₦airaland Forum

nduchucks:
This post smacks of both intellectual and moral bankruptcy.

In your mind, since there is no section of the constitution which states that FAAC must approve the withdrawal of ECA funds, then it is OK for 2 people, the President and Iweala to withdraw $2billion without due process, and potentially, fraudulently divert some of the funds toward unauthorized use, ko?

By the time the investigations are over, and the money trail is followed, you'll find out that no special laws are needed to prosecute these people for theft, fraud, conspiracy and a host of other crimes. When investigations reveal that some of the money was diverted to fund GEJ's campaign, it'll become clear to you that constitutional provisions or not, your people may be headed to jail.

I'm ashamed of the OP who is also asking for the quotation of the constitutional provision which renders the said withdrawals a crime. The crime here is fraud, theft, embezzlement, betrayal of public trust, money laundering e.t.c. which we do not need special laws to guard against.

The days of robbing the nation of its resources with impunity are over. It is time that some big fish started paying for their crimes or refund the stolen loot, for a softer landing.

I asked simple question and you started ranting and convulsing here...

Why did you cut my post?

Which law was broken?...how's subsidy payment fraudulent?...

You lack brain...don't reply me if nothing meaningful is coming again from you

socialmediaman:
2. http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/

If you cant read the complete text, look for the quoted below from NOI:
5.

http://www.investopedia.com/ask/answers/122214/what-difference-between-revenue-and-income.asp#ixzz3fO2AmzEJ

This little puppy below has something for you

Thanks so much for the link...

Where's the evidence there of $29billion being ALL TIME low?
And hope you didn't see the salary increments too?
It is called revenue...and not income ...Prof ITK

socialmediaman:
2. http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/

If you cant read the complete text, look for the quoted below from NOI:
5.

http://www.investopedia.com/ask/answers/122214/what-difference-between-revenue-and-income.asp#ixzz3fO2AmzEJ

This little puppy below has something for you

Thanks so much for the link...

Where's the evidence there of $29billion being ALL TIME low?

It is called revenue...and not income ...Prof ITK

PassingShot:
[s][/s]
You must have been sleeping all this while not to know that the president has directed all remittances to be sent to a single FG's account.

When you make small sense, I will oblige you. When you don't, you know the treatment you will get.

When you have nothing to say or the logic is above your almajiri brain...you display your violent instinct of cancelling out...Violence is inbuilt in you...

Buhari just like you is a dunce...SWF is in existence just like ECA...

About Revenue generating agencies...an initiative of Jonathan/NOI...which has already been implemented and buhari is re-announcing it again... smh...Just like he sheepishly dissolved a NON-existent NNPC board and you clapped for him...smh...

http://newtelegraphonline.com/fg-orders-closure-of-revenue-accounts-with-banks/

https://www.nairaland.com/2166172/hard-times-banks-mdas-close

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

GEJ, NOI, Madueke and their cohorts are criminals. Pure and simple!

Show me any evidence where you have opened a thread to criticize Ajumobi or Tinubu?...pathetic liar like you

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

Since buhari didn't scrap the unconstitutional account(ECA & SWF); it all means from your logic that he's planning too to steal, loot and siphon funds from it...

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

You remember that Oil price peaked under Jonathan and NEVER remember minimum wage peaked too under him by over 150% increase...and he had to confront your terrorist Muslim brothers...

PassingShot:
When I read the OP's half-truths, I always shake my head in disbelief.

How on earth can a sane person justify why $2 bn was taken fraudulently from the ECA without the agreement of joint-owners? Were the governors not right after all, for going to courts to stop the FG from operating the illegal accounts knowing fully well that GEJ/NOI were stealing from it?

Again, what happened with all monies earned by Jona when crude sold for $130 per barrel that they needed to "steal" from the SWF and ECA?

barcanista, you are a huge shame for trying to defend this fraud. You must be very corrupt in your soul to come up with this nonesense.

[b]Whenever I see a lost soul, I remember that you're among...and have refused sheepishly to look the side of reason...That you come from a lineage of corrupt people doesn't mean that you call and see others as corrupt too...

$2billion was withdrawn for national emergency... Was any law broken?...Kindly state it here...so how is it fraud?...or is subsidy payment now fraud?...then that means in mere 30days according to Punch newspapers, buhari has looted over 56billion

Constitutionally, NEC is for economic planning not money sharing as you sheepishly say here...While FAAC is for revenue sharing from federation account...ECA is not known to any law in Nigeria...

Were these co-owners duly informed of withdrawals for such national emergencies? YES...did they protest?...No...why the sudden alarm?...to still keep such half smart pathetic souls like you in their pocket...

How come Jonathan was able to pay workers 1800 while Obj and co paid less(7500)...Was the money from where?...In prosecuting the war against your Muslim colleagues, wasn't it money that was going?...If Jonathan wanted to loot like your local leaders, would he has funded SWF?...Even ECA too?...Buhari government would be the person enjoying the dividends of SWF by 2017 while the initiator is receiving insult from his cows like you[/b]...

obailala:

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

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

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

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

1)You're the Blackman who lacks critical thinking...so go ahead with your household and apologise to Obj...Do you know the cost of his private university and presidential library alone?...what's his salary and allowance package?

2)What was minimum wage of workers under Obj?...What is it now?...

3)How was fuel queue under Obj? ...How was it subsequently?... Was it a magic or function of extra funding?...

4)How was insurgency under Obj?...How was it subsequently?... Was the war funded and fought catapult and stones?...

let me stop here...just call me after apologising to him

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

1)NOI brought TRANSPARENCY to such issues hence under Jonathan such information were public knowledge...

2)I will rather attribute depletion of ECA subsequently to minimum wage extra financial burden on Federal government... Obj looted and saved as much because workers took home meagre 7500...It was increased under subsequent regimes to 18000...More than 150% wage increase must be felt...

3)Also the issue of using court as an instrument of blackmail on ECA is also worrisome...And I don't think federal government would want to legalize it to avoid the blackmail because it allows them access to FAST and EASY funds without appropriation in case of emergencies...

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

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

I decided to address your comment because you talked about common sense but your post shows that you lack it and you're an educated illiterate too...

1)What has code of conduct to do with ECA? or you just want to sound sophisticated? smh...

2)Which section of our constitution empowers FAAC to approve funds from ECA before withdrawal?...

3)What instrument of the procedural laid down laws were invoked to warrant the release of the funds...Grammarian Indeed sophisticated man you're

Bro easy before you go to jail for being too sophisticated abeg

barcanista:
I no know why Imo state return that man to power.

He rigged and bulldozed his way back...

Ask beremx, abagworo, contactmorak and ujoatu

CecyAdrian:
Trash

Smh

dBard:
Concise write up as usual, but one question that begs answering@ barcanista, if d FAAC didn't approve d withdrawal of d amount, then wasn't her withdrawing it a contravention of d set rules

Personal opinion tho, I find these attacks on NOI quite suspect.and a case of character assassination. If dre are proven allegations, then let d needful be done , else........



'Nuff said

Thanks for behaving like a gentleman and I will address you same way...

1)NO LAW allows for Jonathan to obtain approval from FAAC before withdrawals from ECA...if anything at all, ECA is alien to the constitution... it is not known to that document hence governors always use court to blackmail presidents into sharing such funds in ECA...It is a morally justified account but unconstitutional too...thanks bro

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

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

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

Before you continue with your bogus comment...

1)Which law or section of our constitution said that FAAC must approve ECA funds?...Is ECA even in the constitution or recognized by it?... Why are you people so pathetically dumb...Have you ever questioned how Buhari's at least 1million bank account and 54million from donors paid for daily private jet charter throughout the campaign period? and also covered all his campaign expense?...Common Sense lacks in your camp's dictionary afterall

socialmediaman:
Mr Barcanista, keep looking for gullible people to deceive[/], okay? Thank you.

The Table below shows the average oil price average sale in Nigeria since 1999 when Obasanjo became president, till 2014 with Jonathan as President.

Obasanjo's government even with a peak oil sale of about $72 per barrel was able to save $20 billion dollars in the ECA with about $43 billion in the Foreign Reserve. This external reserve peaked to an all time high of $62 billion in 2008 during Yaradua's government, [b]but fall to an all time low of $29 billion in March this year during Jonathan's government.

So tell me, with an average inflation rate of about 12% from 1999 till date, what did Jonathan's government achieve with the highest average oil sale recorded in Nigeria since 1999? Jonathan could not save a dime, he even further depleted Nigeria's Foreign Reserve. He also earned himself the noble dishonourable title of "King of Nigeria's Corruption Empire" for wasting Nigeria's income generation through multiple leakages at the NNPC, FIRS etc.

[]Nigeria's average Crude oil sales since 1999:[/b]

Obasanjo
1999 $23.42
2000 $37.54
2001 $30.68
2002 $29.92
2003 $35.55
2004 $47.04
2005 $60.44
2006 $68.27
2007 $72.98

Yaradua
2008 $100.00
2009 $58.75

Jonathan
2010 $77.10
2011 $91.37
2012 $88.93
2013 $92.40
2014 $85.34


Sources:

http://www.tradingeconomics.com/nigeria/inflation-cpi

http://inflationdata.com/Inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp

http://thenationonlineng.net/new/excess-crude-account-and-the-controversy-lingers/

1)Your first problem is that you keep forming Professor ITK without common sense...

2)Show me evidence of the time when our external reserve reached $62billion...

3)Why not open a thread doing budget analysis of Jonathan term if you're smart and believe he's corrupt too...taking cognizance of improved minimum wage(7500-1800) and war against insurgency...

4)Why not borrow a dictionary and check the meaning of "dime"...then come back and see if its same with SWF savings and ECA balance...

5)At government level it is called REVENUE not income...Over sabi dunce like you...

6)I asked you to study NNPC act before mentioning them again... have you done that?...Now what & where are the leakages?...

barcanista:
It is funny how second term Governors are crying "empty treasury". That fourth "tier" or Rochas is a means to siphon public funds WITHOUT being brough to justice.

Rochas is a conman and a philanthropist too...a big failure in leadership and a man with inordinate and voracious appetite for power and a confirmed authoritarian...

Ask beremx, abagworo and ujoatu...

Zoharariel:
Barcanista; I know u're suffering from chronic attention seeking personality disorder.

Y then did the petroleum marketers hold the entire Country to ransom over their unpaid subsidy claims?

Give us the breakdown analysis of where & how Jonathan got the $250,000 given to each of the Obas during the pre presidential election.

1)Some of you are just so dumb that you're sometimes better off ignored...

2)Your screen grabbing of barca chats and storing same shows how much of meaning your life has...and what a significant role barcanista plays in your life...

3)Is subsidy payment one off thing

4)Which of the Obas accepted he was given money?...Don't you know that by implication you're saying that your Obas has no moral stance as they can be bought over hence their subjects can't be better too...

5)Common sense is still a tall dream with folks like you...

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

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

Why not do your own analysis in a new thread if you think his is defective...

Why doing same take cognizance of increased minimum wage from 7500 to 18000....and note expenditures thanks to war against insurgency...

keyzid:
I dey laugh in Swahili. Nigeria Governors don't know more than "Share it, share this, share that, share them" wetin sef" This was the share saga they were heating up till it was approved only to come back to accuse the past gov't of leaving an empty treasury! I hope they don't end up sharing the whole nation wealth. Selfish selfless mindless I.diots with no tangible and futile agenda to offer to the nation. Pres. Buhari, I hope you have seen sha you are into now. Share it ooo and share it all, all your propaganda act before you were elected are already coming down to hunt for you.
1. 5000naira/ month for Jobless youths
2. Free Lunch meal for primary schools.
3. $1=#1
4. Regulation of oil price.
5. Public declaration of asset.
6. Corruption fighting
7. End of BokoHaram terror reign with in 2months..... The list is just too endless.....
You made every Nigerian believe the past ADM doesn't even exist at all... Politicized the nation's development out of self gains...
I tell you, if PDP is a corrupt party, APC is no better... Rather, they are worst. Coz who you should fair the most is the green serpent under green grass. It's about time their real self started unveiling....

~IG@KHAYZEED.

Part of those who enjoyed the oil windfall was Rochas of Imo state...what has he to show for such?...Absolutely NOTHING... and to imagine that amidst such wealth, he led his state to bankruptcy and were subsequently declared insolvent by CBN...and with loads of salary arrears... and you see him too shamelessly saying empty treasury and bailout...and people like abagworo, beremx etc cheer him on while the state is dying or even dead....He even threw to dustbin court injunction in favour of LGA chairmen and went to cause confusion by forming what he called fourth tier government...

adadadon:


How does this change the fact that Okonjo Iweala did not follow due process/Formal procedure or receive authorization while withdrawing the money to pay for subsidy ??
[b]Finance commissioners from the 36 states of the federation have denied granting approval for the withdrawal of $2 billion from the Excess Crude Account (ECA) as alleged the former minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo-Iweala.
Okonjo-Iweala had last week said that the Federation Account Allocation Committee (FAAC) approved the withdrawal of $2 billion from the ECA.
However, the Forum of Commissioners of Finance, a body comprising finance commissioners from the 36 states who are members of the FAAC, in a statement yesterday, said it was unaware of such approval, adding that the FAAC does not have powers to grant such approval.

“We wish to state unequivocally that the FAAC does not have the authority to approve withdrawals from the ECA and therefore could not have approved the withdrawal of the sum of $2 billion from the Excess Crude (Foreign) Account. According to the law setting up the FAAC, which pre-dates the ECA, it cannot approve withdrawal and has not done so in the past. If anything the FAAC, as records of it meetings indicate, had often queried the activities on the ECA, and therefore did not decide any withdrawal,” the statement reads in part.

The commissioners stated that “indeed, the FAAC noted and observed accordingly the withdrawal from the ECA of a total sum of $2 billion in December.
“The then minister of finance and chairman of the FAAC when asked during the plenary of the FAAC meetings of the respective months explained that the former president gave approval for the withdrawals from the ECA to pay oil marketers subsidy claims as they had threaten to stop importing petroleum products. [size=32pt]According to her, he further explained that this action will be ratified by NECe]”b]
http://www.punchng.com/news/eca-faac-faults-okonjo-iweala-denies-approving-2bn-withdrawal/

1)You're too childish for running down write ups by others...what stops you from making your point without such stuupid act...grow up boy...

2)Kindly state the due process here taking cognizance of the constitutional powers of NEC...and how any law was breached here...

3)Kindly show too if FAAC had the constitutional right to sanction withdrawals from ECA...and to what extent such law was broken by Jonathan/NOI...

4)From which source is subsidy funds gotten?...Was NEC informed about the withdrawal from ECA pre-buhari term?...what was the stance then?...