[b]
The details of the Committee’s findings and recommendations:

Findings:

A. placement of deposits with Trans International Bank (TIB), loans to Otunba Johnson” Oyewole Fashawe and the NDTV JPTDF link.

The Committee found as facts that:

1. On 16th July, 2003, an account was opened with TIB by PTDF.

2. On July 16, 2003 the sum of USD10 million was placed by PTDF with Trans International Bank PIc (TIB).

3. On December 24, 2003, the sum of USD20 million was placed by P1DF with Trans International Bank PIc.

4. On 20th October, 2003, TIB advanced a loan of N400 million to NDTV, a business concern promoted by Otunba Fashawe.

5. On 22nd October, TIB advanced a loan of N420 million to Mofas Shipping Company Limited, another company promoted by Otunba Fashawe.

6. On October 23, 2003, TIB advanced a loan of N300 million to Transvari Services Limited, a business concern promoted by Ahmed Vanderpuye, a business  associate of Otunba Fashawe and his partner in NDTV.

7. In January 2004, after the deposit of $20 million with TIB, the bank advanced another loan of N730 million to NDTV.

8. The said Otunba Fashawe , on the Vice President’s admission, is a close friend of the Vice President
9. Though the Vice President denied any business relationship with Otunba Fashawe on NDTV, the preponderance of the evidence is to the contrary.
10. The Vice President admitted lending N30 million to Otunba Fashawe for the payment of the deposit for the lease of the NDTV Headquarters situated at plot 555  Adetokunbo Ademola Crescent, Wuse II, Abuja.

11. The letter of Congressman, William Jefferson, suggests the possible use of PTDF funds for the purpose of NDlV / i-Gate transaction.
12. The evidence of Dumebi Kachikwu was direct and credible to establish: a. the Vice President’s connection with NDTV; b. the use of PfDF funds to finance the  NDlV / i-Gate deal.

13. The loans to NDTV, Mofas Shipping Co. Ltd. and Transvari Services Ltd were irregular, poorly documented and uncollateralised and this was confirmed by the  Managing Director of Spring Bank Plc., that acquired TIB under the bank consolidation programme, Mr. Michael Uchenna Chukwu in his oral testimony before the  Committee.

14. The Special Adviser to the President on Petroleum and Energy, Alhaji Rilwanu Lukman, had in a memo dated April 10 2003, sought the Federal Executive  Council’s approval for the sum of USD125 million for the implementation of specific projects listed in the said memorandum. This memo which was routed through  the Vice President who at the time had a supervisory responsibility over PTDF was approved on 25th April, 2003.

15. On October 14, 2003, the then Executive Secretary of the PTDF, Hamisu Abubakar, sought the approval of the Vice President for another USD20 million  without the knowledge of the Presidential Adviser on Petroleum and Energy, Alhaji Rilwanu Lukman. This was approved without reference to the Federal Executive  Council and no documented input of the President or Alhaji Lukman.

16. The then Executive Secretary of PTDF, Hamisu Abubakar, had justified his request for the additional USD20 million thus:
“In the course of the execution of the project, we observed the need to achieve uniformity and complete spread of the projects, also the projects have some linkages  with existing programmes of the institutions. Therefore, it has become expedient to ensure that the projects are executed as scheduled. These needs have  consequently exposed some funding gaps which have to be filled through an urgent supplementary release.”

17.  The earlier USD125 million and subsequent USD20 million rather than being used for the approved projects were largely invested through placements with  Equatorial Trust Bank PIc and Trans International Bank PIc.

18. There is a curious coincidence between each respective placement by PTDF with TIB and loans from TIB to NDTV, Mofas Shipping Co. Ltd and Transvari  Services Ltd which Otunba Johnson Oyewole Fashawe has substantial interest either directly or through his Associate, Ahmed Vanderpuye.

19.  This coincidence corroborates the claim of Congressman William Jefferson in his letter aforementioned and the evidence of Dumebi Kachikwu that PTDF funds  were used to finance the NDTV / i-Gate deal.

20.  Other than PTDF funds aforementioned, there was no evidence that anyone else invested any money in the NDTV / i-Gate transaction.

21.  No satisfactory answers were given regarding the status of the PTDF projects for which the funds were released in the first place.

22.  The approval of the Federal Executive Council in respect of the USD125 million was “for the implementation of the Fund’s projects as outlined in prayer 7  above and for the overall sustenance of the Fund.”

23. The placement in TIB for the purpose of financing the NDTV / i-Gate deal, a purely private transaction as against the putative purposes for which the funds were  released in the first place amount to misappropriation of public funds and abuse of public trust by the Vice President, Alhaji Atiku Abubakar and the then Executive  Secretary of the PTDF Hamisu Abubakar.

B. Placement of deposit with Equatorial Trust Bank (ETB,) it’s relationship with the Vice President, His Excellency, Alhaji Atiku Abubakar, Otunba Mike Adenuga  and Globacom

The PTDF started its banking relationship with ETB in 2002 with the transfer of USD50 million from its account with UBA PIc New York to Equatorial Trust Bank.  On April 10, 2003, the PTDF received approval for $125 million for the execution of specific projects and programmes as earlier mentioned.

On 17th July 2003, ETB received the sum of USD62, 100,000 from PTDF as further deposit. On 26th August 2003, ETB received the sum of U5D52,900,000  from PTDF as further deposit. Both latter payments totalling USDl15 million went into the PTDF domici1iairy account with ETB.

On 20th August, 2003, on the instructions of the PTDF, ETB purchased the total sum of USD100m at the rate of N128 to the Dollar which was the Central Bank’s  rate at the time. The purchased funds were placed at different times with different maturities. By this arrangement, USD15 million was left in the domiciliary account of  PTDF on its instructions.

These various sums have since been repaid by ETB to the PTDF with accrued interest.
There was no evidence before the Committee of any lending relationship between ETB and Globacom and neither did the Committee find any link between the PTDF  and Marine Float Limited account.

The Committee also established that Mike Otunba Adenuga is only a shareholder of ETB and the Committee could not establish any link between PTDF and himself.  The evidence before the Committee was to the effect that Otunba Adenuga was never the Chairman of ETB.

C.  Additional approval of $20 million for PTDF in 2003
On 10th April, 2003, the Presidential Adviser on Petroleum and Energy, Alhaji Rilwan Lukman, wrote through the Vice President to the President, Federal Republic  of Nigeria, requesting for the sum of $125 million to implement the following PTDF projects:

1. Capital expenditure on Phase II of upgrading the facilities and infrastructure of the Petroleum Training Institute, Effurun;

2. The establishment of Offshore Technology Development Centres (OTDCs) for training of manpower for off-shore petroleum activities;

3. The strengthening and expansion of on-going programs for the universities; provision of quality laboratory and library facilities in petroleum technology related  areas, with special attention to basic and applied research on petroleum technology.

4. Establishment of a Central National Petroleum Laboratory for inter-university and industry collaboration, expertise enrichment, and information flow, with a  comprehensive network of on-line inter-library system.

5. Establishment of a National Geodata Base, in line with current practice in all oil exporting countries, to be a national repository and storage facility for all oil  exploration and production data for easy retrieval, analysis and utilisation.

6. Indigenous capacity building to enable Nigerians engage themselves in the gas sub-sector and preserve and protect our long-term national interests in the West  African and Tran-Saharan Gas Pipeline projects.

7. Commencement of feasibility studies and Need Analysis on the establishment of the College of Petroleum Studies, Kaduna.

8. Indigenous capacity building in solid minerals development in line with the statutory schedule of activities added to the PIDF in its draft amendment law now before  the National Assembly.

It is a fact that the USD125 million was not utilised for the execution of any of the projects mentioned above.

On 14th October 2003, the then Executive Secretary of PTDF, Yusuf Hamisu Abubakar, requested for the sum of $20 million for the reason stated hereunder:  (repeated for emphasis).

“In the course of the execution of the project, we observed the need to achieve uniformity and complete spread of the projects, also the projects have some linkages  with existing programmes of the institutions. Therefore, it has become expedient to ensure that the projects are executed as scheduled. These needs have  consequently exposed some funding gaps which have to be filled through an urgent supplementary release.”.

It is also a fact that the $20 million when released to PTDF was placed in TIB and given out as loans which could not be recovered. It was not used for any projects.
The Committee finds as uncalled for, and indeed flagrant this request for additional $20 million and the subsequent approval given by the Vice President His  Excellency, Alhaji Atiku Abubakar especially when the USD 125million earlier approved for specific projects was still not utilised. The transaction was not conceived  in the public interest or in the interest of the PIDF and the Committee so finds.

D.  Placement of funds:
The Committee noted that the Fund was mostly operated like an investment organisation without recourse to its enabling law. This has accounted for the management  of the PIDF not being focussed on prompt implementation of its programmes and projects. The urge to place funds in some banks which had no solid financial base  led to huge sums being trapped in distressed banks like the City Express Bank and Trade Bank where NI00 million and N560 million respectively were lost.”

It is also noteworthy that in most cases, placements of funds were made without compliance with Section 9 of the Finance (Control & Management) Act which states  that “the consolidated revenue fund and any other public fund of the Federation subject to any express provisions of law regulating any such fund, may in part consist  of deposits with a bank, or with joint consolidated Fund, either at call or subject to notice not exceeding six months, or of any investments in which a trustee in Nigeria  may lawfully invest trust funds, and the disposition of moneys of the Consolidated Revenue Fund or of ‘such other public fund (subject as aforesaid) for any such  purpose shall need no legislative authority other than that contained in this section and may be made by the Accountant-General of the State Agents or Oversea  Governments and Administration in accordance with specific instructions issued by the Minister.”

The issue of funds placement is not whether or not funds were lost as is being argued, but whether or not the funds were utilised for the purpose for which they were  meant in the first place. It is clear that the funds were not utilised for the purposes for which they were approved.

E.  PTDF projects in 2006
In 2006, a number of projects were embarked upon by the Fund. The Committee in the course of its work was urged to give a liberal interpretation of the objectives  of the Fund as provided for in Section 2 of the Fund’s enabling Act. The Committee, however, finds that laudable as some of the projects may be, they fall outside  the purview and contemplation of Section 2 of the Act, no matter how liberally construed.

The Federal Executive Council (FEC) retroactively approved/ratified these projects long after commitments had been made on them.
The Committee finds that FEC’s approval no matter how well intentioned cannot legitimise an action that had no legal basis in the first place.
Section 2 of the PTDF Act provides as follows: “The fund shall be available for the purpose of training Nigerians to qualify as graduates, professionals, technicians  and craftsmen, in the fields of engineering, geology, science and management in the petroleum industry in Nigeria or abroad, and in particular, and without prejudice to  the generality of the foregoing, the fund shall be utilised as follows:

a) to provide scholarships and bursaries, wholly or partially in universities, colleges, institutions, and in petroleum undertakings in Nigeria or abroad; b) to maintain,  supplement, or subsidise such training or education mentioned above; c) to make suitable endowments to faculties in Nigerian universities, colleges, or institutions  approved by the Minister; d) to make available suitable books and training equipment in the institutions aforesaid; e) for sponsoring regular or as necessary visits to  oilfields, refineries, petrochemical plants, and for arranging any necessary attachments of personnel to establishments connected with the development of the  petroleum industry, and for financing of and participation in seminars and conferences which are connected with the petroleum industry in Nigeria or abroad.

The projects commenced by the PTDF in 2006 included:
1.Establishment of African Institute of Science and Technology (AIST) In the FCT.
The Committee noted from the submissions made that the total component of the institute would involve the establishment of a technology village designed to be the  hub for the managerial training of the Oil and Gas personnel for the Gulf of Guinea. The contribution of PTDF in the establishment of the institute was $25 million.
Laudable as this project may seem, it is not envisaged by Section 2 of the enabling Act. Furthermore, to spend USD25 million on an institution that has no legislation  to support it especially when the approval of the National Assembly is not sought is flagrant, to say the least.

2.   Incorporation of Galaxy Backbone Plc.
As submitted by the PTDF, Galaxy Backbone PIc was conceived as a result of Mr. President’s concern about the haphazard and uncoordinated ways various  Ministries, Departments, Agencies and the Private Sector continued to invest in core ICT infrastructure leading to duplication, lack of synergy and colossal wastage.

Consequently, His Excellency, the President, Chief Olusegun Obasanjo, GCFR inaugurated a Presidential Committee on ICT infrastructure Harmonisation which was  mandated to carry out an inventory of existing infrastructure in relation to COJA, CHOGM, NAN Networks, PS NET as well as the ICT network currently operated  by Jigawa State Government, with a view to proposing a plan for the integration of these infrastructure into a national backbone which was  christened National  Information and Communication Technology Infrastructure Backbone (NICTIB)

This gave birth to what is now called Galaxy Backbone PIc which is designed to create the required infrastructure for the attainment of digital inclusion for all by  providing connectivity and internet services to all rural and under-served communities in the country.

The PTDF had spent the following sums on the project, consisting of: i) USD5 million paid up capital converted to Naira for that purpose; ii) USDI0 million for setting  up the company and its offshore requirements for which letters of credit are to be opened; ii) N25 million as company’s running cost and iv) N250 million for legal  services.

Commendable as this project may be, it falls outside the scope of Section 2 of the enabling Act
2.1 the legal bill - Emmanuel Chambers
The Committee noted that Emmanuel Chambers, owned by foremost Nigerian lawyer, Chief Afe Babalola, OFR, CON, SAN was retained to incorporate Galaxy  Backbone PIc. The said Chambers subsequently submitted a bill of N300 million for its services for which Mr. President, Chief Olusegun Obasanjo approved N250  million. The PTDF in its submission to the Committee and its oral testimony averred that the said bill covered services other than the incorporation of Galaxy  Backbone PIc.

Chief Babalola (SAN) in his submission to the Committee stated that his brief included the following: i)    Legal advice on incorporation of Galaxy Backbone Plc; ii)  Preparation of incorporation papers of Galaxy Backbone Plc; iii) Liaising with Ministries of Finance, Science and Technology, News Agency of Nigeria and  Accountant-General’s Office for the purposes of incorporating Galaxy Backbone Plc; iv)  Registration of Galaxy Backbone Plc; v) Merger of existing ICT outfits in  Nigeria; vi) Handling of the Legal aspect of issuance of 41% shares of Galaxy Backbone to the public; vii) Fulfilment of legal requirements to incorporate all existing  ICTs in the country; viii) Acting as retainer to the PTDF on legal matters.

While the Committee finds that the bill may have been justifiable given the scope of work, and the calibre of the lawyer involved, it however notes: i) that the bill was  not itemised; ii) that the brief to Chief Babalola had different milestones which were achievable at different times. Consequently, settling the entire bill all at once before  all the milestones have been achieved amounted more or less to paying in full upfront, the approval of the President, Chief Olusegun Obasanjo not withstanding; iii)  there was no evidence that VAT/Withholding tax or other relevant taxes were paid on the bill; iv) That PTDF was paying for a service that was outside its mandate.
3.  Purchase of computers for civil servants under the Computer for All Nigerians Initiative (CANI)

On 6th July, 2006 Mr. President launched the Computer for All Nigerians Initiative (CANI) Scheme, a Federal Government assisted Personal Computer (PC)  ownership social programme designed to assist individuals to purchase PCs and Laptops at discounted prices under affordable and convenient repayment plan. This  scheme is being promoted by the Federal Ministry of Science and Technology (FMST) and the National Information Technology Development Agency (NITDA).

Following the launching of the Scheme which has as its objective, to increase PC penetration at homes, build a computer literate workforce and stimulate the  development of vibrant PC hardware and software in Nigeria, the FMST recommended that the entire Public Service be encouraged to be computer literate by  owning their own PCs and desk tops to be purchased by the Federal Government and sold to them at a subsidised rates. The Ministry therefore sought and obtained  the approval of FEC to purchase various types of computers worth USD10 million for that purpose. The computers are to be distributed to Civil servants at  subsidized rate of about N20,000 per PC which is to be deducted monthly from their salaries along with N4,OOO administrative cost.

To realise the above stated initiative the PTDF was directed to release the sum of USD10 million to the Federal Ministry of Science and Technology as a revolving  loan payable by the benefitting civil servants which is to be eventually refunded to PTDF.

The Committee finds this project outside the intendment of Section 2 of PTDF enabling Act. Furthermore, the Committee cannot bring this project under the powers  of the Fund to invest its monies because a revolving loan for computers that are already subsidized cannot in the view of the Committee amount to an investment.

4. Supply of ‘Skill G’ Science and Technology equipment to secondary and technical colleges/ polytechnics
The Honourable Minister of Education had sought and obtained the Federal Executive Council’s approval which was conveyed to PTDF to intervene in the sum of  N2.514 billion for the supply of ‘Skill G’ Science and Technology equipment to Federal Unity Schools, Technical Colleges of Education and Federal Polytechnics.  The Committee finds the intervention of the PTDF in the project as falling within its mandate.

5. Progress report on Obasanjo administration and photographs for State House Library
This project was initiated to bring out a publication on the achievements of the Obasanjo Administration in an itemised and reader friendly style. The sum of N4.5  million was approved for it by the Executive Secretary, Adamu Maina Waziri.
The Committee finds the expenditure on this project as unnecessary since it does not fall within, by any stretch of interpretation, the PTDF mandate.

6. Purchase of vehicles for common pool
The immediate past Executive Secretary of the Fund, Alhaji Adamu Maina Waziri made a request for the purchase of vehicles for the pool and projects monitoring. A  total of N37, 494,036 was approved. The vehicles purchased were: One Peugeot 407 saloon, one Toyota Hilux pick up, 6 nos Toyota Corrolla 1.8 Gli
The Committee finds that the purchases are regular especially as all necessary clarifications and approvals were sought and obtained before the purchases having  established the need for the vehicles.

7. Contracts for the rehabilitation of PTDF headquarters
The immediate past Executive Secretary, Alhaji Adamu Maina Waziri also carried out a renovation work in the PfDF Headquarters. This included the installation of a  lift, main building renovation, installation of a 350 KV A generator, and the supply and installation of 500 KV A transformer.
The project was approved by the President, Chief Olusegun Obasanjo and subjected to due process though due process certification was yet to be received. The  Committee was not in a position to confirm whether or not the contract was inflated. There will be need for the project to be verified and evaluated.

8. Note purchase agreement between UBA and other banks and PTDF
This agreement is otherwise known as the Pioneer Consumer Car Purchase Scheme for Public Officers. The agreement is an interest yielding investment. Under this  agreement, the agencies involved are required to invest various amounts which are backed by promissory notes with a yield of 7% per annum., In this project the  PTDF invested N2.4 billion. The Committee finds that the Fund under its enabling Act can invest its funds as spelt out in 1 (c) thus: “any sums from time to time freely  donated or accruing to the government or the fund for the training and education of Nigerians in the petroleum industry as the said Minister may direct and moneys in  the said fund together with interest (if any) payable in respect thereof shall be applied for the purposes specified in section 2 of this Act.”
The Act does not limit it to specific investments. The Committee consequently finds this investment regular.

9. Defence Industry Corporation (DICON) rehabilitation  account
Within the context of using existing human resources development facilities in Nigeria for an expanded manpower programme in the oil and gas industry the Federal  Executive Council approved the sum of N1 billion to use DICON’s facility for the training of welders in the oil and gas industry.
The initiative to build indigenous capacities and capabilities towards the attainment of government’s local content objectives falls within the mandate of the PTDF. The  Committee finds this project within PTDF mandate and therefore regular.

G. Irregular approvals
By and large, it is pertinent to state that some of the approvals by Mr. President in 2006 and later ratification by the Federal Executive Council, for the release of  PTDF funds were done in disregard of PTDF’s enabling Act.

These include: 1 a) Establishment of African Institute of Science and Technology in the Federal Capital Territory (FCT);  b)  Incorporation of Galaxy Backbone Pic;  c) Purchase of Computers for Civil Servants under the computer for all Nigerian initiative; and 2  Progress report on Obasanjo Administration and Photographs for  State House Library, approved by the then Executive Secretary, Alhaji Adamu Maina Waziri.

Apparently because the Fund is a special purpose Fund for which by virtue of section 80 (4) of the Constitution, 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 the Fund to the detriment of its  core objectives. Training for the oil and gas sector appears to have been relegated to the background as against unrelated projects for which there may have been  appropriation elsewhere.

The fortunes of the Fund did not appear to have improved from when its supervision moved from the Vice President to the President.
H. Issue of release of N20 billion And NI0 billion to PTDF and the use of same to fund third term agenda as alleged by the Vice President, Alhaji Atiku Abubakar
On 10th May 2006, the PTDF obtained Mr. President’s approval for the sum of N20 billion for the execution of the following projects: i) Final finishing touches to  the Upgrade of 8 nos Federal Universities; ii) The Upgrade of Petroleum Training Institute to Federal University of Petroleum Engineering, Effurun, Warri; iii) The  procurement and supply of Laboratory Equipment Project to 102 Unity Schools and 6 Federal Polytechnics; iv) The ICT Centres in 102 Unity Schools, 20 colleges  of Education and 24 Universities; v)  The National Technical Institute, Bonny, Rivers State; vi) The Federal Polytechnic, Tugba, Bayelsa State;  vii) The post graduate  Overseas Scholarship Scheme

From the submission of the PTDF, the Committee noted that on 13th September, 2006, the Accountant-General’s Office authorised that the sum of NI0 billion  should be released to the PTDF .

PTDF Management in their oral testimony confirmed that till date only NI0 billion out of the required N20 billion has been released to the Fund. Therefore, the  evidence before the Committee is that so far, only N10 billion of the approved funds were released to the PTDF.

J. other facts
Additional facts obtained during the public hearings also indicated the structural weakness of the PTDF as an institution. Notable among them are:
1. The information gap between the PTDF and the Accountant-General of the Federation regarding the inflows or out flows from the PTDF Reserve Account. 2.  Some of the accounts kept in the name of PTDF by the Accountant-General of the Federation were not known to the PTDF. 3. The decision to restrict the funding of  the PTDF to a limit of 25% of signature bonuses or $100 million per annum whichever is lower was done without legal backing.

2. The supervision of the PTDF by the Executive has been grossly inadequate and this is compounded by the lack of the exercise of proper oversight responsibilities  over the PTDF by the relevant Committees of the National Assembly particularly the Committees on Petroleum (Downstream) and Public Accounts.
3. As a result of poor supervision, bogus and unrealizable projects were recommended and funds approved for them.
4. Many of the projects for which monies were approved have not been implemented.

5. The increase in approval limits of the Executive Secretary of the PTDF from N700,000 to N10 million was not in accordance with extant financial regulations.
6. Hussein Jalo, a former Executive Secretary of the PfDF from July 2005 to November, 2005 is under investigation by EPCC and the sum of N49 million and 6 nos  vehicles have so far been recovered from him.

Given the time frame for its assignment, funding and logistics constraints, the Committee was unable to verify any of the projects approved for the PTDF.
The Committee also considered the Marine Float Limited Accounts which has generated a lot of public interest to be outside its Terms of Reference as no PTDF  funds were traced directly to the said account. It was at best a second line beneficiary of the PTDF funds.

The Committee notes that contrary to arguments that no PTDF funds were lost in the various placements, the sums of N400 million loaned to NDTV, N420million to  Mofas Shipping Company Limited, N730 million to NDTV and N300 million to Transvari Services Limited by TIB remain unrecovered. Though the loans have since  been restructured with the acquisition of TIB by Spring Bank PIc., the loans cannot however be recovered outside the restructured framework without endangering  the financial health of the bank.

Recommendations

The Committee recommends as follows:
i) That Otunba Johnson Oyewole Fashawe should be made to refund the sums of N400 million purported loan to NDTV from TIB, N420 million purported loan to  Mofas Shipping Company Limited and N730 million purported loan to NDTV and be prosecuted for any offences disclosed. EFCC had recovered N100 million  from him.

ii) That Ahmed Vanderpuye should be made to refund the sum of N300 million purported loan to Transvari Services Limited from TIB and be prosecuted for any  offences disclosed.

iii)That Hamisu Abubakar, Executive Secretary of PTDF from September 2000 to July 2005 abused his office by diverting public funds in the sums of $125 million  and $20 million approved for specific projects to deposits in banks, some of which were fraudulently converted as loans to NDTV, Mofas Shipping Company  Limited and Transvari Services Limited and other criminal acts and should be prosecuted for any offences disclosed. EFCC had recovered N200 million from him.
iv) That Hussein Jallo, the Executive Secretary of PTDF from July 2005 to November 2005 having abused his office through criminal acts and for which N49 million  and six vehicles have so far been recovered from him by EFCC should be prosecuted for any offences disclosed.

v) That His Excellency, AIhaji 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 $125 million and $20 million respectively approved for specific projects to deposits in banks, some of which were fraudulently  converted as loans to NDTV, Mofas Shipping Company Limited and Transvari Services Limited and should be sanctioned for any offences disclosed

vii) In respect of some projects commenced by PTDF in 2006, particularly the a) Establishment of African Institute of Science and Technology in the Federal Capital  Territory (FCT); b) Incorporation of Galaxy Backbone Plc and c) Purchase of Computers for Civil Servants under the Computer for all Nigerians Initiative (CANI)  for which Mr President, Chief Olusegun Obasanjo gave approval and subsequently obtained the ratification of the Federal Executive Council, laudable as they may  seem, were outside the mandate of the PTDFas provided for in Section 2 of the enabling Act

The President, Chief Olusegun Obasanjo, and the Federal Executive Council acted in disregard of the law establishing the PTDF. Though the ratification by the  Federal Executive Council may mitigate this breach of the law, it however does not absolve the President and the Federal Executive Council.
The Committee therefore recommends 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 Committee further recommends that the projects which are outside the purview and contemplation of Section 2 of the PTDF Act should not receive any further  funding from the PTDF. The Committee also recommends that the said projects be verified and evaluated
The Committee further recommends:

vii) That in respect of the Progress Report on Obasanjo Administration and Photographs for State House Library, though the sum of N4.5 million approved for the  project by the then Executive Secretary of PTDF, Alliaji Adamu Maina Waziri was within his approval limit, he should be made to refund the said sum of N4.5 million  to PTDF nevertheless as the project was outside the contemplation: of Section 2 of the PTDF Act.

viii) That all the projects approved for the PTDF from 2003 till date should be verified and evaluated by the relevant Committees of the Senate., that is to say, a)  Committee on Petroleum (Upstream) and

b) Committee on Public Accounts, or alternatively by c)  Ad Hoc Committee for this purpose ix) That the relevant Committees of the Senate should be alive to their  oversight responsibilities over the PTDF. x.) That Marine Float Accounts should be independently investigated by the relevant organs of government especially  Independent Corrupt Practices Commission (ICPC) since the initial investigation by the EFCC had generated controversy; xi)  The taxes payable on the bill by  Emmanuel Chambers should be recovered by the PTDF and paid over to the relevant Tax Authorities. The said Chambers should also itemise its bill.
xii)  That all the accounts in the name of the PTDF within and outside Nigeria should be established by the Senate Committees on Petroleum (Upstream) and Public  Accounts, or in the alternative, an Ad Hoc Committee established for that purpose.

xiii) That the Petroleum Technology Development Fund Act should be amended to a) provide for a Governing Board/ Board of Trustees b) provide for the  constitution of the Board which should reflect Federal Character c) In view of the increase in bonuses, the funding of the PTDF should be streamlined by formalising  the limits of bonuses payable to the Fund to either 25% of bonuses or $100 million per annum whichever is less. d) Statutory provision for audited accounts of the  Fund.

The Management of Fund. should be re-organised/restructured to enhance its capacity to deliver on its well defined objectives and to insulate it from politics.
The Agencies like the Central Bank of Nigeria, Ministry of Finance, Office of the Accountant-General of the Federation, Department of Petroleum Resources and the  Office of the Auditor-General of the Federation that have direct bearing with the Fund should play their roles as expected to aid the Fund in meeting the objectives for  which it was established.
The PTDF Act when amended should include the solid minerals sector and should be renamed Petroleum Technology and Minerals Development Fund[/b]

[b]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.[/b]

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.

there is no Fraud, the money earned interest, got paid back to the government. 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.

Can our Senate be courageous enough to impeach these two bastards?

Atiku will never rule Nigeria. Never!

was the money returned from the bank with interest? YES

THIE ACCUSATION IS  The vice-president "abused his office by aiding and abetting the diversion of public funds in the sum of $145million" as loans to his friends

It is becoming increasingly likely that Vice President, Atiku Abubakar, would not contest in the elections, having been hemmed in on all sides by the Independent National Electoral Commission (INEC).

INEC Chairman, Maurice Iwu, confirmed on Monday that the man’s photograph was not required for the ballot paper,

Eight members of the of the All Nigeria Peoples’ Party [ANPP], have beseeched a Federal High Court in Abuja , asking it to restrain General Muhammadu Buhari [rtd] from hoisting the party’s flag in the 2007 election.