- 9threads
- 2posts
- 2threads
- 0posts
- 2threads
- 0posts
- 2threads
- 1posts
- 1threads
- 0posts
- 1threads
- 0posts
- 5threads
- 0posts
- 1threads
- 0posts
- 0threads
- 0posts
- 1threads
- 0posts
- 4threads
- 0posts
- 5threads
- 0posts
- 12threads
- 3posts
- 3threads
- 0posts
- 1threads
- 0posts
- 1threads
- 0posts
- 3threads
- 0posts
- 1threads
- 0posts
- 2threads
- 0posts
- 1threads
- 0posts
- 1threads
- 0posts
- 1threads
- 0posts
- 0threads
- 0posts
- 0threads
- 0posts
- 1threads
- 0posts
Recent Discussions
copied
PAY BACK TIME--YORUBA SHINE YOUR EYES
1. Yoruba must remember AkIntola warnings on Hausa/Igbo alliance of 1963, to which IGBO killed AkIntola in 1966.
2. Yoruba must remember the connivance of Igbo with Hausa Fulani to have Awolowo Jailed.
3. Yoruba must remember what shagari/ Ekweme alliance did to the Yorubas between 1979 and 1983.
4. Yoruba must remember Igbo voting for Bashir Tofa against MKO in 1993
5. Yoruba must remember Nzeribe role in annulment of June 12 1993
6. Yoruba must remember what Igbo did to the Yorubas under Jonathan.
7. Yoruba must not forget what Anyim did to the Yorubas under Jonathan.
8. Yoruba must not Forget that as soon as Okonjo Iweala was appointed Minister, she replaced all Yoruba in her office with Igbo.
9. Yoruba must remember Peter Obi hatred of the Yoruba for turning Fashola return of Igbo destitute to their state into a tribal Issue.
Now they are desperate to come back and want Yoruba to assist them in working against another Yoruba in Osinbajo..
Igbo should go and Vote their son and leave us alone to vote our son..
IT IS BUHARI/OSIBAJO, Till 2023!!!.
*Forwarded as Received, pls* .
Some Nigerian airlines are facing the risk of collapse under the weight of huge debts, according to the country’s Asset Management Corporation of Nigeria, set up to rescue banks from bad loans.
“The industry remains in the throes of airlines burdened with debts, under administration or on the borderline of collapse," Amcon chief executive Ahmed Kuru said at a conference in Lagos, without identifying those that may fail.
Amcon acquired the country’s biggest airline Arik last year because of difficulties arising from huge debts and poor corporate governance, it said. The Abuja-based Amcon was established in 2010 to buy non-performing loans and rescue lenders after the industry was threatened with collapse.
Nigeria’s more than 10 domestic airlines are struggling with difficulties arising from the country’s first economic contraction in a quarter century in 2016, and have seen reduced access to capital and limited leasing opportunities. Africa’s biggest oil producer also has the continent’s largest population of almost 200 million people.
By Emele Onu
Source: Bloomberg
On Tuesday, as the Nigerian government commenced payment of the pension of retired employees of the defunct Nigerian Airways, members of the House of Representatives passed a resolution to investigate those indicted for looting the resources of the fallen national carrier.
After weeks of verification, the government eventually cleared about 6,000 former employees to be paid from the N45 billion earmarked for the purpose. The former employees have not been paid their entitlements since 2003 when the airline went belly up.
The House resolution to identify those indicted by the white paper with the aim of ensuring they are “prosecuted and made to refund the loot,” followed a motion of urgent public importance moved by James Faleke (APC-Lagos) during plenary.
Mr Faleke said the administration of former President Olusegun Obasanjo in 2002 set up the Justice Obiora Nwazota Judicial Commission to probe the operations of Nigerian Airways. He said the commission revealed the looting and misappropriation of the company’s resources to the tune of N60 billion.
“The white paper was approved by the federal government and further directed the Federal Ministry of Finance and the police to recover the stolen funds and prosecute the indicted culprits,” he said.
“Those indicted in the report are believed to be largely visible in the public arena while the ex-workers continue to languish in abject poverty having been denied their rights to their entitlements with many of them reportedly dead without receiving their entitlements.”
Mr Faleke then added that if the Obasanjo government and subsequent administrations had implemented the recommendations of the white paper, workers of the airline would not have suffered much pains and deprivation.
An orgy of fraud
In 2013, a PREMIUM TIMES’ two-part investigation on the judicial commission of inquiry’s white paper detailed the orgy of fraud and unbridled embezzlement that ultimately hastened the death of the once prosperous airline.
The airline, which had 32 airworthy aircraft in its heyday in the 1980s, saw its fleet reduced to just two barely functional airplanes. Outraged by the cascading status of the airline, Mr Obasanjo in 2002 set up the commission of inquiry to investigate its management.
The commission was mandated, amongst other things, to “examine all books of account and records and determine whether there has been compliance with appropriate regulations.”
The commission worked for a year going through documents and interviewing stakeholders and other experts. At the end of its assignment, it submitted a four-volume report that revealed mind-boggling fraud, misappropriations and wanton recklessness running into billions of naira involving several officials of the airline, administrators, travel agencies, financial institutions, local and foreign companies, as well as one prominent development organisation.
On December 11, 2002, the Federal Executive Council (FEC) approved a draft White Paper on the commission’s report and directed the ministry of justice and the police to prosecute and recover the stolen funds. It also directed the office of Secretary to the Government of the Federation (SGF) to gazette the recommendations of the white paper.
That was the last heard of the white paper. The police, the justice ministry and the SGF failed to do as the FEC directed.
The Justice Nwazota-led Commission of Inquiry revealed that decency was thrown to the dogs in the management of the Nigerian Airways. It was a free-for-all contest of corruption with almost everyone involved in the running of the airline trying desperately to out-embezzle the other.
Due process was alien to the managers of the airline. Officials stole and misappropriated tens of millions of dollars. Administrators arbitrarily signed shady contracts with companies without recourse to regulations, monies were dubiously deposited and lost in moribund financial institutions. Functional airplanes were sold as scraps and the revenue stolen.
Officials collected huge loans from financial institutions with the name of the airline and kept the money for personal use.
The indicted
Though several individuals, organisations, companies were indicted by the judicial panel of inquiry for their roles, which includes the stealing of several millions of dollars, in the eventual demise of Nigerian Airways, some persons received prominent mentions for their brazen and unrestrained looting of the airline.
Just like Mr Faleke said on the floor of the House of Representatives on Tuesday, many of them are still around today, free and enjoying the proceeds of their alleged fraudulent act after killing a national icon. Below is a list of these men.
1. Mohammed Joji
No single individual should be blamed as much as a former managing director of the Nigerian Airways, Mohammed Joji, the judicial commission found. In fact, the commission stated that Mr Joji, who owns Skypower Express Airways and is the secretary general of Aircraft Operators of Nigeria, was brashly corrupt and handled the affairs of the airline in such a reprehensible manner that it recommended he should be banned from ever holding public office in Nigeria.
Mohammed Joji
However, last year, the President Muhammadu Buhari administration allegedly appointed him to head a committee that supervised the repair of the Abuja airport and the temporary relocation of international flight to nearby Kaduna Airport. That alleged appointment was, however, not publicly announced.
President Muhammadu Buhari [Pix: Daily Post Nigeria]
The Nwazota-led commission found that in 1993 Mr Joji “collected and spent” N4.37 billion ($12 million) royalty from Swissair without approval.
Also, in the same year, he diverted N3.57 billion ($9,800,000) to himself in a single transaction. According to the judicial committee, Mr. Joji claimed that he paid N3.93 billion ($10.8 million) to a defunct Belgian national airline, Sabena Airline, but he only paid N364 million ($1million), the panel discovered.
Further, the white paper revealed that in March 1993, Mr Joji “unlawfully approved” N2 million to one Grace Hembah as imprest account.
In the same year, Mr. Joji outsourced the maintenance of a Boeing 737 aircraft to Brazilian consultants paying them in full despite up to 75 per cent of the maintenance was done by employees of Nigerian Airways. The committee said the airline lost N1.28 billion ($3.53 million) in the process.
A year before, Mr. Joji had paid Nicon Insurance PLC N896.43 million ($2,458,064) less premium due to the then government-owned insurance company. Also, the judicial committee found that during the tenure of Mr. Joji as the managing director of the airline, N813.38 ($2,230,357) discounted from the premium accrued to the airline had vanished into thin air.
In all, the white paper revealed that Mr. Joji was responsible for the diversion or siphoning of N11 billion ($30,018,421) in 24 months.
When contacted in 2013, when the story was published, Mr Joji, told PREMIUM TIMES that his indictment was as a result of a witchhunt against him by former aviation ministers, Bablola Borishade and Kema Chikwe.
He described Mr Nwazota as a mere consultant, adding that the committee did not do a good job.
“There were several panels. Nwazota was just a consultant. Is that what you call a panel? They didn’t do a proper job,” he said in a telephone conversation.
“Do your research. The question you have to ask is who wrote the white paper? Was it gazetted? Was anyone charged?”
He wondered why PREMIUM TIMES was interested in the story 10 years after.
Source: Premium Times
A. NigerDock is the largest ship fabrication yard in West Africa sub region. When it was sold, its Ex-MD Engr. Nkpubre Okon, openly stated how "Mr Job Creator" ignored the Transport Ministry then to Open bid for NigerDock.
The VP's camp preferred bidder, 'Global Energy' that agreed to increase NigerDock's workforce from 4,800 to 6,000 as part of privatization agreement dismissed 2,200 immediately it took ownership. Jagal Group that took over after Global Energy lost out on power play also sacked 1,400.
B. Nigeria Port Authority reform was purely contrived to grab landed properties. 10,000 workers were sacked & 133 bids opened for NPA properties consisting of 68 properties in Apapa, 28 houses in Ikoyi. The highest reserves bid was for a property in Ikoyi fixed at N390.4 Million.
C. NIGERIA RAILWAY
Did @atiku forget how 7000 railway workers were sacked in 2005 without compensation to reduce its workforce to 6,300? Another 1,260 were fired in 2006. When ATIKU and his Headmaster were leaving in 2007, they left ~N5 Billion in unpaid Railway pension arrears.
D. FEDERAL SECRETARIAT IKOYI
In 2006, Babalakin's Resort Ltd acquired this 15 storeys prime asset overgrown with weeds from @atiku and OBJ through a Development Lease Agreement (DLA) for N7.2Billion. A Court has asked Buhari to pay N54 Billion to Babalakin for their blunder. https://t.co/cD7bTBBD6f.
The DLA, dated October 10, 2006, granted Resort Ltd a 99-years lease to redevelop the Federal Secretariat complex, that OBJ & ATIKU had abandoned for 7 years into 480 luxury apartments. This was at the eve of their departure from government. The transaction was one for the road.
The DLA hit the rocks when Lagos State Govt in the interest of the public indicated willingness in acquiring the Federal Secretariat complex. LASG insisted it should be accorded right of first refusal since LASG is the Issuing Authority of the C of O, coupled with other reasons.
Finally, lets compare OBJ & @atiku's first 3yrs in power to the first 3yrs of PMB that hasn't retrenched one civil servant, but has bailed out states on salaries. Lets not forget Atiku was in charge of the economy and OBJ gave him free hand until Galaxy Backbone scandal happened.
In 2002, first 3yrs of the ENDORSEE and the ENDORSER, manufacturing accounts for 6% of GDP. Nigeria's GDP fell by half for d first time in 20yrs. This was d year all textile factories in Nigeria closed down and unemployment was 28% within d formal sector alone; I repeat, alone!!
In 2002, UN estimated that 70% of Nigerians live below poverty line compared to 48.5% in 1998 under a military rule. Life expectancy fell from 54yrs to 51yrs. Two-fifth of every child below age 5 were malnourished and only 50% of d 128Million Nigerians have access to clean water.
copied:-
FACTUAL REPORT ON HOW ATIKU SUPERVISED THE SALES OF OVER 145 FG INVESTMENTS AS A VICE PRESIDENT !!!
Please I do not have any partisan political agenda, rather factual report on ATIKU as a Presidential aspirant in Nigeria.
Please any or all ATIKU supporters or his campaign structure are free to deny these submission with facts not sentiments.
“As Head of National Council on Privatization (NCP), from 1999, @atiku dug Nigeria's economic grave for today's extreme poverty and unemployment.
There were over 600 federal assets when @atiku's NCP started selling.
Atiku should tell us who bought what and what was left for the country when he left power.
Nafcon
Eleme Petrochemical
Daily Times
Ughelli Power
Egbin Power
NICON Insurance
ALSCON
Transcorp Hilton Hotel
NICON Luxury Hotel
Sunti Sugar Ltd
NetCom House
Bacita Sugar Ltd
MM2
In 2007, Onigbolo Cement operating at 500,000 tonnes per annum was sold to Dangote at N1.7Bn 😂
To those selling Atiku, let me remind you of @NGRSenate public hearing of August, 2011 which succinctly captures how @atiku through retinue of cohorts, fronts, shell companies, ring fenced over 70% of FG's assets through a brazen daylight robbery privatization that he supervised.
This is nothing sensational. Its real life facts and all the Senators are alive today.
The 2011 privatization Senate committee was made up of Senator Ahmed Lawan – Chairman, Senators Babafemi Ojudu, Philip Aduda, Mohammed Ndume, Ifeanyi Okowa, Hope Uzodinma and Mohammadu Magoro.
Lets look at Aluminium Smelting Company, ALSCON, that Atiku privatized.
ALSCON which Nigeria built with $3.2 billion, was sold to a Russian firm, Russal, for $130million. As of the time of sale, ALSCON had received $120million for the dredging of Imo River, but was never done.
When the Senate Seating of August, 2011 asked the Russian company the whereabouts of the $120million dredging money, the company's Deputy Managing Director, Vitaly Kuzrestov, said that the money has been used for Environment Impact Assessment." EIA kii you there. 😹
FG's Five percent share in Eleme Petrochemical worth USD27 million was never presented to at the National Council on Privatization before t'was sold to Indorama.
Indorama recovered this amount selling Polyethylene and Urea to the entire west Africa sub-region in just 14 months.
The Atikulate Business Theory: Sell to yourself Government assets that leaves millions in penury, to set up personal businesses that provides for a few. @Atiku didn't employ the few hundreds he employed because he likes them, he needs them to work to preserve what he took from Government.
Fam, the business acumen of Atiku you are bandying about is smelly.
A man who supervised sales of over 145 federal investments as a vice president, without a thought for today wants to be president.
He didnt revitalize them.
He didnt resuscitate them.
He sold them to whomever.
May Nigeria 🇳🇬 succeed”
$Ready(function() {
(adsbygoogle = window.adsbygoogle || []).push({});
});