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Author Name: NGEX
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Our Case Against Atiku By the EFCC
Author: NGEX | October 03, 2006



Our Case Against Atiku By the EFCC •That the plaintiff diverted funds meant for PTDF operations to finance NDTV. •That even though the projects for which funds were required in the PTDF were not approved until 2006, the plaintiff had ordered that the money be withdrawn from treasury since 2003. •That on 18/10/03, the plaintiff directed the Accountant-General of the Federation to release USD$20 million to PTDF without the approval of the Executive Council to enable the PTDF carry out some projects but the money was placed on term deposit in TIB. •That the placement of the money in TIB was done to promote the business of NDTV, the plaintiff’s other interests and that of some of his friends and associates. •That as soon as the placement was made, NDTV was granted a loan of N400 million on 20/10/03 and N420 million on 22/10/03 by T.I.B. •That Otunba Fasawe remitted the sum of N400 million to the plaintiff’s Personal Assistant, Alhaji Umaru Pariya, on 4/10/2003 which sum Otunba Fasawe recovered through a loan of N420 million received from TIB on 22/10/03 after the PTDF’s funds placement. •That the plaintiff paid from his Marine Float Account in Bank PHB the sum of N30 million for the purchase of the property at No. 555 Ademola Adetokunbo Street, Wuse II. •That the plaintiff’s property at No. 555, Ademola Adetokunbo Street, Wuse II, is used as the headquarters of NDTV. •That the balance of the purchase money for the property referred to above was paid after the plaintiff ordered a placement of USD$10 million in TIB and a loan of N400 million was granted by TIB to NDTV. •That several other people were paid various sums of money deposited in TIB pursuant to directive by the plaintiff. Evidence of the beneficiaries and the amount will be given at the trial. •That from a total sum of $30 million placed by PTDF in TIB, only the sum of $6.25 million has been repaid, leaving an outstanding balance of $23.75 million to date. •That the plaintiff also ordered placement of $50 million in ETB. •That the plaintiff further directed that the sum of $52.9 million and $62.1 million be placed in ETB from the account of PTDF. •That the plaintiff stood as surety for Otunba Fasawe when NTDV applied for Value Added Network Service from Nigeria Communication Commission (NCC). •That all these facts stated in paragraph 13 supra were never disclosed by the plaintiff in his response. •That the plaintiff attached Exhibits 5A and 5B to give the impression that the money invested was with the consent of the President (See Paragraph (XV) of the affidavit in support of originating Summons. •That however, the President never approved the release of the funds for the purpose of placing it in any bank. •That on the contrary, the money was approved for the purpose of implementing projects relating to the programme of PTDF. •That Exhibit 5A attached to plaintiff’s affidavit shows that on 29th April 2003, the plaintiff approved the placement of a total sum of $125 million in two banks (ETB and TIB). •That on 14th October, 2003, the plaintiff directed the release of an additional sum of $20 million from the treasury. •That Exhibits 5B mentioned that the $20 million was to be used to carry out some projects according to the letter seeking approval by the PTDF. •That, however, rather than use the $20 million to carry out any project, the funds were placed with TIB and used for NDTV where the plaintiff had substantial interest. • That contrary to paragraphs 18(xii) and (xiii) of the affidavit in support of the Originating Summons, the 7th Defendant in its report indicted the Plaintiff at Pages 32-33 as follows: •That the placement of the PTDF’s fund was not done arbitrarily but deliberately designed to promote some business ventures in which the plaintiff and some of his friends has interest. •That the placement in TIB, for instance, was designed to promote Netlink Digital Televant (NDTV), a satellite television project and Mofas Shipping Company where the Chairman of both companies is Otunba Fasawe, a long standing friend of the plaintiff. •It has also been revealed that Otunba Fasawe remitted the sum of N400 million to the plaintiff’s Personal Assistant, Alhaji Umaru Pariya, on the 4/10/03 which he conveniently recovered through a loan of N420 million he received from TIB on the 22/10/03 after the PTDF’s funds placement.” •That a clear demonstration of the plaintiff’s business interest in NDTV is the fact that on 07/10/03 the plaintiff paid the initial sum of N30 million deposit from his Marine Float Account in the Bank PHB for the purchase of the property situated at No. 555 Ademola Adetokunbo Street, Wuse II, Abuja and used as its headquarters.” •That to further buttress the long standing business relationship between the plaintiff and Otunba Fasawe, the latter paid the plaintiff the sum of N61 million on 29/01/01 from his Mofas account with TIB. •That a further sum of N25 million from Mofas Shipping Company’s account of Otunba Fasawe in TIB was transferred to plaintiff’s Marine Float Account in Bank PHB on 18/02/03. •That acting on the facts stated above the plaintiff was indicted by the 7th defendant for embezzlement and fraud.

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NGEX welcomes and encourages reader comments. Permission to post reader comments is assumed, and we reserve the right to excerpt or edit for clarity any comments that are posted. We won't be able to publish all comments. And we can't vouch for the accuracy of posts from readers. Nickname or Name will be used to identify your post.
ifidon ogbeide    Helsinki, Finland    October 07, 2006
Sir
Permit me to comment on the alledgation of fraud contained in the report 'Our Case Against Atiku By the EFCC' . The report contained a graphic disbursement of the alledged USD$20million meant for PTDF projects but diverted to fertilize the business interests of vice president Atiku and his buisness associates.

In the report, we are told that the accountant general of the federation was ordered to release a wooping sum of USD$20million without the approval of the Federal Executive Council. And he complied accordingly.

One is tempted to ask what happened to the 'due process' instrument? Due process instrument is one of the key pillars of checking corruption in our public institutions. So why was it then jettisoned by the office of the accountant general? Was the accountant general not suppose to ask the instrument of approval for such a large sum of money from FEC?

EFCC should enlarge its investigation to include the offiice of the accountant general and if need be recommend appriopriate sanction against those who have released the fund without observing the 'due process' instrument.
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