trump all the way.

Let's hope Obama and his demonic ideas are gone for good and for ever.

Edo men are not known for their good looks. Them de wowo too much.

Thundafireseun:
why should a rich man be this ugly??

Imagine if this same man was poooooor

Listen to the sound of the gun!

Is it a drill? Funny people.

Funny guy.

helinues:
Local politics some people put am for head

Religion, that one na gala

Why should some Nigerians also add USA election to already what's is on ground.

Looking at the posture of the dead mam, I doubt the dogs mauled the man to death. Unless, of course, someone tampered with the body before the pictures.

Shameless country.