₦airaland Forum

saintmark88:
So bfre GEJ came on board the Nigerian Military was using bow n arrow n banana leave??, u c how funny it question is

So Nigerian army is winning the war with weapons bought 6 years ago? Haba! Are you this dull?

TheGoodJoe:

If you put sentiments aside, you will see clearer. The Boko Haram fighter she married hoped to use her for soft landing. It is as simple as that.

Unfortunately for him, the Nigerian Army did not buy it and are treating him as a suspected Boko Haram fighter.

She was not found as a Chibok girl. That is why she gave fake names earlier.

She was later identified as a Chibok girl and her mother confirmed it was her daughter.

Which mother? You mean the woman acting the mother role?

saintmark88:
The primary aim of any govt is to protect d lives n properties of its people.... Nd how is he going to do tht without weapons Abi u tink he is GEJ Tht used money meant to protect u n I to do campaign......

If GEJ used the weapons money for campaign, which weapons is Buhari using to fight Boko Haram? Is he using juju or prayers? Because so far, Buhari hasn't bought weapons but claims he is defeating BH!

The only person put to shame here are those writing the script. It was a bad job!

StainlessH:
The story don't add up.

It doesn't add up at all and the speed to release the news to give the president a boost makes it really suspect

While she is calling out the media, the president is taking selfies with the same Boko Haram predator?

First of all, why do you refer to it as a rescue when even the story says, she escaped outside Sambisa and was picked up by the JTF?

Is that how a rescue happens?

But the President took a group selfie with him? Didnt Oby see that?

I have always taken a somewhat neutral stance on the Chibok story. One side of the divide says it was a scam and the other side says it was real. But today's events have really raised doubts on the whole Chibok incident.

Without going into the full story from two years ago, the events of the last two days alone have created even more suspicion and raised serious questions about the whole event. Could this really be a well scripted scam?

First, how is it that a girl, who two years ago was about to write her WAEC exam for physics, not be able to speak even simple English? You can try to spin anything but this just doesnt add up at all. It completely discredits the whole script!

Secondly, the whole story of her emergence is too scripted like a movie. She suddenly escapes from the great Sambisa (Just when the NLC strike and many other scandals are rocking the polity), she wanders to the road, the civilian JTF locates her, she gives a false name, they interview her and finds out her boko haram husband wasnt far away, they go get her husband who incidentally, though he is boko haram, is not armed, they are "rescued" by the army, who fly them to go see her parents, medical examination is conducted in record time (in Nigeria), and they are all flown to Abuja immediately to see the President. The same President that recently walked out on the parents.

And to complete the last episode, the President takes a group selfie with the Parents and wait for it...the BOKO HARAM husband

I mean, how can a President take a group selfie with a terrorist! Where in the world does that happen? This is definitely a first!

But back to episode 12. Several questions are begging for answers here

1. How can she said to have escaped the great Sambisa with her husband not far away? Was her husband not also among Boko Haram members?

2. How long did she walk to get to the road. This is a very crucial question.

a. If she didnt walk for long, then the remaining girls are not far away. So why didnt she lead the army back to where they are?

b. If she walked for a long time, then how come she is in such good condition especially when she is a four month old nursing mother and she is carrying a baby?

3. How come she is hurriedly taken to the hospital, then to Chibok and then to Aso Rock all in just about 24 to 36 hours? Why the rush to present her to the president and take some pictures? If you rescue a girl who has been away for two years, the priority can never be to take her to see the president. The priority will be to take care of her and thoroughly check her up medically. There will be no need for such a hurried trip to see the president unless there is a plan to gain some political mileage from the story. That is completely outside proper protocols. The president can always see her within the next few days to one week after she has had proper bed rest and done proper medicals. You dont put a girl who has gone through such trauma and is a nursing mother through such travel rigours. Never!

4. Why would the president take a group selfie with a terrorist? I mean, I dont know if this is a blunder by the protocol officers or advisers, but this will go down as a really terrible move for this President. That picture will hunt him many years after, I can tell you that. Please dont even come with your "repentant terrorist spin" because it is a dumb spin! A terrorist who has killed and destroyed maybe hundreds or thoussands should never be seen in a group selfie with the president's aides, not to talk of the president. Even if they repent and wash themselves with Ariel and Kleen and iron sponge, they should never be seen taking pictures with the president. Imagine Obama taking a group selfie with Guantanamo Bay inmates? I cant even picture it! Ha!

5. And why was the headline released as "Chibok Girl Rescued" when the story clearly says she escaped? And the army were quickly credited with the rescue and congratulated?

I am totally not convinced by this new episode at all and until I see real answers to the questions I have raised, this new story will continue to look like a bad script! I hope I am proven wrong!

They were all liars! Truth is, they are still lying today and they will lie again tomorrow. There is no truth in them. APC are a bunch of fraudsters. They are not different from yahoo boys!

ON APRIL 14, 2015 6:19 - This was just about a year ago.

Read more at: http://www.vanguardngr.com/2015/04/buharill-reduce-petrol-to-n40l-david-west/
FORMER Minister of Petroleum and Energy, Prof. Tamunoemi David-West, said that Nigerians should expect sharp drop in petrol price from the current N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.” •Buhari

In a telephone interview with Vanguard, the former minister argued that Nigeria produces millions of barrels of crude oil daily, and if properly harnessed will boost the performance of the industry.

His words: “I want to assure you that by the time he takes over, petrol will be dispensed at N40 per litre. This is possible and he has the credibility to make it work.

The major assignment of the president-elect when he is eventually inaugurated is to restore confidence to the industry.

He noted that the president-elect is familiar with the petroleum industry, adding that he is a straight forward person that has respect for democratic principles.

“As military head of state, he dealt with the Federal Executive Council with the tenets of democracy. Buhari will build new refineries to make petroleum products available for the masses. No responsible government will allow the masses to suffer.

“He will strengthen the refineries within a year. It is possible as we won’t spend any amount in setting up a green field refinery. We already have a blueprint as we shall use what we have to get what we want,” he added. He further stated that on many occasions, the president – elect had disclosed that the subsidy initiative is a fraud which has distorted the progress expected in the sector.

He is also said to have frowned at the spate of corruption, which has characterised the subsidy regime to include the trillions of Naira spent on both Petrol and Kerosene subsidy within the past few years, thus inhibiting efforts to properly carry-out the Turn Around Maintenance TAM, for the refineries.

He added that on countless occasions, he had argued that the country is forced to pay for scam carried out by oil cartel. Also contributing, a UK-based economic analyst, Mr. Seyi Odetola, noted that the president-elect has expressed doubts on the credibility of the subsidy claim. He added that there may be the need to investigate the several claims made by marketers, which will further reinforce his earlier submission on the subsidy claim.

According to him; “The fact that most filling stations in the country are now dispensing petroleum products after the presidential election, despite the threat by major oil marketers to stop selling the product, in view of the subsidy arrears owed to them by the Federal Government, indicated that most of the marketers have been benefiting from the fraud. Removal ofsubsidy He argued that “Where did they get funds to import the product, given the nature of the forex? If after the presidential election fuel is still available as if nothing had happened, it is then apparent that there is no fuel subsidy.

“It would be difficult for him, to unitarily remove subsidy without the proper consideration of the plight of the major players in the sector. He will need to re-appraise the cause of inefficiency of the sector.” He further hinted that the president-elect, with his pedigree and respect for the rule of law, will completely phase out importation by the time the local refineries are working. This, according to him, will totally remove subsidy, adding that subsidy as it is presently constitutes the promotion of corruption and impunity. “I am optimistic that the president-elect will look into the subsidy regime as soon as he finally settles down for the business of governance.

He stressed that renewed attention will be given to the revamping of the four refineries as well as focus on the construction of new ones.” He concluded that “In the long term, through the confidence that will be restored in the downstream and upstream sectors, investors will be encouraged to do business which will stimulate the growth from the level it is. On his part, the Director, Strategic Planning, Research Intelligent,

Mr. Olubunmi Martins, argued that the subsidy regime is riddled with corruption, a sign post of the present administration. He said the challenge before the industry is the gradual restoration of the local refineries, which will take care of the local consumption for petroleum products.

He insisted that if activities at the various refineries are up scaled up, subsidy will no longer be a major concern in the country. He however urged the president-elect to scrutinise the various marketers, as most of the companies were floated solely for the sake of benefiting from the subsidy regime, thereby snowballing into cartels that have held the sector back. Olubunmi maintained that subsidy has distorted all the major economic activities that should have taken place in the country.

“I am still at a loss with the concept of the whole subsidy, what is being subsidised and who are the beneficiaries? But it will be unwise for the president-elect to remove the subsidy immediately he takes over the mantle of leadership, as such an action could force him into a trap set by the oil cabals. “Notwithstanding, Gen. Buhari will have to do a complete evaluation of the sector to properly understand areas of non-performance and take appropriate action,” he added.

http://www.vanguardngr.com/2015/04/buharill-reduce-petrol-to-n40l-david-west/

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How do they lie so easily with their eyes open?

What makes a nation #FantasticallyCorrupt

1. A president lies to the public about his assets and also breached his promise to make it public and his supportes hail and defend him

2. A President goes to National Assembly to present a #BudgetOfCorruption and his party hailed

3. President GMB budgets 3.5B for renovation of Aso Rock barely 5 months after earlier renovation

4. A president admits he submitted a #BudgetOfCorruption and no body is facing trial for it.

5. ICT Ministry budgeted 1Billion for office furniture under #Budget2016 presented by Buhari.

6. Our National Budget under GMB was padded, stolen, missing, and no details since after passage

7. An Ex Governor stole over N70B from a failed mono rail, GMB rewarded him with Ministerial post

8. A president's wife is reported to have engaged in forex round tripping but the case has been swept under the carpet

9. A minister budgeted 795 million to update a website and he is still walking free

10. A budget was found to be fradulently padded with almost 2 trillion, it was taking back for correction and brought back with only 15 billion removed. The fraud is untouched

11. The Central Bank and FRSC employs the children and relatives of the president and his party men through the back door and offer masquerade dressing jobs to the common man (including their supporters)

These and more are what makes a nation #FantasticallyCorrupt.

Yesterday, Buhari, while in katsina told his people that Crude Oil have not been discovered before the Nigeria civil war. But Crude Oil was discovered in Oloibiri in 1956, the Nigeria civil war was fought between 1967-70. Anytime you pass through the location where Oil was first discovered in Oloibiri, you will see the epitaph close to the Oil valve where the date and year was visibly engraved.

Even if someone deliberately removed this epitaph with its engravings, the dates and year of the Oil discovery are still prominent in our history books and records. You can now see why they deliberately removed history curriculum from our schools to ensure our children never learn the truth.

This wasnt a slip because he went on to use it as a reason to support his stand of one-nigeria. The 1966 coup and the eventual civil war was all about oil. It has always and will always be about oil.

For Further Reference:

https://en.wikipedia.org/wiki/Oloibiri_Oilfield

https://en.wikipedia.org/wiki/Oloibiri

http://www.nnpcgroup.com/NNPCBusiness/Businessinformation/OilGasinNigeria/IndustryHistory.aspx

omenka:
Very positive correlation exists between this poster's mode of thinking and his moniker.

I've come to realise one thing over the months since Baba's been on the saddle: wailing to wailers is like taking in life sustaining breaths.

Take away their ability to wail and you'd damn well kill them! Hence they simply create a wailing avenue if one doesn't exist so they can survive!!

Keep wailing boy, we perfectly understand your plight.

Is this all you could muster after typing with 50MB? SMH for you! This is f9! Address the issues. No one is interested in your emotional outburst! The only thing that will make you celebrate budget signing as acheivement is that you are too desperate to find a positive in the Buhari collosal disaster. That is as obvious as it gets

koboko69:
God!!!! But why does some people's brain work at snailspeed?

You don't give so much attention to something not worth celebrating.

The attention, and attacks on Buhari, for the "delay" in signing the budget is good enough reason for any form of celebration.

There must be a signing before there can be implementation. It is ok to rejoice that the most important phase is done with.

Your kind of response is the reason I took a little time to explain what a budget is. I knew there will be some illiterates who will need such an explanation. It is a sign of desperation to celebrate a budget. It is just a document. A statement of intent. It is a yearly planning document. Are you going to celebrate every year then? Maybe Buhari should even fix a public holiday to celebrate the budget!

When you write out your shopping list, do you celebrate it? Or you celebrate when you have purchased your items? This is desperation and a whole new low.

I have watched and read in amusement APC supporters celebrating the signing of the 2016 budget as an achievement of the present administration. It started like a joke but because it has become a swan song for them, it has become necessary to address the issue.

First, what is a budget? A budget is a simple planning document for an organisation or entity. In this case, that organisation or entity is a country, Nigeria. A budget in a statement of intent. It isnt a project that you can eulogise or celebrate. Secondly, implementing a budget is a function of several factors. That is why in many cases, you hardly get a 100% implementation of the budget. In this particular case, having signed the budget into law in May, it is totally impossible to get a 100% implementation. So we have started on a very wrong foot. The whole process of preparing the budget has been one big joke. A complete show of incompetence by the government of the day.

What really calls for concern is the fact that the budget has been passed with the fraud inside intact. The budget was filled with fraudulent items when it was first exposed and any one observing the process would have expected the fraudulent items expunged and the balance returned as the real budget. But from the final figure released, the fraudulent items have not been expunged. They have either been renamed, reshuffled or their figures injected into other projects. This leaves us with a really corrupt budget on our hands.

So it should give us a cause for concern that some folks have gone to town to celebrate the sigining of the budget, not even the implementation, as some achievement. The only story that tells us, is one of desperation and clutching at straws. It seems the situation is so bad that the supporters of this administration are willing to clutch at anything to get some relief. Or maybe it is just another one of the distractions being thrown around to derail from the critical issues we all face at the moment.

The critical issues at the moment include,

1. Terrible Inflation
2. Total National Blackout
3. Lingering Fuel Scarcity
4. Rising insecurity
5. Rising unemployment
6. Nepotism
7. The Worthlessness of the Naira

The question to ask is will the signing of the budget fix any of these listed issues? Answer is not at all.

Venezuella economy is currently in the toilet. Did they not have a budget? Yes they did! So why did the signing of their budget not change their economy? Because signing a budget does not change an economy. Good polices and good implementation is what will change an economy. The policies that are in place before Buhari signed the budget are the same policies in place after he has signed the budget. So how is the economy going to change?

Take the Naira crash for example. The problem exists because of bad policy from the CBN. Is the budget signing going to change that? Not at all. Another example is the lingering fuel scarcity. Is the budget signing going to fix that? Not a chance.

It is even ridiculous to paint a picture that the government cannot provide good governance until it has signed a budget into law. Did Buhari need to sign a budget before travelling around the world? Did they sign a budget before they gave out bail out funds to the states? The only message this sends is that the government does not know what they are doing so they try to distract everyone with false hope. It seems like they are still in campaign mode. But the elections are long over. They should get to work and provide good governance instead of engaging in hype and rethoric

Signing of a budget is neither a milestone nor an achievement that a serious government should celebrate. It is sad to see that we have come this low in the last one year. where we now have to throw a party when the president signs a budget. Just too low!

back2sender:
Why you dey lie like this at your age
I stand with buhari

If you like stand with Satan or Osama Bin Laden or Shekau. That one na your business!

oostin:
I usually don't curse and certainly not on social media but I'm constrained to say Shut The Bleep UP! If the previous govt was as cash strapped as the present govt people would receive their salaries 2 months late cos of financial recklessness. These are facts you are fully aware of but I guess you are too bigoted to admit the truth even if it slams you in the face

You are a stark illiterate and I feel sorry for you. You also confirm the fact that Buhari is so useless, his supporters now clutch at anything they see as achievement. This is an indictment on Buhari and his performance

First Bank to fire 1,000 workers
April 29, 2016

The Chairman, First Bank Nigeria Limited, Mrs. Ibukun Awosika


Oyetunji Abioye with agency report

FBN Holdings Plc, the parent company of First Bank Nigeria Limited, is planning to cut about 1000 jobs and focus less on providing loans to the oil industry in a bid to reverse the 2015 financial year’s 82 per cent slump in profit.

The lender expects to boost its return on equity, a key measure of profitability, to between 11 per cent and 14 per cent in 2016 from last year’s “really bad” figure of three per cent, according to the Chief Executive Officer of First Bank of Nigeria Limited, FBN’s main subsidiary, Mr. Adesola Adeduntan.



He said the company was also targeting a cost-to-income ratio of 55 per cent in two years time from 59 per cent, Bloomberg reported.

“ROE will be much better than last year,” Adeduntan said in a telephone interview from Lagos on Wednesday.

“At a minimum, we should triple it. We do not shy away from taking difficult decisions. We used to have above 8,000 people. We’ll push it down, gradually to 7,000,” he added.

Its net profit fell to N15bn ($76m) from N84bn in 2014, as impairments soared and the economy slowed amid a crash in the price of crude, the biggest source of Federal Government revenue and export earnings.

Growth decelerated to 2.8 per cent in 2015, the lowest level since 1999, and may worsen to 2.3 per cent this year, according to the International Monetary Fund.

First Bank’s non-performing loans ratio stood at 22 per cent at the end of March, compared with 3.8 per cent a year earlier. Reducing that figure is the “number one priority,” said Adeduntan.

He said the bank would do that by reducing the proportion of its lending to the oil and gas sector, currently at about 39 per cent of total loans, and focusing more on blue-chip companies in other industries.

Adeduntan ruled out any equity raising this year, saying the bank’s capital adequacy ratio of 17.2 per cent was enough of a buffer and above the Central Bank of Nigeria’s minimum requirement of 15 per cent.

It would still be adequate if the floor is raised to 16 per cent in July for Systemically Important Institutions, including First Bank.

“We continuously evaluate it and the position now is that there’s no need for external capital,” Adeduntan, 46, who became the CEO in January after joining First Bank as chief financial officer in mid-2014, said.

“We generate enough internal capital,” he said. FBN’s shares rose by 5.3 per cent to N3.57 on Wednesday. They are, however, still down 30 per cent this year, more than the Nigerian Stock Exchange All Share Index’s drop of 13 per cent.

The bank’s valuation lags that of its main competitors such as Guaranty Trust Bank Plc and Zenith Bank Plc. Its stock trades at 0.22 times book value, or the theoretical price that shareholders will get if all assets are sold and liabilities paid off. That compares with 1.18 times for GTBank and 0.62 for Zenith.

“The market has over-corrected,” Adeduntan said, adding, “It’s priced in all the negative information. For us, it can only go up.”

http://www.punchng.com/first-bank-fire-1000-workers/

Is this what you now celebrate as achievement? All through GEJ's tenure, salaries were paid on or before the 25th. In fact, in December 2014 when the salaries were delayed till after Christmas because of a problem with the payment software,, GEJ personally apologised to workers. This is just too low for you guys!

gen2briz:
Our twitter senator did not reject the bill to buy suvs

Our twitter senator did not question the price of the suvs

Here's our twitter senator on Twitter telling his Twitter community that he did not collect any suv because it not made in Nigeria.

Don't be a Dundee! There was no bill to buy SUV. You don't pass a bill to buy cars for the NASS. That's a NASS administrative decision

What they are saying in case you missed it is simply "we are still discussing with them". But they and their zombie supporters went to town with a messianic story about a superman Buhari who has conquered the world and now America is shaking!

It is obvious that we are going to spend the next 3 years talking about one propaganda or the other! I will like to move a motion on NL that all Buhari ministers and advisers statements be moved to the gossip section henceforth!

Olalekan Adetayo, Abuja

The Federal Government on Wednesday said the agreement reached with the Central Bank of Nigeria during the recent one-week official trip of President Muhammadu Buhari to China could not be described as a currency swap.

The Minister of Foreign Affairs, Geoffrey Onyeama, disclosed this while answering questions from State House correspondents at the Presidential Villa, Abuja.



Onyeama, accompanied by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, had briefed journalists of the benefits of the President’s visit when he was asked to give further details on the widely-reported currency swap.

He had said the trip which saw about five ministers, state governors and over 100 privately-sponsored businessmen accompanying the President was a successful one.

Apart from getting $50m to help the Nigerian military from China, he added that the country offered to help address security challenge in the Gulf of Guinea and the issue of oil theft.

He said China promised to help in diversification of Nigeria’s economy, adding that five agreements in critical sectors were signed during the visit.

Onyeama however said it would be wrong to report the agreement reached on currency as a currency swap.

He explained, “It’s not really a swap. What it takes is that as the Chinese economy goes strong, there is some pressure on them from the trading partners, international financial institutions.

“They agreed that the money should be internationalised. So, they started that for a while. They were protecting it also. They did not allow it to be fully exchangeable.

“But now, their economy is fully strong, they are looking for a way to internationalise the currency. Now, they are saying essentially that they wanted to segment it.

“For Southern Africa, South Africa is going to be the sort of a hub for the currency. So, they are going to be the focal point for the Chinese to make that available for trade in that area.

“In West Africa, they are looking for a hub. Ghana is interested in being the hub for the currency to circulate it for those who want to use it. It is not compulsory.

“But Nigeria is a bigger country with bigger economy. So that does make sense. And they became a kind of attracted to Nigeria to be the hub.”

The minister said it was beneficial for Nigeria to be the hub.

He said it would be in the nation’s interest to use Yuan when buying Chinese goods.

He said that did not foreclose the use of dollars.

http://www.punchng.com/no-currency-swap-deal-with-china-fg/

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Officially, this has to be the most unserious government and group of leaders I have ever seen. There are no words to describe these lot!!!

Last October, Nigeria’s biggest indigenous oil and gas company, Oando Plc, made history for the wrong reason when it announced a loss of N184 billion in the 2014 financial year. The loss was the biggest ever recorded by any Nigerian company.

While its shareholders bore the brunt of the bleak financial year, the company’s group chief executive, Wale Tinubu and his deputy, Omamofe Boyo, might be doing just fine as they had for years incorporated and operated a cluster of shell companies in notorious offshore jurisdictions.
Mr. Tinubu seems to be making so good a return from his shell companies that in 2008 he agreed to pay a front as much as $20,000 monthly to manage all of his offshore transactions.

Details of the offshore assets of the two top bosses at Oando Plc were among the revelations contained in the leaked massive internal data belonging to Panamanian law firm, Mossack Fonseca.

The revelations are products of an investigation, spanning over a year by the International Consortium of Investigative Journalists, German newspaper Süddeutsche Zeitung and more than 100 other global news organizations across the world.

PREMIUM TIMES is the only Nigerian media organisation involved in the investigation.
Documents obtained by PREMIUM TIMES from the huge database linked Mr. Tinubu to at least 12 shell companies.
Mr. Tinubu, documents show, secured the services of Mossack Fonseca to help him incorporate the companies in Seychelles, one of the fastest growing offshore jurisdictions in the world and notorious tax haven, the British Virgin Islands (BVI).


The documents also reveal that Mossack Fonseca coordinated the operation through its offices in Geneva, the British Virgin Islands and Panama.
The documents show that Mr. Tinubu is director in the following companies incorporated in Seychelles and the BVI.

Sigma Technology Inc.
Techventure Inc.
Anglesey Management SA
Caine Trading Corp
Keligh Engineering Corp
Hud Trading Corps
Meridian Procurement International Services Ltd
Lynx Shipping Ltd
Equinox Shipping Ltd
Everglade Oil Inc.
Framlingham Ltd
Triton Trading Ltd

Investigation reveal that Mr. Tinubu is either sole director of most of the companies or has unlimited powers to make decisions.
For Instance, files from the data revealed that on November 26, 2009, after a meeting of the “board of directors” of one of his shell companies, Keligh Engineering Corp, Mr. Tinubu was granted a general power of attorney as the sole signatory of the company.

The “board meeting” where this decision was made was attended by three nominee directors, – Yvette Rogers (Chairman), Jaqueline Alexander(secretary), Verna de Nelson, who are actually employees of Mossack Fonseca.

Nominee directors are appointees used in offshore tax havens to hide true owners of shell companies.
Mrs. Rogers had also served as nominee director in Stanhope Investment Ltd, Seychelles, one of the shell companies used by the imprisoned former governor of Delta State, James Ibori, to steal the resources of his oil-rich state.

As part of its #PanamaPapers series, PREMIUM TIMES had revealed how Mossack Fonseca helped Mr Ibori, who is serving a 13-year jail term in the United Kingdom for money laundering, hide funds stolen from Delta State treasury through a web of offshore companies.
In May 2007, Just like Mr. Ibori, the Oando boss also secured the services of Swiss asset management firm, Clamorgan SA, to help him incorporate Techventure Inc., Anglesey Management SA, Caine Trading Corp and Keligh Engineering in Seychelles while appointing Mossack Fonseca Geneva as registered agent and administrator for the shell companies.

On May 2, 2007, Sebastien Thierry of Clamorgan S.A, who had acted as signatory for one of Mr. Ibori’s shell companies, wrote a letter to Sonia Scampa of Mossack Fonseca, thanking her for verifying and assisting in registering the companies, as well as granting Mr. Tinubu the power of attorney.

“Following my mail yesterday and our conversation today, I reiterated the confirmation sent yesterday morning taken the following companies – Anglesey Management SA, Caine Trading Corp., KLeigh Engineering Corp. Thank you for making a power of attorney for Mr. Wale Tinubu for three companies,” he wrote in French.

It remains unclear why Mr. Tinubu hired the same offshore consultants used by Mr. Ibori to run his offshore companies. But in September 2013, British prosecutors told a court that Mr. Ibori confessed to owning “significant” shares in Oando Plc.

According to crown prosecutor, Sasha Wass, a Queen’s Counsel, while opening an account at Swiss bank, PKB, through a shell company called Stanhope Investment, Mr. Ibori told the bank he owned 30 per cent of Oando.

Oando had denied that Mr. Ibori’s wealth was hidden in the company. The company at the time circulated a statement claiming that Mr. Ibori only had 443 shares of the company’s 6.8 billion ordinary shares.

The documents also revealed that apart from relying on nominee directors appointed by Mossack Fonseca to hide his ownership of shell companies in tax havens, Mr. Tinubu also hired a paid front who acted on his behalf in some of the offshore companies.

In a December 10, 2008 email to Marie-Ange (an employee of Mossack Fonseca in Geneva) Sebastien Clamorgan of Clamorgan SA revealed that Mr. Tinubu hired a front, Patrick Bastin, to act on his behalf in his offshore companies.
According to the email, Mr. Bastin was handsomely rewarded for this role. He was paid a salary of $10,000 monthly and given a corporate visa card which allowed him to spend up to $10,000 monthly.
Mr. Bastin was paid from Everglade Oil Inc’s account with a private bank in Beirut, Lebanon.

“It is agreed that M. Patrick Bastin will be acting as director for certain of Mr J.A. Tinubu companies and in this capacity will be managing all upcoming administrative commercial and financial tasks, inclusive the relationship with the several banks the companies may have bank accounts with,” the email reads.

“For this task M. Patrick Bastin will be compensated by a monthly payment of US $10 000,00 (ten thousand US $) to be paid to the bank account he will indicate.
“The account of EVERGLADE OIL INC No 239783 with Audi Saradar Private Bank seal in Beirut Lebanon will be responsible to set up a standing instruction for those payments to start on November 1 -2008.
“In addition, M. Patrick Bastin will be entitled to a Corporate Visa card from EVERGLADE OIL INC for expenses up to SS 10,000 per month to be justified after to M. J A Tinubu.

“This agreement can be terminated at any moment by M. JA. Tinubu with one month notice.”


The documents also showed that some staffers of Oando Plc were in on some of Mr. Tinubu’s incorporation of shell companies.
After the resignation of one Kirk Thompson, who is believed to be the original nominee director for Mr. Tinubu in Everglade Oil Inc., on December 14, 2007, Daniel Boyo (it is not clear whether he is a relative of Omamofe Boyo), a London-based business development consultant with Oando Trading Limited, a subsidiary of Oando Plc, sent an email on January 11, 2008 to Mr Thierry instructing him to contact Everglade Oil agents in Seychelles to draft a new certificate of incumbency for the company, mentioning Terry Cunningham as its new single director.

Documents show that Seychelles is particularly an attractive offshore destination for several top Nigerian businessmen.
Several shell companies owned by Nigerians in tax havens were incorporated in the small Indian Ocean country, with a population of just under 90,000 people. They were registered as International Business Companies (IBC).
Seychelles IBCs are among the most popular IBCs in the secretive world of offshore jurisdictions. IBCs incorporated in the Seychelles are prohibited from doing businesses within the country or owning real estate. They are not required to pay taxes, submit financial details or carry out audits on their finances.

An email sent from Mossack Fonseca’s office in Seychelles to Saria Rahme Kali of Afrex and Mr Clamorgan requesting details of the bearers of the shares of a cluster of IBCs domiciled in Seychelles revealed the extensive involvement of Nigerians in offshore tax havens.
The document revealed that Sayyu Dantata, the half-brother of Africa’s wealthiest man, Aliko Dangote, is linked to seven IBC – Appelby Holding Ltd, Juno Equities Incorporated, MRS Holding Ltd, MRS Oil and Gas, Nisco Holding Ltd (60 per cent), and Oval Refining S.A, Ovlas S.A (50 per cent).

Similarly, Adetokunbo Sijuwade, the son of the late Ooni of Ife, Okunade Sijuwade, is the director of Mandhari Water Investment Inc. and Izwelethu Aluminium and Steel Inc.

Mr Tinubu’s deputy, Boyo, was listed as director in three IBCs- Everglade Oil Inc, Meridian Procurement International Services, and QVS Ltd.
Nigerians Abiose Eldred Ogan-Cole and Mojisole Adeniran both own 50 per cent share each in Qaisar.
Messrs. Wale and Boyo are yet to respond to an email sent by PREMIUM TIMES through the corporate communication manager of Oando, Alero

Ms. Balogun and the company’s head of corporate communications, Ainojie Irune, had promised that responses would be provided to our questions. But several days later, no response has come from the officials.


http://www.premiumtimesng.com/news/headlines/202000-panamapapers-tinubu-operated-12-shell-companies-tax-havens.html

akorebami:
This your comment shows your lack of knowledge on NASS and PRESIDENCY matters. Assembly doesn't have right to remove or add to the budget, rather what they have the right to do is to note irregularies in it and bring to the notice of the executives for proper amendment. How could you remove what you didn't put there? If the budget copy is all over, then try upload one for us here in Nairaland and lets go through together. Your hatred knows no boundary with baseless argument, you saw a president that is working assidously to making sure everything is alright, yet, you can't appreciate instead wailing. Well, I dont blame you, i reprimand the media that are quick to publish false reports without a bit of research. They write on every rumour they hear, wonder what has happened to our investigative journalism.

You people always speak from both sides of your mouth! When the fraudulent budget was first exposed, didn't you people ask for everyone to allow the NASS do their jobs and take out the fraudulent items? Now, you have changed again to say they cannot take out items. Such a flip flopping group of zombies you are

Anyway, for the records, there was never such item in the budget so your FG lied as usual. Sorry!

mars123:
now I get you're misguided. NASS is only looking for excuses so gullible people like will swallow hook and sinker.

The only people that swallow things are people like you zombies! Dela has already said it. You people have no shame

mars123:
bros the only thing I understand now is that you're very slow. is the lagos-calabar rail link a "frivolous and scandalous" project so why was it removed? why are you even defending the lawbreakers?

Get it into your zombie head! There was no such project in the budget sent. Stop making a fool of yourself my friend!

greenpasture:
Balderash!

The Presidency never said it was in the first edition but that the Hon Minister for National Planning Udo Udoma argued it's case in the house and it was included in the second version. It was the second version ( padding free) that was reviewed and passed by the house. In the second edition it was there.

I dislike the use of obfuscation to make points. Deal with the issue on the merits. The budget is not a party budget it is a national budget.

Both PDP and APC senators are up on arms about the exclusion of Lagos - Calabar railway line and it's replacement with constituency projects such as boreholes, tricycles and town hall meetings. Items already provided for in the bloated salary of every senator.

If you want to catch the PoFRN out, monitor execution of his administrations programs. The budget is for every single Nigerian and not for a party or the people that voted for it.

Enough of narrow minded part thinking. The next election isn't until 2019.

The second edition is actually the one put up for download and there is no such project there. The first budget was never put up for download by the fg.

Also, the second edition is not padding free. They haven't even removed all the so called padding from the budget. What they tried to do is move the money around and spread it to mother projects. The added monies should have been expunged altogether and the overall budget reduced by that sum. But because buhari is trying to settle his cronies, he didn't remove the fraud. We are just waiting for him to sign it so it all gets truly exposed!

shaddoww:
The way dey run dis national assembly is very funny, some senators are now saying they were not aware of d full details, if they don't play dis game very well, the leadership of NASS may loose it's members support.

There is no way they can be aware of everything in a 1800 page document. Their job will be for each one to focus a bit on their constituencies and regions. Then maybe other areas of interest e.g. if I love aviation stuff, I might try to look at what is going on there. Even the picture of Buhari reading through the budget was ridiculous! That's why professionals are brought in to go through all the minute details

How can you defend what was not there in the first place? The budget copy is in the public domain and APC supporters even tried to celebrate it as Buhari's transparency. A minister does not bring extra items to a budget defence. The budgets are submitted to the budget office for onward transfer to the NASS. Ministers do not submit budgets directly to the NASS. That would actually be another admission to fraud. Don't they get it?

coldsummer:
It is no longer business as usual.



BTW where was senator Ben Bruce. Oga common sense. Why hasn't he said anything about the expunged capital project.



Did the common sense elude him on Floor of the house as usual?


Bunch of thieving thieves committing thievery

He has spoken and demanded an apology from people like you and many people have been apologising to him on his Twitter TL. There was no Lagos-Calabar project in the budget submitted in the first place so there was nothing like expunging of such a capital project