BREAKING NEWS: EFCC SET TO PROBE OBASANJO $16 BILLIONS SCANDALOUS -

BREAKING NEWS: EFCC SET TO PROBE OBASANJO $16 BILLIONS SCANDALOUS

Following representations made by some civil society groups, the Economic and Financial Crimes Commission (EFCC) has set machinery in motion to probe the controversy surrounding the $16 billion allegedly spent on power projects during the administration of former President Olusegun Obasanjo.

The anti-graft agency may invite two ex-ministers, former top

officials of the defunct Power Holding Company of Nigeria (PHCN), present and past officials of the Niger Delta Power Holding Company and all the people recommended for investigation by a committee of the House of Representatives.

A team in EFCC was already collating facts and figures at press time yesterday.

But a top source, who spoke in confidence, said the move was not targeted at ex-President Obasanjo.

According to findings by our correspondent, the EFCC might conduct a forensic and comprehensive investigation into the alleged $16 billion power projects.

The scope of the investigation includes the total cost of the projects, how much was withdrawn from the Excess Crude Account (ECA), the total number of contracts awarded, the extent of compliance with due process and the status of the execution of all the projects.

A top source, who spoke in confidence yesterday, said: “We are looking into all the allegations and issues surrounding the power projects.

“We will conduct a comprehensive and forensic probe to ascertain the true status of all the projects.

“This investigation will actually ascertain how much has been spent so far.

“We have many figures being bandied about as follows: $16 billion, $13.278 billion, $10.3 billion, $8.4 billion and $8.55 billion.

See also NNPC Reduces Contracting Cycle to Nine Months

“This is not an investigation aimed at ex-President Olusegun Obasanjo or anybody. We have to step in to set the records straight.

“Already, a team is collating facts and figures on these projects as part of the preliminary level/ bend of the investigation.”

Responding to a question, the source added: “We will retrieve the report of the House of Representatives Committee which investigated the power projects.

“The House actually recommended 18 top former public officers, including two ex-ministers, for investigation by anti-graft agencies, especially EFCC and ICPC.

“Many salient issues were raised for investigation by the House

Committee, which was headed by Hon. Ndudi Elumelu.”

The issues raised by the Elumelu Committee were as follows:

All NIPP payments were made without following due process
No meaningful progress was made in the execution of power contracts
Officials rushed to pay contractors in full even before engineering design for the projects have been completed and approved

NIPP contracts were not only overpriced in comparison with PHCN contracts, they were also wide off the mark
Widespread evidence of systematic over-scoping of projects in order to inflate costs both in PHCN and NIPP

NIPP Distribution EPC contracts were awarded at costs averaging about 10 times the norm when compared to PHCN contracts.

The Ndudi Elumelu Committee was put in place by the House on January 31, 2008 to look into how much was spent on power projects.

In its report, the committee said that about $13.278 billion was spent on power projects between 1999 and 2007.

See also AMCON INVADES VICTORY PARK ESTATE WITH POLICEMEN AND ARMED THUGS ..........FORCIBLY THROW OUT WOMEN AND CHILDREN FROM THEIR HOMES Tuesday, 25th June 2019 was a traumatic day for over 300 Families in Victory Park Estate, Lekki Lagos. Asset Management Corporation of Nigeria (AMCON) in a gestapo style action invaded the homes of Residents in Victory Park Estate while most residents were at their places of work leaving their young families exposed to the invasion of over 30 armed police men and over fifty thugs claiming to be executing a High Court Judgement of 2017 against Knight Rook, Grant Properties and the Awosedo’s (Promoters of Victory Park Estate). According to eyewitness who craved anonymity “the Action was carefully planned by the AMCON and its Receiver Manager, Mr. Lanre Olaoluwa to take place at a time that most Home Owners would be at their places of work”. Homeowners had to rush back to the Estate when they received a distress call from vulnerable members of their families left at home. A traumatized resident who also witness the AMCON rampage lamented that “One of the families with children between the ages of 3 and below were forced out of their homes with little or no time to pick any personal effects under heavy downpour and very heavy armed presence”. He decried such inhumane treatment of hapless victims of high handedness and warned against a reoccurrence. AMCON Obtained a Judgement against the Promoters of the Estate and seeks to attach the lands and property in the Estate to the Judgement debt without taking into consideration existing encumbrances which are lands owned by Individuals and families who purchased their land, built their homes and have been living in the Estate without any notice at the time of purchase of their land of any encumbrances on the land. No Registered Mortgage and no Caveat at the Lands Registry. The various Banks that handed over the debt of the promoters to AMCON, knew that the Promoters were selling the lands to innocent hard working Nigerians who took loans to purchase land in a supposed secured Site and Service Estate having done their due diligence at the land registry. The Promoters and the Banks are parties to the fraud against innocent Nigerians and now AMCON has degenerated to an Omonile by taking over homes of families and sending mothers and children out of their homes under very heavy armed presence and down pour. AMCON is a supposed Agency of Government and must not be seen to exploit the vulnerability of families that genuinely purchased land and built their homes in their Country only to be evacuated from their homes in a gestapo manner. AMCON Act provides that AMCON and its Receiver Manager shall take over Assets subject to existing encumbrances. The Judgement against the Asset of the promoters should ideally not extend to what no longer belongs to the Promoters. “You cannot give what you don’t have”. Families in Victory Park now live in fear and horror not knowing which family will be next to be thrown out of their homes. A Government should not through its Agency treat its citizens like outcasts. The families are vulnerable, AMCON has the instrument of State, the Courts and the Police and now the self help thugs. “Who do the Citizens, the over 300 young families in Victory Park; Who do they have”. While the Families are seeking legal help, AMCON as a Government Agency is enjoined to immediately call to Order its Receiver Manager, Mr Lanre Olaoluwa who happens to be a legal practitioner to desist from the harassment and intimidation of families with the use of armed thugs and heavily armed police men.

The committee recommended termination of 13 contracts and review of 10 projects.

About 15 contracting and consulting companies were asked to be investigated by the appropriate agencies.

News served as it breaks!

BREAKING NEWS: EFCC SET TO PROBE OBASANJO $16 BILLIONS SCANDALOUS

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