• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

      WTO Lauds Nigeria Customs for Embracing Global Trade Standards

  • National
    • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Tinubu conference centre generates N700m in 3 weeks – Wike

      Police Arrest 43 Illegal Immigrants, Human Traffickers, Rescue Victim

      Multichoice logo

      NDPC Fines MultiChoice ₦766m for Data Protection Breach in Nigeria

      Abdullahi Aliyu Maiwada

      Customs Debunks Fake CBT Recruitment Shortlist Circulating Online

    • Government
      • Tinubu conference centre generates N700m in 3 weeks – Wike

        Soldiers

        Soldiers, forest guards to tackle insecurity in Kwara State

        MUSWEN Muslim Ummah of South West

        MUSWEN Renews Call for Shariah Courts to Regulate Affairs of Muslims

        Corporate Affairs Commission

        CAC Unveils AI-Powered Registration Portal to Revolutionize Business Registration in Nigeria

        Employment: ICPC Secures Conviction of FAAN Staff

  • Security
    • Police Officer

      Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Police Officer

      Police rescue 19 Ghanaians from human traffickers in Oyo

      Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

      Police Officer

      Anambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover…

  • Features
    • From SDP to ADA to ADC: Can the New Opposition Coalition…

      Bashir Adewale Adeniyi MFR

      Adeniyi: Lifting Nigeria to the Pinnacle of Global Customs Authority

      Nigeria’s Growth Numbers Tell Only Half the Story By Umar Farouk…

      NYSC Corps Members in Camp

      The Burden Too Many Nigerian Youths Bear Alone

      Combating Deepfake Videos: A Fight for Nigeria’s Soul By Mukhtar Ya’u…

  • State
    • Police Officer

      Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Police Officer

      Police rescue 19 Ghanaians from human traffickers in Oyo

      Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

      NDLEA Logo

      NDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests…

  • Event
    • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

      NELFUND

      NELFUND Warns Students Against Fake Loan Application Portal

    • PR Nigeria Award
  • E-Paper
Home Anti-Corruption Finally, VP Osinbajo Names 3 Looters of $3bn
  • Anti-Corruption

Finally, VP Osinbajo Names 3 Looters of $3bn

By
Laolu Akande
-
May 7, 2018
Yemi Osinbajo
Yemi Osinbajo
Finally, VP Osinbajo Names 3 Looters of $3bn
THE FACTS OUT ON GRAND CORRUPTION OF PAST PRESIDENCY ONLY A TIP OF THE ICEBERG
*(Statement attributable to the Vice Presidential Spokesperson)
WE have read reports attributed to  “a media office of  former President Goodluck Jonathan”. It is clear from the foul language of the authors that the statement could not have come from the former President, but from the motley group of loud and rude characters whose brief seems to be to deny all and anything said against the former PDP government and to do so in the crassest possible language.
The alleged spokespersons of the former President say that  facts long in the public domain, some even being used to prosecute several corruption cases are lies and that those of us in government restating these well known facts are liars.
They accuse Vice President Yemi Osinbajo, SAN, of lying against the former President or his government citing their  involvement  in the stealing of three billion dollars, while speaking recently at The Platform event on the 1st of May.
Just for clarity, I quote the Vice President  “Grand corruption remains the most enduring threat to our economy. Three Billion US dollars was stolen in what was called the strategic alliance contacts in 2013, three Nigerians were responsible, today three billion dollars is one trillion Naira and our budget is 7trillion! ….”  ..( link)
Two issues emerge. First, no mention is made of the former President.
Second, the story is not only true, it has been in the public domain for almost three years and it is the subject of criminal investigation and trials both here and in the UK.
The spokespersons also say that the allegations of corruption against the PDP government are mere lies. For clarity, the facts are laid out as follows:
As the Vice President said, $3B was stolen in the so- called  NNPC Strategic Alliance Contracts.  The three persons involved  are   Jide Omokore, Kola Aluko and the former Petroleum Resources Minister Diezani Alison- Maduekwe.  The companies of both Jide Omokore and Kola Aluko lifted Nigerian crude oil  and kept the proceeds.  The total sums converted is in excess of three billion dollars including royalties, taxes and fees unpaid for the asset from which the crude was taken.  The case is the subject of a trial in Nigeria, and criminal investigation in the US and UK, and the assets of all three individuals have been forfeited in Nigeria, the US and the UK.
2. The criminal diversion and theft of sums in excess of $2.5 billion meant for purchase of arms to prosecute the war against Boko Haram: The first phase of the investigations revealed several sordid details, many of the assets of culprits have been seized from them and they are facing trial.
3.The release of the sum of  $289m  in cash on February 25, 2015: Documents including cash vouchers indicate that the the sum of  $289,202,382 was taken  from the Joint Venture (JV) Cash Call Account No. 000-0000-11658-366 of the NNPC/NAPIMS with JP Morgan Chase Bank, New York, USA.
 4. N70 billion was released in parts from the national treasury between January 8 and February 25, 2015.
5.In another illegal disbursement,  25th August 2014,   N60B in cash in tranches of N40billion and N20billion:   The sum was not tied to any project or procurement and was then shared between two security agencies under the supervision of the then NSA. Most of these sums ended up in the hands of senior PDP members some of whom have returned parts of the loot. Some are standing trial for these offenses. These facts are in the public domain.
6. There was yet another set of illegal fund withdrawals under one week between January 8and 16, 2015, where the sum of N1.5 billion was released in three tranches of N300m, N400m and N800m respectively. This money was released from the MEA Research Library Account .
7. Another document showed that N10 billion was released to the Office of the National Security Adviser by the Central Bank of Nigeria (CBN) on September 15, 2014. The money was
released in tranches of foreign exchange of $47 million, $5 million, 4 million Euros and 1.6 million Euros. A letter from the Office of the NSA in November 2014 further showed that the monies were released as ‘funds for special services’. This particular  release of N10B was sourced in November 2014 from a N40 Billion CBN released funds meant for Corporate Social Responsibility, CSR. Investigators showed that  this money was released for the  PDP Presidential Primaries.
8. Lamido Sanusi,  then CBN Governor was sacked for speaking up about the over $20billion missing from oil proceeds.
These cases of grand corruption and open looting of public resources pauperized Nigeria and left us with little or no savings in the years when oil was selling at 100 to 114 dollars a barrel and we were producing 2.1 million barrels a day. When  in 2015 oil prices went even as low as between 28 and 35 dollars a barrel and oil production fell to less than one million barrels a day we had no buffer, no savings, to tide us through.
The amount released from CBN in cash on a single day, ie the US$289M ( N88.1Bn) is  enough to  fund 244,000 N-Power graduates for a year, or pay for  1.2Billion school meals or  complete half of Lagos -Ibadan or half of Abuja -Kaduna -Kano roads.
The Vice President also made the point  that in 2014 with oil prices as high as 120 dollars per barrel,  the total capital released for Power, Works, Housing, Defence, Transport, Agriculture and Defence were just N152Billion for the whole year.
By contrast, the Buhari administration committed N578Bn to the same Ministries in 2016 with oil prices as low as US$28 per barrel as part of the strategy to end the recession. The government was able to do more with less by stopping grand corruption and impunity.
Recently, the Minister Coordinating the economy in that administration has written a revealing book : Fighting Corruption is Dangerous: The Story Behind the Headlines. Who knows, perhaps her stories too are all lies!
Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Diezani Alison- Maduekwe
  • Goodluck Jonathan
  • Jide Omokore
  • Kola Aluko
  • osinbajo
Previous articleArmy Rescues 1000 Boko Haram Captives in Bama
Next articleGwaska Massacre: Death toll hits 71, Emir Appeals for Vigilance
Laolu Akande
Laolu Akande

RELATED ARTICLESMORE FROM AUTHOR

Chinese nationals jailed in Lagos

Court Jails Nine Chinese Nationals for Cybercrime in Lagos

ASUU

Tackle Corruption, Institutional Decay – ASUU Charges FG

EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences Kano Make-Up Artist for Naira Abuse

PRNigeria logo fearured image

EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

EFCC, CCC and the Battle Against Corruption in Nigeria, By Mukhtar Ya’u Madobi

Ola Olukoyede, EFCC Chairman

EFCC’s Anti-Corruption War: Between Media Trial and Intelligence-Driven Operations

Olayiwola Oguntade

Court Sentences Ex JAMB Staff for N10m Fraud in Ibadan

Diezani-Alison-Madueke

Nigeria, US sign MoU to repatriate $53m linked to former oil minister, Diezani

EFCC Sacks 27 Fraudulent Officers for Misconduct

Court Okays EFCC’s Request to Freez 67 Bank Accounts Over Alleged Fraud

Official_JAMB_logo

JAMB, NRC Top ICPC Integrity Ranking

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu
  • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to State Government
  • Tinubu conference centre generates N700m in 3 weeks – Wike
  • Police rescue 19 Ghanaians from human traffickers in Oyo
  • Soldiers, forest guards to tackle insecurity in Kwara State
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to State GovernmentTinubu conference centre generates N700m in 3 weeks – WikePolice rescue 19 Ghanaians from human traffickers in OyoSoldiers, forest guards to tackle insecurity in Kwara StateAnambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover Goods Worth N9.5mPolice Arrest 43 Illegal Immigrants, Human Traffickers, Rescue VictimNDPC Fines MultiChoice ₦766m for Data Protection Breach in NigeriaCustoms Debunks Fake CBT Recruitment Shortlist Circulating OnlineNDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests Other SuspectsFrom SDP to ADA to ADC: Can the New Opposition Coalition Unseat Tinubu in 2027?IGP Egbetokun Mourns Retired AIG Liman ShettimaNAF Hosts Nationwide Parley to Honour Veterans’ Courage, SacrificeCybercrime Allegation: PRNigeria Petitions Police Against NIPSS Officials‎FACT-CHECK: Was a Man Trapped in Ceiling after Trying to Hack FCMB Bank?
X whatsapp