Atiku Abubakar refutes corruption allegation at PTDF, shares story | Welcome to Linda Ikeji's Blog

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Tuesday, 25 March 2014

Atiku Abubakar refutes corruption allegation at PTDF, shares story

Former VP Atiku Abubakar took to his website today to address his involvement in the alleged mismanagement of the Petroleum Technology Development Fund (PTDF) during his time in office as the Vice President of Nigeria.

In 2006, the former VP was indicted in a Special Forensic investigation over mismanagement and alleged diversion of funds meant for the PTDF. He said he decided to address it today after one of his followers raised the corruption allegations on twitter. Find his response below...

I was recently mentioned in a tweet by a follower, @naigerian, who was asking about alleged mismanagement of PTDF funds. For the benefit of @naigerian and other citizens of Nigeria, I will explain how the PTDF was designed to work, and what happened during my time in office. Continue...
In order to understand the issue of the PTDF, I should point out that the laws establishing PTDF was designed such that the fund itself could not be directly spent. The PTDF as a fund could only be drawn from profits accruing to that fund. I did approve the placement of $145 million dollars in commercial banks in order to accrue the required interest, which could then be used for PTDF projects. The approval of these funds followed due process.
When I was accused of PTDF mismanagement (i.e putting it in private banks to accrue interest), the funds & accrued interests were returned to CBN intact. Not a penny was lost from that money. However, a report was prepared by the EFCC, under pressure from the president, and presented to the FEC, without any response/evidence from myself or witnesses.
It is pertinent to note that this report was also put together, following my outcry over N20b requested from the PTDF by the president, which I discovered was being used to fund the third term push.
On November 28, 2008, Justice Inumidun Akande of the Lagos High Court established that the EFCC was wrong, and quashed the EFCC report, showing that I did no wrong, as accused by the EFCC, which was doing the bidding of a president who was bent on smearing my name, despite having no evidence.
The following news reports is hereby quoted:
Nov. 28, 2006: Court Quashes EFCC Report on PTDF:  Justice Inumidun Akande, Lagos High Court declared: “… “There is no evidence before the court to establish that the applicant (former Vice President Atiku Abubakar) was allowed to call witnesses to testify on his behalf to defend the allegation… instead, the 2nd Respondent prepared a report in which he indicted the applicant and others and submitted it to the President (Obasanjo) as if he was the High Court before which the offenders will be prosecuted, establishes lack of fairness.”
In her judgment, on Nov. 28, 2006, Justice Inumidun Akande of Lagos High Court nullified both the EFCC report and the Administrative Panel of Inquiry report, which indicted former Vice President Atiku Abubakar.”
The Senate also disagreed with the EFCC report, on may counts. One that stuck out was that having accused me of placing funds in private banks, there was no investigation of the president’s placement of funds in UBA, as well as authorisation of loans to UBA from PTDF. The president later borrowed N200m from UBA to purchase Transcorp shares, which was also a conflict of interest.
My question has always been: why would a fund that needs to accrue interest be lodged in the CBN? Government should be run like a business. PTDF funds were better kept in private banks, where they could accrue interest.
The PTDF accusation was brought against me because I spoke out against diversion of same funds for the third term agenda, and it is a shame the EFCC was used to prosecute that vendetta. I believe EFCC needs to be made truly independent – to fight corruption, without interference from the executive, or anyone.
I have since forgiven the people who accused me, including my own friends who have since come to ask for forgiveness. But things must change. We are witnesses today of a respected CBN governor being accused of corruption by government, for blowing the whistle on the theft of $20b. In 5 years, a new generation of young people will believe Mallam Sanusi was a theif, due to the sheer amount of effort by the government to sully his name.
So I must ask again: is our country ever going to prosper with these gross abuses of power by her presidents?

58 comments:

Anonymous said...

Alright #bright bravo#

Alloy Chikezie said...

One thing with politicians is that they are birds of same feather, and they will never admit to corruption or any allegations levied at them even if its true, I have learned never to believe Nigerian politicians and never to trust them, they are all liars including Atiku


Your comment will be visible after approval

@edDREAMZ said...

The rate at which daddy atiku is active in the social media is really interesting and whatever his intension is i just hope is a gud one.....
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***CURRENTLY IN JUPITER***

Eugenia Ekeji said...

Attention seeker. Come 2015, u are going nowhere. no one will vote 4 u.

@edDREAMZ said...

I thank yu for making provision of this piece....
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***CURRENTLY IN JUPITER***

Angie Cape said...

All na wash...abeg go sidon!....After how many years; how convenient.


*My R1.50c comment *

Angie Cape said...

All na wash...abeg go sidon!....After how many years; how convenient.


*My R1.50c comment *

Anonymous said...

na wa o. bt truth b told d man's speech mks a whole lot of sense. may GOD HLP US

Delight said...

we must prosper

Anonymous said...

na wa o. bt truth b told d man's speech mks a whole lot of sense. may GOD HLP US

Anonymous said...

Oga Atiku, u people shld leave d leadership mantu 4 new, young, intelligent n vibrant Nigerians. All ds ur explanation is because of 2015. U people have been re cycling urselves for long, u all gat nothing to offer. U re all thieves n wolves in sheep clothing. Give new n vibrant Nigerians a chance, let d leadership of ds country change. The resources of Nigeria is for all Nigerians, not a selected few. Come 2015 every sane Nigerian shld surprise this old hands. U all gat NOTHING to offer. Thievesssss.

Anonymous said...

STORY, A TREE FACING WATER WILL CONTINUE TO FACE WATER...

Anonymous said...

The presidency has always been occupied by thieves. May God help this country #ese

KUNLE AKALA said...

i wont come here to say Atiku is clean of all charges but he is intelligent enough to state his own side very clear and backing it up with legal evidences , except we now want to say that a law court is not competent again to have heard that particular case. i love people that are always willing to change with time . Atiku is on twitter building relationship with the youth thereby understanding issues that are affecting them and the nation at large . There are politicians and leaders of this country that are still leaving in the dark ages , they knows knotting about social networking . Atiku is an old man by age but by thinking , he is thinking like new born (youth) or what would you say to a twenty five years old person that believes that social networking is a waste of time , that person can categorize as young person in age but old in thinking . i always respect any leader that found it worthy to address issues rather than attacking of personality

BONARIO NNAGS said...

Tired of praying for things to get better in Nigeria. Now am praying for my turn to come

~BONARIO~says so NOKIA3310

Dee Tee said...

Hmmm

steveo Lance said...

i keep saying atiku is one of the most corrupt person in Nigeria.. God will not allow him become President.

Anonymous said...

Who cares pls just go and rest

Anonymous said...

Atiku you're very corrupt n you remain corrupt stop corrupting young Nigerian minds

Anonymous said...

Won't say any other thing but Oke barawo

motunrayo olaide said...

Yawns....

Anonymous said...

Hmmmm this man wil soon die before his time if he continue following the mouth of pple. Old man on twitter, can u imagine? *bbmsadface*

Anonymous said...

This Man is such an hypocrite!!!Mr Atiku Sir why can't u enter America???wat did u do that d Court over thr is waiting for u to smell even d air a mile away??xoxo Charmie

AnnMarie said...

I think mallam sanusi is a thief like him. they are all thieves so he needs to stfu

Anonymous said...

I should point out that the laws establishing PTDF was designed such that the fund itself could not be directly spent. The PTDF as a fund could only be drawn from profits accruing to that fund. I did approve the placement of $145 million dollars in commercial banks in order to accrue the required interest, which could then be used for PTDF projects.

If this the case as you have stated???...how the President could withdraw $20 Billion to fund his third term agenda???...Haba

Anonymous said...

It's Your word against theirs sir...but politicians tho,very hard to trust
*vanchuks*

Anonymous said...

It's Your word against theirs sir...but politicians tho,very hard to trust
*vanchuks*

Shoutozone said...

Dis man sha... Always wantin to be in d news

hilary obiorah said...

Shey all this promo na for 2015 abi? We dey wait!

Anonymous said...

Atiku has every constitutional right to defend himself.let our sense of logic guide us instead of our emotion on sensitive national issues.

Anonymous said...

Hate it or love it, Atiku remains one of the few good politicians who has tried to answer questions which is something not known of our politicians. Let us relax on being judgemental. Thanks

okon said...

I feel sorry for Mr Atiku. hez tryn so hard, we sha cant forget dat he wz a part of a regime dt failed 9jerianz. maybe hez got good intentionz.....

Anonymous said...

Saint(s) when not in power! If u had resigned under a corrupt President I would've had maximum respect for u and Nigerians would have voted you into any office of ur choice.

ckice said...

The man has told thr world the truth! A very gentleman. Respect turaki

ckice said...

A true gentleman! He has said his side of the story! Respect

Anonymous said...

Forget!!

Anonymous said...

For this Naija na I'm person go want to claim not chewing for dat kain office? Who be fool? Abeg troway.!

Anonymous said...

I love You!!

HEPATITIS AFRICA said...

clark kent you have stank of dirty money since your custom days.

Anonymous said...

Kunle, how much were you paid?

Amarachukwu. said...

All na wash.

Cagey Berry said...

Road to presidency. Just like i said today, A̅m still hopeful.

Anonymous said...

Atiku just get a fuck off media ur plan won't work.....walahi 2015 na inside ur room no post 4u

CUTE ONYII said...

Wicked old man go and rest, nothing for you.

Anonymous said...

Why dd you have to wait this long to explain your role? Besides you were part of the corruption at PTDF cos. How about those contracts awarded?

Anonymous said...

Congrats alloy u hav sucessfully landed ur name and comment on the punch newspapers through lib.buy todays paper abeg.

scaranto said...

only time will tell, nothing last for ever. Our todays leader should remenber that what ever a man soweth that he shall reap.

sirOscie said...

I believe EFCC needs to be made truly independent – to fight corruption, without interference from the executive, or anyone.

Ali Abdulkadir said...

I completely believe Atiku. We are all aware of how 'almighty' Nigerian Presidents use their powers to persecute, intimidate and destroy perceived political rivals. If indeed he is guilty of any wrong doing, why have they failed to arrest and jail him, despite their tremendous powers and given the fact that he is always outspokenly critical of their style of governance? Unfortunately, many Nigerians, out of envy and jealousy, love to feed fat on rumors, especially if the tend to destroy others

Anonymous said...

It is good that Atiku has clarified this. If atiku was corrupt OBJ would have surely used that to stop him from contesting in 2007. All the corruption charges were made to smear him. Since it was all lies it never sticked.

seun olukiran said...

He said the president requested for 20B Naira not dollars i believe you should be responsible enough to read in between the lines if an elder like Atiku could put up such a near excellent piece together then it behoove on a youth like you to decipher accordingly

@muzanga1 said...

For what ever reason Atiku is making this piece available, is a welcome development. If only our leaders have the will to listen to Nigerians and provide explanation when the people demand for it, we will be in a better place. Terrible things are happening, and we are asking questions who is answering us? pls lets be the young Nigerians we are and understand change when we see it.

@muzanga1 said...

you know information are there to enlighten us, so we don't continue to dwell in ignorance. so lets be open minded.

Oskirin said...

Oya ova 2 u 4ma presido n efcc make una say una own part of d story.as 4 u atiku,u've done well 2 clear ur name.GEJ shd also cum out on sanusi's reckless spendin defence.we need 2 get clear facts on all ds alegation.

zirem said...

it is such a welcome development that Atiku is responding to Nigerian youths. If only our leaders will take cue and listen to Nigerians and provide explanations, will would have been in a better place.

Anonymous said...

had u resigned from the regime u presided over as vice, maybe u will be worth it today. onyeh nkwobi! 'eyesrolling'

Anonymous said...

Al these Atiku children and boys hiding under anon to cme comment here!!!una papa corrupt abeg make he go bench siddon enuf of all this noise dey r makin....he shd jst accept his fate dt he won't be President well who am I where God dey!!!!

Anonymous said...

Al these Atiku children and boys hiding under anon to cme comment here!!!una papa corrupt abeg make he go bench siddon enuf of all this noise dey r makin....he shd jst accept his fate dt he won't be President well who am I where God dey!!!!

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