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Wikileaks: How Obasanjo and Atiku Looted the PTDF

[elombah.com] Hundreds of millions of dollars have been allocated to the Petroleum Technology Development Fund, PTDF since 2000. According to the Director of the DPR, more than 1.7 billion USD has been paid into the PTDF since its inception in 1973, with more than 700 million USD paid between 2000 and 2006. The 2007 Senate report on the (PTDF) provides a detailed account of the non-transparent nature of the PTDF and, in particular, specific actions taken by both former President Obasanjo and his Vice President, Abubakar Atiku which fall outside the mandate of the fund and appear to be clear cases of misappropriation of funds.
The report shines a light on the institutional failures that allow for large-scale corruption, scam, graft and mismanagement in this multimillion dollar account. It also points to specific cases of malfeasance and mismanagement of millions of dollars in public funds.
While the report below presents evidence that both Vice President Atiku and President Obasanjo were involved in the misappropriation of PTDF funds, the Senate report concluded by recommending Atiku be sanctioned for offenses, but Obasanjo only be "advised to adhere strictly to the provisions of the law."

Till date, neither Obasanjo, nor Atikuy has been prosecuted for this crime against the Nigerian people, despite the National Assembly wasting millions of Naira to investigate the loot.
According to then US Ambassador, Campbell, "The Senate report provides what is likely the most credible direct proof of blatant corruption within the Aso villa we have seen. "

Please read this explosive US Diplomatic Cable Report; 2007

THE PTDF: A PRIMER

The Petroleum Technology Development Fund (PTDF) was established in 1973 to train Nigerians in the fields of engineering, geology, science and management in the petroleum and gas industry within Nigeria and abroad. Until 2000, the PTDF was administered by the Department of Petroleum Resources (DPR), though in actuality it was mainly dormant. In September 2000, the GoN set up an Interim Management Committee to administer the fund. The Committee was comprised of the Vice President and representatives of the DPR, Nigeria National Petroleum Corporation (NNPC), Petroleum Training Institute and the Ministry of Petroleum Resources (headed by the Presidential Advisor on Petroleum and Energy
and subsequently the Minister of State for Petroleum Resources -- President Obasanjo). The PTDF receives its funding from statutory income (signature bonuses and fees on oil block concessions, bidding fees and charges from acreage allocations received by the DPR) and investment income (interest and proceeds made on investments of the fund's capital).

Hundreds of millions of dollars have been allocated to the PTDF since 2000, though remarkably, the NNPC, DPR, Central Bank (CBN), PTDF and the Accountant General of Nigeria could not come close to agreeing on the exact amount. According to the Director of the DPR, more than 1.7 billion USD has been paid into the PTDF since its inception in 1973, with more than 700 million USD paid between 2000 and 2006.
However, the Executive Secretary of the PTDF testified that the PTDF received just over 390 million USD from 1999 to 2006, noting that the PTDF did not receive any funding in 2002, 2004 and 2005.

(COMMENT: The 2005 bidding round for 30 oil blocks resulted in signature bonuses of as much as 2.5
billion USD by some calculations. The report did not probe further into the PTDF statement that no funds were received in 2005. END COMMENT.)

INSTITUTIONAL FAILURES: PAVING THE WAY FOR CORRUPTION

The scope of institutional failures and the levels of malfeasance uncovered in the committee report are remarkable. A former internal auditor of the PTDF testified that the fund "lacks administrative and financial checks and controls."
This appears to be the case throughout the system, as the Committee found that the Accountant General
manages two of the six PTDF accounts in the CBN and that PTDF management was even unaware of the existence of these...

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