Saturday, 3 November 2018
Military discovers illegal security training camp in Taraba
The 20 Model Battalion of the Nigeria Army located in Serti, Taraba, said it had discovered an illegal security training camp in Serti locality.
Commanding Officer of the battalion, Lt.-Col. Sani Adamu, who stated this on Thursday in Serti.
Sani disclosed that the Special Adviser on Security to Taraba Governor, Col. Agyo Wapan (retd), had been invited as part of an investigation on the issue.
He said that the discovery followed calls by concerned citizens, who disclosed that no fewer than 300 youths were being trained in a public primary school in the area.
He said that on the receipt of the calls, he promptly responded by visiting the site and found over 300 young men were undergoing military training.
https://www.tribuneonlineng.com/171658/?fbcli
Friday, 2 November 2018
BREAKING: WAEC presents certificate to Buhari
Olalekan Adetayo, Abuja
The West African Examination Council has presented attestation certificate and confirmation of school certificate result to President Muhammadu Buhari.
The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, disclosed this on his Twitter handle, @FemAdesina, on Friday.
Adesina wrote, “WAEC presents attestation certificate and confirmation of school cert result to President Buhari. What will the naysayers say next?”: WAEC presents certificate to Buhari
Olalekan Adetayo, Abuja
The West African Examination Council has presented attestation certificate and confirmation of school certificate result to President Muhammadu Buhari.
The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, disclosed this on his Twitter handle, @FemAdesina, on Friday.
Adesina wrote, “WAEC presents attestation certificate and confirmation of school cert result to President Buhari. What will the naysayers say next?”
UPDATED: Court stops NLC, TUC’s planned strike
Ade Adesomoju, Abuja
The National Industrial Court of Nigeria has ordered the organised labour, comprising the Nigerian Labour Congress and the Trade Union Congress not to embark on its indefinite strike scheduled to commence on November 6.
Justice Sanusi Kado, on Friday, gave the order in a ruling on an ex parte application moved on behalf of the Federal Government by the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Mr. Dayo Apata.
Agreeing with Apata, Justice Kado ruled that if the strike is allowed it would lead to huge economic loss to both public and private institutions and could jeopardise the health of many Nigerians who would not be able to access health facilities during the period.
The organised labour had threatened to commence an indefinite strike action to press for the increase in the national minimum wage from the current N18,000.
READ ALSO:Youths are not leaders of tomorrow —Stella Oduah
The last meeting of the tripartite negotiation committee on the minimum wage had ended in deadlock after the Federal Government insisted that it could only afford to pay N25,000, while the governors under the aegis of the Nigerian Governors’ Forum had held on to N22,500 and the labour N30,000.
Apart from the NLC and the TUC, the NGF is also joined as a defendant in the suit.
Justice Kado adjourned the matter till November 8 for the hearing of the motion on notice seeking the interlocutory injunction to stop the strike.
The judge ordered that the court order and other papers be filed on all the defendants.
He ruled, “In view of all that I have been saying above, it is the overall interest of justice and stability of the society to grant the order of interim injunction against the 1st and 2nd defendants (NLC and TUC), their members, privies, agents, proxies, workmen, or servants from embarking on or taking part in the planned strike or industrial action scheduled to commence on November 6, 2018, in whatever form pending the hearing or determination of the motion on notice for interlocutory injunction which is pending before the court.
“It is also necessary to grant an order of interim injunction restraining the 1st and 2nd defendants (NLC and TUC), their members, privies, agents, proxies, employees, workmen, or servants from engaging or taking part in any conduct or act in contemplation or furtherance of the strike or industrial action scheduled to commence on November 6, 2018, pending the hearing and determination5 of the motion on notice for interlocutory injunction.”
The suit marked, NICN/ABJ/287/2018, was filed on November 1, 2018 in the name of the Federal Government and the Attorney-General of the Federation, Mr. Abubakar Malami, as the 1st and 2nd claimants, respectively.
More in Home
REVEALED: "How we created Nigeria's problems during PDP's days, before handing over to President Buhari..."
REVEALED: "How we created Nigeria's problems during PDP's days, before handing over to President Buhari..." - Peter Obi
Kindly watch and RT https://t.co/VCaJZf9dqZ
Kindly watch and RT https://t.co/VCaJZf9dqZ
Thursday, 1 November 2018
20 owners of richest oil blocks in Nigeria. Oil blocks baranda.
(1) This oil block business is so lucrative that Danjuma’s Sapetro divested of its investment in Akpo condensate for $1billion dollars. This business is second to none in Nigeria. That is why any attempt to investigate the activities in this sector will always be futile. The money is so much that they give bribes in millions of dollars.
A birthday gift or child naming gift from an oil block owner to a government official could be as paltry as $2million dollars, and if the official’s father died, the condolence gift could reach mere $3 million dollars. When they want to bribe legislators, it is in millions of dollars and any ongoing investigation ends within weeks. They are so confident that with excess money they can buy up Nigeria and they are succeeding.
(2) OML 110 with high yield OBE oil fields was given Cavendish Petroleum owned by Alhaji Mai Daribe, the Borno Patriarch in 1996 by Sanni Abacha. OBE oil field has estimated over 500 million barrels of oil. In layman’s language and using average benchmark of $100 dollars per barrel, translates to $50 billion dollars worth of oil reserve. When you remove the taxes, royalties and sundry duties worth about 60% of the reserve payable over time you get about $20billion dollars worth of oil in the hands of a family.
(3) OPL 246 was awarded to SAPETRO, a company owned by General Theophilus Danjuma, by Sanni Abacha in 1998. Akpo condensate exports about 300,000 barrels of crude daily.
(4) OML 112 and OML 117 were awarded to AMNI International Petroleum Development Company owned by Colonel Sanni Bello in 1999. Sanni Bello is an inlaw to Abdulsalami Abubakar, former Head of State of Nigeria.
(5) OML 115, OLDWOK Field and EBOK field was awarded to Alhaji Mohammed Indimi from Niger State. Indimi is an inlaw to former Military President Ibrahim Babangida.
(6) OML 215 is operated by Nor East Petroleum Limited owned by Alhaji Saleh Mohammed Gambo.
(7) OML 108 is operated by Express Petroleum Company Limited is owned by Alhaji Aminu Dantata.
(8) OML II3 allocated to Yinka Folawiyo Pet Ltd is owned by Alhaji W.I. Folawiyo.
(9)ASUOKPU/UMUTU marginal oil fields is operated by Seplat Petroleum. Seplat is owned by Prince Nasiru Ado Bayero, cousin to the Central Bank Governor Lamido Sanusi. This oil field has the capacity of 300,000 barrels of oil daily. This translates to $30million dollars daily at average benchmark of $100 dollars per barrel. Deducting all sundry taxes, royalties etc , this field can yield $12billion dollars daily for the owners.
(10) Intel owned by Atiku, Yarádua and Ado Bayero has substantial stakes in Nigeria’s oil exploration industry both in Nigeria and Principe and Sao Tome.
(11) AMNI owns two oil blocks OML 112 and OML 117 which it runs Afren plc and Vitol has substantial stakes in oil blocks. Afren plc is operating EBOK oil fields in OML 67. Vitol lifts 300,000 barrels of Nigerian oil daily. Rilwanu Lukman, former OPEC Chairman has stakes in all these named three companies.
(12) OPL 245 was awarded to Malabu Oil& Gas Company by Sanni Abacha. Dan Etete, Abacha’s oil minister owns Malabu Oil. In 2000, Vice President Atiku Abubakar convinced Obasanjo to revoke OPL 245 given to Malabu Oil. Etete had earlier rejected Atiku’s demand for substantial stakes in the high yield OPL 245 and it attracted the venom of Ota Majesty who revoked the licence. However, in 2006, Obasanjo had mercy on Dan Etete and gave him back his oil block worth over $20 billion dollars.
(13) OPL 289 and OPL 233 was awarded during Obasanjo era to Peter Odili fronts, Cleanwater Consortium, consisting of Clenwater Refinery and RivGas Petroleum and Gas Company. Odili’s brother in law, Okey Ezenwa manages the consortium as Vice Chairman.
(14) OPL 286 is managed by Focus Energy in partnership with BG Group, a British oil concern. Andy Uba has stakes in Focus Energy and his modus operandi is such that you can never see his name in any listings yet he controls OPL and OML through proxies.
(15) OPL 291 was awarded to Starcrest Energy Nigeria Limited, owned by Emeka Offor by Obasanjo. Immediately after the award, Starcrest sold the oil block to Addax Petroleum Development Company Limited (ADDAX) Addax paid Sir Emeka Offor a farming fee of $35million dollars and still paid the signature bonus to the government. Emeka Offor still retains stake in ADDAX operations in Nigeria.
(16) Mike Adenuga’s Conoil is the oldest indigenous oil exploration industry in Nigeria. Conoil has six oil blocks and exports above 200,000 barrels of crude daily.
(17)The oil block national cake sharing fiesta could take twists according to the mood of the Commander-in –Chief at the particular time. In 2006, Obasanjo revoked OPL 246 which Abacha gave to Danjuma because he refused to support the tenure elongation bid of the Ota Majesty. In 2000, Obasanjo had earlier revoked OPL 241 given to Dan Etete under the advice Atiku. However, when the Obasanjo-Atiku faceoff started, the Ota Majesty made a u-turn and handed back the oil block to Etete.
(18) During the time of Late President Yarádua , a panel headed by Olusegun Ogunjana was set up to investigate the level of transparency in the award of oil blocks. The panel recommended that 25 oil blocks awarded by the Obasanjo be revoked because the manner they were obtained failed to meet the best practices in the industry. Sadiq Mahmood, permanent secretary in the Ministry of Petroleum endorsed the report to then president with all its recommendations. As a result of the report Yarádua revoked eleven oil blocks.
(19) In April 2011 Mike Adenuga attempted to buy Shell’s OML 30 for $1.2 billion dollars. The Minister for Petroleum and Nigeria’s most powerful woman refused the sale of the OML30 to Adenuga citing national interest. This block was later sold to Heritage Oil for $800 million dollars eleven months later.
(20) In the name of competitive bidding, which Obasanjo introduced in 2005, Officials bring companies overnight and through processes best described as secretive and voodooist they award blocks to party faithful, fronts and phoney companies. They collect gratifications running into hundreds of millions of dollars which is paid into offshore account and the nation loses billions of dollars of revenue to private pockets.
During the third term agenda, Obasanjo was deceived that the allocation of oil block to party faithfuls is to fund the third term agenda. With the failure of the third term, the beneficiaries went home with their fortunes and thanked God or Allah for buttering their bread.
Senator Andy Uba co ordinate the award of the last rounds of oil block by Obasanjo in 2005 and 2007. The then minister of petroleum, Edwin Daukoru was a mere errand boy who took instructions from the presidential aide.
The process of sharing Nigeria’s oil block national cake is as fraudulent now as when Ibrahim Babangida started the process of discretionary allocation of oil blocks to indigenous firms. Discretionary allocation of oil blocks entails that a president can reward a mistress who performs wonderfully with an oil block with capacity for cumulative yield of over $20 billion dollars without recourse to any process outside of manhood attachments.
Babangida, Abacha, Abdulsalami and Obasanjo awarded discretionary oil blocks to friends, associates, family members, party chieftains, security chiefs and all categories of bootlickers, spokespersons and cult members without any laid down procedures.
The recipients of such oil blocks will get funds from ever willing offshore financiers and partners to graciously settle the benefactors, the awarders, facilitators and the Commander-in-Chief through fronts. These settlements mostly paid into foreign accounts runs into hundreds of millions of dollars according to the potential yield of the block.
Sometimes, the awarder (sharer of national cake and direct intermediaries) demand additional stakes in the bidding company. The awarder sends fronts as part of the directorship and management of the bidding firms without leaving a link to them. That is how the oil block national cake is distributed to a few Nigerians.
Signature bonuses which are paid when an investor successfully bids, wins and signs agreement with the petroleum ministry, running into tens of millions and sometimes hundreds of millions of naira ,is often waived off. There is actually no waiver; rather a diversion of what would have been paid to government t coffers is paid into private purse as appreciation gifts.
That is why those in the Petroleum Ministry dread retirement as though it signifies going to hell fire. No matter how little your influence, something substantial must enter your hands especially in hard currency. The nation loses billions of dollars in diverted revenue whenever any round of auction occurs.
The regime of President Goodluck is not showing any signs of changing the status quo. Controversies have trailed the activities of the Minister of Petroleum and many players in the Industry accuse her of demanding stakes from every oil deal. It is hoped that President Goodluck Jonathan will remember his transformational promise to Nigerians and endeavour to face the hawks in the oil industry.
The angst in the air is so much that if this monster of illegal allocation of oil block is not addressed, the much touted revolution could begin all of a sudden and all who condoned this illegality at the expense of hungry Nigerians may have nowhere to hide.
Culled from How Babangida, Abubakar, Abacha, Obasanjo Shared Nigeria’s Oil Blocks.
BEHOLD THEIR PRESIDENTIAL CANDIDATE - ATIKU ABUBAKAR!!!!
I just laugh when I read comments that suggest some Nigerians see ATIKU as an "accomplished" business man who has the interest of Nigeria at heart. What an error.
I could forgive and ignore if such comments come from the under 25s because they obviously wouldn't know what this man called Atiku did to their future. Sadly, we don't have history being taught in schools neither do we have people chronicling events in our country and writing for the coming generations to read and be informed. If these under 25s or even under 30s knew, they would be wrapping bombs around themselves and looking for Atiku. Please don't get me wrong. I'm not advocating for violence on a man who obviously deserves it. I'm just trying to emphasize how bad people like Atiku have set this country up for failure and the reason we are where we are today which mischievous people now blame on Buhari who has only been there for 3 years plus.
What hurts me personally is when you find people of 45 years and above referring to Atiku as "accomplished businessman" and messiah. Where is that coming from. If one is not careful, one would lose hope in this country because of collective amnesia we display. Those who should teach the young have become those misinforming and misleading them. Very sad indeed. If for nothing, we should fear God unto whom all hearts are open, all desires known and to whom no secrets are hidden (excerpt from the Collect For Purity of the Anglican Communion).
As the man saddled with the responsibility by the then President Olusegun Obasanjo, Abubakar Atiku as Vice President and Head of National Council on Privatization (NCP) from 1999 started digging Nigeria's economic grave for today's extreme poverty and unemployment. This is not a sensational information. The records are there. I was an active participant in that privatisation at some point because I headed the Corporate Finance of a bank that was an active player in the privatisation process.
There were about 400 Federal Government assets then, if I'm not underestimating. They were assets our heroes past invested in so that we have a prosperous tomorrow (which has suddenly come) and a bright future. Huge real estate assets were part of it. Our heroes past had great visions. We should not be talking about unemployment, low economic growth and poverty in Nigeria today if we had only 20% of that vision and built of the legacies they left.
When the FG decided to sell, some of us wandered why but we also understood that nothing run by government has ever succeeded in this country. What belongs to all belongs to nobody is our natural philosophy in Nigeria. We have a public service that has become the chronic enemy of Nigeria. If we want this country to move forward one of the things we must do is to reform the entire public service. That would be a process of exorcising that service. That is story for another day. So, we wondered why sell but it was a no brainer to rationalise. We were hoping that the process would make those national assets much better off than they were. If was a no brainer too to think through how this could be achieved. Most of us looked forward to being part of the process that would see to the turnaround of those assets.
Atiku was Chairman of NCP and he started selling. First, the process was wrong, it did not take care of the future and the valuation of those assets was laden with a preemptive intention to defraud the entire people of Nigeria.
It would be nice for Atiku to come up with his side of the story. He should write a book on his time as NCP if he's as intelligent as some of you are quick to credit him with. It would generate interesting reactions. Atiku is only a smooth talker full of lies and deception. You should understand if a man could marry 4 wives from different regions. Smooth operator. Atiku should tell us who bought what, the rationale for choosing them, how the interest of the country was protected and what was left for the country when he left power, how the country is better off through a process he supervised. Atiku sold everything without any thought for today, without any thought for the future of Nigeria, without any thought for the ability of the buyers to make the best of the assets they bought, make it better and give the desired value. The question that informed people should ask is, how come almost all the national assets were bought by Nigerians and just a few with questionable foreign partners? Did it mean that no foreign investor was interested in a huge market like Nigeria and in the sale of major infrastructures and critical assets for industrialization that we were foolishly selling to all comers? Atiku should answer that question if the claim that he's an accomplished businessman and messiah can ever be correct even in the most primitive definition of that phrase. A businessman and messiah that sold at a loss, a businessman that sold to those who wouldn't add value, a businessman that sold to those who wouldn't bring in the much desired foreign capital. What sort of businessman is that? Over 90% of the money used to buy those assets were local and borrowed from local banks. It was so bad that many banks went under on account of that privatisation. Atiku and his committee did not find foreign investors worthy because the key foreign investors that were interested were not ready to "play ball" and were not comfortable with Atiku heading NCP. Greed and selfishness made Atiku and his committee to rather kill the future of this country.
Imagine the following national assets as some of the ones sold:
Nigeria Fertilizer Company
Eleme Petrochemical
Daily Times
Ughelli Power
Egbin Power
NICON Insurance
Aluminium Smelting Company
Transcorp Hilton Hotel
NICON Luxury Hotel
Sunti Sugar Ltd
NetCom House
Bacita Sugar Ltd
Major Assets of Nigeria Airways
Nigeria Machine Tools, Osogbo
NITEL
Tell me which of these assets would not be employing thousands of our youths today. Tell me which ones would not reduce our demand for FX. Tell me which one would not create multiplier opportunities for the growth of SMEs.
We should be weeping and be full of hatred for people under which this robbery and rape happened, the PDP. Rather than think of how we got here, we have started elevating them as heroes and messiahs so that they can come back to finish up the job and finish up the country. Is something wrong with us as a people? Do we easily forget? Were we created by another god?
Please imagine where Nigeria would be if we have those assets being well run with huge foreign capital inflows. How would a country like South Africa or even small Botswana or Rwanda have gone about this same process of privatisation? They would have made sure that they sell to attract huge inflow of foreign capital. They would have made sure that whoever bought will be able to make those assets to compete with the best in the world. They would have made sure the country retained a minor percentage for the future. They would have ensured there was real transfer of technology. They would have ensured some form of royalty is paid to the government annually on account of the evergreen goodwill of FG on those assets. This is basic business thinking. This is what someone who has the interest of Nigeria would do.
In 2007, Onigbolo Cement operating at 500,000 tonnes per annum was sold to Dangote at N1.7billion. Laughable to those who can see beyond the ordinary. A cement plant sold for less than $4million fa!
To those selling Atiku, you may need to check the records of the Nigerian Senate public hearing of August, 2011 to wake you up from this deep slumber and personality analysis error. That report succinctly captures how Atiku, through retinue of cohorts, fronts, shell companies, ring fenced over 70% of FG's assets through a brazen daylight robbery and gross abuse of the privatization process that he supervised. Please find time to read. It helps to take informed decisions. The records are there on your "accomplished businessman" and messiah creating thousands of jobs after killing millions. There is nothing sensational in my narratives. Its real life facts and all the Senators are alive today. It's shameful that they are not talking or carrying placards. If I have money, I will print that report and give free to all Nigerians and translate into the three major languages.
The 2011 privatization Senate Committee was made up of Senator Ahmed Lawan as 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. A very major asset that could solve multiple problems. ALSCON which Nigeria's heroes past built with $3.2 billion, was sold to a useless Russian firm, Russal for $130million by your accomplished businessman whose only business is stealing from you and i. As of the time of sale, ALSCON had received $120million for the dredging of Imo River, but was never done. They bought a company that had cash of $120m for $130m. Please do the maths.
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." $120million for EIA? Laaaakuli! Short of saying we handed it over to Atiku but we can't say. ALSCON is still struggling. A major employer of labour with all the jobs requiring aluminum in this country still struggling.
FG's 5% share in Eleme Petrochemical worth USD27 million was never presented to at the National Council on Privatization before it was sold to Indorama. They are Atiku's friends. Indorama recovered this amount paid by just selling Polyethylene and Urea to the entire west Africa sub-region in just 14 months. They made their money back. What an "accomplished businessman" and messiah Atiku is. So he did not see this opportunity? Issokay o.
The Atikulate Business Theory of the "Messiahnic Accomplished Businessman" Atiku is simply: Sell to yourself and to your friends government assets that leaves millions in penury, set up personal businesses that provides for a few, be relevant in politics to hide your past sin, brainwash the youths you have stolen their future.
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. QED. The business acumen of Atiku that most of you are bandying about and celebrating is smelly. Let's ask the simple question, after he left Nigerian Customs what business did Atiku do, how much money did he save and what return on investment has he recorded year on year to give him the stupendous wealth he's using to oppress us. These are questions we should ask because they are questions they would ask in decent societies. You all condemn Buhari because he chose to remain in his area of business strength that would not give him smelly wealth. Not everyone wants the kind of wealth we are crazy about in this country. You complain that Buhari's herds of cattle should have been bigger when the man just wants what will give him peace of mind and maintain his integrity. He's contented. Has that become a crime in our land? He understands that with contentment in our land everyone will be happy but that contentment will never happen if some people keep oppressing us with what they have directly or indirectly stolen from government and stolen from our commonwealth.
You rather extol a man who supervised sale of over 145 key Federal Government investments as a Vice President, without a thought for today. He still wants to be president and we just chose to ignore his sins of the past that is hurting us today. You would rather blame a man that got there barely 3 years ago for all the pains we are going through. I don't just get it. The drug for our kind of amnesia can never be found. Does a country just go bad in 3 years? Why can't we just see the trap? What about Buhari that offends people so much that they would rather hand Nigeria over to "Barnabas"? Initially it was the claim that he's Fulani. Another Fulani came, that noise died down. They say he's lifeless. If he is lifeless in your experience as medical doctors, is his Vice President lifeless too? What's the worst that could happen to a lifeless person? Is his VP not fit and proper to take over? Shouldn't that possibility excite us more? I want to believe there's more to this. It's either we are all hoping the era of corruption continues so that our own time will come or as a people we just don't know what we want or what is good for us which is indeed a tragedy.
Atiku that you want to put in charge of over $45billion in foreign reserve did not think or argue that these national assets he sold be turned around by Turnaround Management Firms scattered all over the world. That wouldn't put huge money in his account.
He did not think to revitalise these assets by changing management and staff.
He did not think of how the country can attract billions and billions of foreign capital through the sale of these assets as we have seen in less endowed countries.
Atiku sold them to whomever will play ball. The chicken has come home to roost, the huge youthful population that our heroes past envisaged when investing in these assets have come of age, they need jobs and cannot find jobs. Sadly, they know not who afflicted these misery on them. They are singing the praise of the man who supervised the rape of their future. Very sad indeed.
One thing is sure. For those who know the truth and say it, God sees. For those who know the truth and don't say it, God sees. For those who are simply being mischievous with the position they have taken, God sees also. For those who are confronted with facts and choose to ignore, God sees. He judges everyone by what He sees.
May God save Nigeria 🇳🇬. And quickly too!
Copied!!!!!!!!
I could forgive and ignore if such comments come from the under 25s because they obviously wouldn't know what this man called Atiku did to their future. Sadly, we don't have history being taught in schools neither do we have people chronicling events in our country and writing for the coming generations to read and be informed. If these under 25s or even under 30s knew, they would be wrapping bombs around themselves and looking for Atiku. Please don't get me wrong. I'm not advocating for violence on a man who obviously deserves it. I'm just trying to emphasize how bad people like Atiku have set this country up for failure and the reason we are where we are today which mischievous people now blame on Buhari who has only been there for 3 years plus.
What hurts me personally is when you find people of 45 years and above referring to Atiku as "accomplished businessman" and messiah. Where is that coming from. If one is not careful, one would lose hope in this country because of collective amnesia we display. Those who should teach the young have become those misinforming and misleading them. Very sad indeed. If for nothing, we should fear God unto whom all hearts are open, all desires known and to whom no secrets are hidden (excerpt from the Collect For Purity of the Anglican Communion).
As the man saddled with the responsibility by the then President Olusegun Obasanjo, Abubakar Atiku as Vice President and Head of National Council on Privatization (NCP) from 1999 started digging Nigeria's economic grave for today's extreme poverty and unemployment. This is not a sensational information. The records are there. I was an active participant in that privatisation at some point because I headed the Corporate Finance of a bank that was an active player in the privatisation process.
There were about 400 Federal Government assets then, if I'm not underestimating. They were assets our heroes past invested in so that we have a prosperous tomorrow (which has suddenly come) and a bright future. Huge real estate assets were part of it. Our heroes past had great visions. We should not be talking about unemployment, low economic growth and poverty in Nigeria today if we had only 20% of that vision and built of the legacies they left.
When the FG decided to sell, some of us wandered why but we also understood that nothing run by government has ever succeeded in this country. What belongs to all belongs to nobody is our natural philosophy in Nigeria. We have a public service that has become the chronic enemy of Nigeria. If we want this country to move forward one of the things we must do is to reform the entire public service. That would be a process of exorcising that service. That is story for another day. So, we wondered why sell but it was a no brainer to rationalise. We were hoping that the process would make those national assets much better off than they were. If was a no brainer too to think through how this could be achieved. Most of us looked forward to being part of the process that would see to the turnaround of those assets.
Atiku was Chairman of NCP and he started selling. First, the process was wrong, it did not take care of the future and the valuation of those assets was laden with a preemptive intention to defraud the entire people of Nigeria.
It would be nice for Atiku to come up with his side of the story. He should write a book on his time as NCP if he's as intelligent as some of you are quick to credit him with. It would generate interesting reactions. Atiku is only a smooth talker full of lies and deception. You should understand if a man could marry 4 wives from different regions. Smooth operator. Atiku should tell us who bought what, the rationale for choosing them, how the interest of the country was protected and what was left for the country when he left power, how the country is better off through a process he supervised. Atiku sold everything without any thought for today, without any thought for the future of Nigeria, without any thought for the ability of the buyers to make the best of the assets they bought, make it better and give the desired value. The question that informed people should ask is, how come almost all the national assets were bought by Nigerians and just a few with questionable foreign partners? Did it mean that no foreign investor was interested in a huge market like Nigeria and in the sale of major infrastructures and critical assets for industrialization that we were foolishly selling to all comers? Atiku should answer that question if the claim that he's an accomplished businessman and messiah can ever be correct even in the most primitive definition of that phrase. A businessman and messiah that sold at a loss, a businessman that sold to those who wouldn't add value, a businessman that sold to those who wouldn't bring in the much desired foreign capital. What sort of businessman is that? Over 90% of the money used to buy those assets were local and borrowed from local banks. It was so bad that many banks went under on account of that privatisation. Atiku and his committee did not find foreign investors worthy because the key foreign investors that were interested were not ready to "play ball" and were not comfortable with Atiku heading NCP. Greed and selfishness made Atiku and his committee to rather kill the future of this country.
Imagine the following national assets as some of the ones sold:
Nigeria Fertilizer Company
Eleme Petrochemical
Daily Times
Ughelli Power
Egbin Power
NICON Insurance
Aluminium Smelting Company
Transcorp Hilton Hotel
NICON Luxury Hotel
Sunti Sugar Ltd
NetCom House
Bacita Sugar Ltd
Major Assets of Nigeria Airways
Nigeria Machine Tools, Osogbo
NITEL
Tell me which of these assets would not be employing thousands of our youths today. Tell me which ones would not reduce our demand for FX. Tell me which one would not create multiplier opportunities for the growth of SMEs.
We should be weeping and be full of hatred for people under which this robbery and rape happened, the PDP. Rather than think of how we got here, we have started elevating them as heroes and messiahs so that they can come back to finish up the job and finish up the country. Is something wrong with us as a people? Do we easily forget? Were we created by another god?
Please imagine where Nigeria would be if we have those assets being well run with huge foreign capital inflows. How would a country like South Africa or even small Botswana or Rwanda have gone about this same process of privatisation? They would have made sure that they sell to attract huge inflow of foreign capital. They would have made sure that whoever bought will be able to make those assets to compete with the best in the world. They would have made sure the country retained a minor percentage for the future. They would have ensured there was real transfer of technology. They would have ensured some form of royalty is paid to the government annually on account of the evergreen goodwill of FG on those assets. This is basic business thinking. This is what someone who has the interest of Nigeria would do.
In 2007, Onigbolo Cement operating at 500,000 tonnes per annum was sold to Dangote at N1.7billion. Laughable to those who can see beyond the ordinary. A cement plant sold for less than $4million fa!
To those selling Atiku, you may need to check the records of the Nigerian Senate public hearing of August, 2011 to wake you up from this deep slumber and personality analysis error. That report succinctly captures how Atiku, through retinue of cohorts, fronts, shell companies, ring fenced over 70% of FG's assets through a brazen daylight robbery and gross abuse of the privatization process that he supervised. Please find time to read. It helps to take informed decisions. The records are there on your "accomplished businessman" and messiah creating thousands of jobs after killing millions. There is nothing sensational in my narratives. Its real life facts and all the Senators are alive today. It's shameful that they are not talking or carrying placards. If I have money, I will print that report and give free to all Nigerians and translate into the three major languages.
The 2011 privatization Senate Committee was made up of Senator Ahmed Lawan as 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. A very major asset that could solve multiple problems. ALSCON which Nigeria's heroes past built with $3.2 billion, was sold to a useless Russian firm, Russal for $130million by your accomplished businessman whose only business is stealing from you and i. As of the time of sale, ALSCON had received $120million for the dredging of Imo River, but was never done. They bought a company that had cash of $120m for $130m. Please do the maths.
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." $120million for EIA? Laaaakuli! Short of saying we handed it over to Atiku but we can't say. ALSCON is still struggling. A major employer of labour with all the jobs requiring aluminum in this country still struggling.
FG's 5% share in Eleme Petrochemical worth USD27 million was never presented to at the National Council on Privatization before it was sold to Indorama. They are Atiku's friends. Indorama recovered this amount paid by just selling Polyethylene and Urea to the entire west Africa sub-region in just 14 months. They made their money back. What an "accomplished businessman" and messiah Atiku is. So he did not see this opportunity? Issokay o.
The Atikulate Business Theory of the "Messiahnic Accomplished Businessman" Atiku is simply: Sell to yourself and to your friends government assets that leaves millions in penury, set up personal businesses that provides for a few, be relevant in politics to hide your past sin, brainwash the youths you have stolen their future.
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. QED. The business acumen of Atiku that most of you are bandying about and celebrating is smelly. Let's ask the simple question, after he left Nigerian Customs what business did Atiku do, how much money did he save and what return on investment has he recorded year on year to give him the stupendous wealth he's using to oppress us. These are questions we should ask because they are questions they would ask in decent societies. You all condemn Buhari because he chose to remain in his area of business strength that would not give him smelly wealth. Not everyone wants the kind of wealth we are crazy about in this country. You complain that Buhari's herds of cattle should have been bigger when the man just wants what will give him peace of mind and maintain his integrity. He's contented. Has that become a crime in our land? He understands that with contentment in our land everyone will be happy but that contentment will never happen if some people keep oppressing us with what they have directly or indirectly stolen from government and stolen from our commonwealth.
You rather extol a man who supervised sale of over 145 key Federal Government investments as a Vice President, without a thought for today. He still wants to be president and we just chose to ignore his sins of the past that is hurting us today. You would rather blame a man that got there barely 3 years ago for all the pains we are going through. I don't just get it. The drug for our kind of amnesia can never be found. Does a country just go bad in 3 years? Why can't we just see the trap? What about Buhari that offends people so much that they would rather hand Nigeria over to "Barnabas"? Initially it was the claim that he's Fulani. Another Fulani came, that noise died down. They say he's lifeless. If he is lifeless in your experience as medical doctors, is his Vice President lifeless too? What's the worst that could happen to a lifeless person? Is his VP not fit and proper to take over? Shouldn't that possibility excite us more? I want to believe there's more to this. It's either we are all hoping the era of corruption continues so that our own time will come or as a people we just don't know what we want or what is good for us which is indeed a tragedy.
Atiku that you want to put in charge of over $45billion in foreign reserve did not think or argue that these national assets he sold be turned around by Turnaround Management Firms scattered all over the world. That wouldn't put huge money in his account.
He did not think to revitalise these assets by changing management and staff.
He did not think of how the country can attract billions and billions of foreign capital through the sale of these assets as we have seen in less endowed countries.
Atiku sold them to whomever will play ball. The chicken has come home to roost, the huge youthful population that our heroes past envisaged when investing in these assets have come of age, they need jobs and cannot find jobs. Sadly, they know not who afflicted these misery on them. They are singing the praise of the man who supervised the rape of their future. Very sad indeed.
One thing is sure. For those who know the truth and say it, God sees. For those who know the truth and don't say it, God sees. For those who are simply being mischievous with the position they have taken, God sees also. For those who are confronted with facts and choose to ignore, God sees. He judges everyone by what He sees.
May God save Nigeria 🇳🇬. And quickly too!
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