Senate Rejects Buhari’s Request To Borrow $30 billion

• The Senate has rejected President Muhammadu Buhari’s request for authorisation to borrow about $30 billion. The president, last Tuesday, forwarded a request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018. He made the requests in two separate letters to the President of the Senate, Bukola Saraki, and Speaker of the House of Representatives, Yakubu Dogara.

The Senate has rejected President Muhammadu Buhari’s request for authorisation to borrow about $30 billion.

The president, last Tuesday, forwarded a request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018.

He made the requests in two separate letters to the President of the Senate, Bukola Saraki, and Speaker of the House of Representatives, Yakubu Dogara.

Mr. Buhari said the external loan, the biggest in Nigeria’s history, will fund targeted projects cuts across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation.

Other sectors, he said, included poverty reduction through social safety net programs and governance and financial management reforms, among others.

According to him, the cost of the projects and programs of the borrowing (rolling) plan is $29.960 billion.

This is made up of proposed projects and programs loan of $11.274 billion, special national infrastructure projects $10.686 billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5 billion.

The Majority Leader of the House, Femi Gbajabiamila, was quoted on Monday as saying that the House would approve the loan.

But The Senate considered the request on Tuesday and refused to give its approval.

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EFCC To Charge Former Nigerian Minister Obanikoro, His Two Sons As They Fail To Raise N100m Bail

Former Minister of State for Defense, Musiliu Obanikoro, has failed to produce the N100 million he initially pledged he would pay as a condition to commence the payment of N800 million he admitted he embezzled from about N4.7 billion stolen from a budget designated for procurement of weaponry and other equipment for the Nigerian military to enhance its fight against Islamist militant group, Boko Haram.

Obanikoro and Family

Former Minister of State for Defense, Musiliu Obanikoro, has failed to produce the N100 million he initially pledged he would pay as a condition to commence the payment of N800 million he admitted he embezzled from about N4.7 billion stolen from a budget designated for procurement of weaponry and other equipment for the Nigerian military to enhance its fight against Islamist militant group, Boko Haram.

Two top sources at the Economic and Financial Crimes Commission (EFCC) told SaharaReporters that the former minister, who was arrested two weeks ago on his return to Nigeria, appeared to be playing games with the officials of the commission after initially cooperating with investigators.

As of Friday, Mr. Obanikoro had only mustered N24 million naira, a sum far below the N100 million he had committed to pay to fulfill bail conditions, according to an agreement with the anti-corruption agency.

The EFCC sources said the former minister would likely be charged alongside two of his sons, Babajide and Gbolahan, who are currently on the run.

Mr. Obanikoro’s sons will be charged in absentia, and thereafter be declared wanted and an application made to the US government to extradite them for trial in Nigeria.

Mr. Obanikoro returned to Nigeria on October 16 and surrendered himself to the EFCC on October 17, apparently after intense behind-the-scene negotiations with senior members of President Muhammadu Buhari’s administration. An EFCC source said Mr. Obanikoro came to the EFCC with a bag containing a cocktail of drugs with the hope of getting the EFCC to release him on health grounds the same day, but he was shocked when officials at the anti-corruption agency insisted on detaining him until he deposited at least N100 million.

The former minister reportedly confessed that he took N800m for himself out of the funds he collected using his sons’ Sylvan McNamara Company. His sons’ firm was apparently used to launder funds that were then used to rig elections for Governor Ayodele Fayose, the candidate of the Peoples Democratic Party in the 2014 governorship election in Ekiti State. The remainder of the laundered funds reportedly went to former Senator Iyiola Omisore, the PDP’s governorship candidate in Osun State, also in 2014.

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[NEWS] Obanikoro makes shocking revealtions, says he gave Fayose N2.3bn

• Former Minister of State for Defence, Senator Musiliu Obanikoro, has said that he gave the sum of N2.3bn to the Governor of Ekiti State, Ayodele Fayose, in the run-up to the Ekiti State governorship election in 2014.

Fayose and Obanikoro

                        Obanikor accompanied by his lawyer, Mr. James Onoja(SAN), at the EFCC office in Abuja said according to sources ‘the sum of N2.2billion was transferred to Sylva Mcnamara for onward transfer to Mr. Ayodele Fayose on the instruction of the NSA. ‘The sum of N1.3billion cash was brought in a bullion van by Diamond Bank on the instruction of the NSA. ‘In addition, the sum of N60million was converted to dollars at the rate of N168 per dollar and altogether the sum of $5,377,000 was handed over in cash by me to Mr. Fayose while the N1.3billion was received by Mr. Fayose’s associate, Mr. Abiodun Agbele in the presence of my Aide-de-Camp (ADC), Lt. Adewale who also accompanied them to the bank along with the bank officials. On how the cash was transferred to Fayose, Obanikoro said that “two flights were used to convey the money from Lagos. The ex-Minister said he “took off with the first flight with part of the money while the second flight brought the remaining funds to Akure local airport and I directed that it should be handed over to the same person.” The source said Obanikoro however maintained that part of the cash was used to ward off Boko Haram aggression in Lagos and in the South-West in general. The source added: “He told us that he is not the owner of the company in question but introduced the owner, Mr. Kareem Taiwo to the NSA, Mr. Sambo Dasuki when the threat of Boko Haram became more visible in Lagos. “He said the government wanted to “incorporate local input into the intelligence gathering and prevention of terrorist attack on Lagos and the South-West in general.” The EFCC had discovered that Sylvan Mcnamara Limited, allegedly owned by Obanikoro and his sons, was used to launder the N4.745billion. The company, which was incorporated in November 2011 had the following as its directors: a close aide of the ex-Minister, Ikenna Ezekwe(700,000 shares) of 51 Simpson Street, Ebute-Metta; Idowu Oshodi(299,000 shares) of 8, Prince Tayo Adesanya Street, Park View Estate, Ikoyi; and Elizabeth Adebiyi(1,000 shares) of 3, Adedoyin Street, Ijeshatedo, Surulere. But Ikenna Ezekwe has had his accounts de-frozen by the EFCC since the slush funds were not traced to him. A document said: “To set the stage for the use of the company for money laundering, the board of directors on May 7, 2012 passed a resolution that the company should open an account and appointed Mr. Gbolahan Obanikoro, Ikenna Ezekwe, Ms. Theresa Matuluko (Secretary) and Mr. Babajide Obanikoro as the signatories to the account. “The board added that the signing combination be that any of the signatories can sign alone.” According to EFCC, when it was time to illegally draw the N4.745billion from ONSA as war chest for Ekiti Governorship poll, ex-Minister Obanikoro made the account of Sylvan Mcnamara Limited available and coordinated the disbursement. The breakdown of the disbursement was as follows: N N759, 384, 300 changed into dollars through Bureau De Change firms; N160million used to purchase cars through Balmoral International Limited; N1, 219, 490,000 ferried by Obanikoro in two flights to a branch of Zenith Bank at Plot 13, Alagbaka Estate, Akure to evacuate the cash and received by Fayose’s associate, Abiodun; balance of about N2billion withdrawn by Obanikoro and his two children in cash. Some of the Bureau De Change companies involved in the transactions and the amounts credited to them include A.A.G.B.S OIL AND GAS (N168,000,000.00); SYLVAN MCNAMARA LTD (N167,500,000.00); NORTHLINE LTD (N835,000.00); NORTHLINE LTD (N83,750,000.00); FIVE STAR LTD N(37,600,000.00); A.B.A TRADING ENT (N268,301,500.00); VILLAGOLF BUREAU DE (N1,425,000.00); AHMAD &OMAR (N350,000.000); NORTHLINE LTD (N1,680,000.00); NORTHLINE LIMITED A (N2,325,300); REHOBOTH HOMES (20,000,0000); NORTHLINE LTD (N5,932,500.00); NORTHLINE LTD (N842,500); NORTHLINE LTD (N842,500.00).

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