This newsBlog has not been completely Verified and it is the personal opinion of Somebody who attributes a portion of this article from Mallam Nuhu Ribadu.
Who we hear might investigate Adenuga on his return . Keep on reading !
Relationship with IBB explained
Ibb "shareholder" in Globacom
Otumba Mike Adenuga is the Chairman of this bank and it was the second bank, where $I65million PTDF funds were fixed at various times. The first placement was on June 25, 2002 in the sum of USD50million transferred from its account in UBA Plc, New York, US. After the deposit, Mr. Mike Adenuga, an associate of the VP, paid the sum of $20million sometime in 2002 as part payment for Globacom's license. Some few months after the receipt of the $50million, Mike Adenuga, through one of his accounts called Deep Sea Ltd, gave Marine Float Ltd the sum of N300million (on 27/11/02). Deep Sea Ltd is an internal account in ETB funded by another related account, Yuletide Ventures, whose source of funds was unauthorized overdrafts granted by the bank. Another N22 million was also given to Marine Float on 06/03/03 by same Mike Adenuga through Deep Sea Ltd. These funds were transferred from Lagos to Messrs Akinyera and Ajibade in Abuja but drafts were raised in favour of Marine Float Limited. These payments showed direct benefit of the VP in ETB. There was another ETB draft of N21million issued in favour of Alhaji Umar Pariya, an aide to the VP around the same time the $50million deposit was made. Messrs Akinyera and Ajibade are close aides of Otumba Mike Adenuga just as Alhaji Umar Pariya is a close aide of Alhaji Atiku Abubakar.
The trio of VP, ES of PTDF (Alhaji Yusuf Hamisu Abubakar) and Otumba Mike Adenuga met in the office/residence of the VP to discuss the placement of the USD115million in ETB by PTDF. It was at this meeting that Hamisu Yusuf Abubakar was introduced to Otumba Mike Adenuga as the chairman of ETB. Immediately after the meeting, the placement of the $115million by the PTDF in ETB followed and Mike Adenuga rolled out his Globacom Network in the country.
A scrutiny of Globacom revealed its ownership structure as follow; Conpetro Limited-51%; Alhaji G. Subair-24%; Prince Babatunde Akinyera-12.5% and Festus Okechukwu Igbomor-12.5%. This is contrary to Otumba Mike Adenuga's statement of being the sole owner of the company. The given address of Alhaji G. Subair of 2/3, Dawaki Road, Kaduna, was found to be a property belonging to Mohammed Badamasi Babangida. When the other addresses of the shareholders were checked, they were found to be non-existent.
Mr. Jeffrey Tesler, a business associate and friend of both Ibrahim B. Babangida and Mike Adenuga facilitated the payment of $180milion for Globacom license. Jeffrey Tesler also facilitated the granting of a loan of $700million to Con Oil, a company owned and controlled by Otunba Mike Adenuga.
The ES was rewarded with a so called loan in excess of N200million by ETB after the placements of the $165million in the bank, for transportation/dealership business with Conoil, a company belonging to Otumba Mike Adenuga. The duos are now fugitive from justice.
The business of banks is basically to mobilize funds (deposits) and advancing them as loans to their customers, among others, but not as unsecured and unauthorized loans that was distributed to companies, relations and politicians. It is clear that these monies were paid to companies and individuals contrary to the original intention of the so called loans
iGate Inc. US (iGate)
iGate is a US based technology company that is into communication technology. Sometimes in June 2003, while in Nigeria, Congressman Jefferson introduced the officials of NDTV (Otumba Fashawe, Dumebi Kachikwu and Ahmed Vanderpuije) to Vernon Jackson, the Chief Executive of iGate Inc. Through various negotiations, NDTV ultimately entered into a Distributor Agreement with iGate whereby NDTV agreed to pay iGate $44,943,400 for the rights to iGate's technology and to distribute its products in Nigeria. By January 2004 and in accordance with the agreement, NDTV paid approximately 15% or $6.5million to iGate as an advance for the right. $1.5million was initially remitted to iGate and the balance of $5million was later wired to iGate being the balance of the 15% with the remaining 85% or $38.4million expected to be financed by US EXIM bank.
Business relationship between NDTV and iGate became strained towards the end of 2003 and ultimately broke off in 2004. Consequently, NDTV hired legal representative, Jean Micheal Malek, in the US to seek the refund of the $6.5million it paid iGate. The sum of $5000 was paid to the lawyer as his fee to facilitate the refund to NDTV.
iGate agreed to return $4million after negotiation but only $1.7million had been refunded to NDTV through TIB, leaving a balance of $2.3million unpaid. It was at this stage that Congressman Jefferson wrote to the President in defense to an alleged petition sent to the president by Otumba Fasawe. Jefferson wrote that Mr. Vernon Jackson had told him that before the payments to iGate, the MD of NDTV, Ahmed Vanderpuije, informed him that they were expecting funds from PTDF which would be used for the payments for the contract between NDTV and iGate.
After the business relationships between NDTV and iGate soured, Congressman Jefferson continued to look for an investor in telecommunication venture that would utilize iGate's technology and products. This effort yielded fruits with the agreement between Rosecom. Net, an Internet Service Provider (ISP), and iGate Inc. for the use of iGate technology to provide internet services in Nigeria over Nitel's copper wire infrastructure (Co-location). However, Nitel refused to allow the co-location agreement to subsist because it had already entered into another agreement with a Chinese based company for the same purpose.
As a result of Nitel refusal, Congressman Jefferson decided to enlist the cooperation of the VP, first, for assistance in extinguishing the $2million debt to NDTV relating to the previous NDTV procurement of the right to use iGate technology in Nigeria and secondly, for assistance in gaining Nitel's cooperation for the co-collocation of iGate technology at Nitel's facilities.
It is pertinent to note that on May 3, 2006, Mr. Jackson pleaded guilty to charges of conspiracy to bribe and bribery in the US. He claimed to have bribed Jefferson with more than $400,000 in cash, company stock and shares in iGate technology business ventures in Nigeria and other African countries.
7. The VP, Atiku Abubakar
Atiku Abubakar is the Vice President of Nigeria and he was the one overseeing the activities of PTDF. He inaugurated the Interim Management Committee of the Fund in September 2000.
He played prominent roles in the approvals for release of PTDF funds and their placements in two banks. The VP had an outstanding interest in the placement of the PTDF funds in these two banks. For one, even the $125million for the implantation of some specific projects was not utilized for that purpose, rather caused their diversion to their placements in the two banks (TIB & ETB). Prior to the placements of the PTDF funds, the VP held several meetings with either the ES alone and sometime the ES and Mike Adenuga to discuss modalities regarding the placement of the funds either in TIB or ETB. The placements were done at the detriment of the Fund as they were made at interest rates below the average CBN Minimum Rediscount Rate (MRR) even when he was strongly advised against that.
The request for the release of the $20million, was predicated on the issue of the ongoing projects being executed by the Fund, whereas it was not so. The funds were released again by the VP and were sent straight to the same placement in TIB. This second release was done without the knowledge and approval of the Presidential Adviser on Petroleum and Energy, Mr. President and the FEC. As these funds were hitting the two preferred banks, "loans" were packaged by TIB, even without adequate collateral, for his long time friend and business associate, Otumba Oluwole Johnson Haliru Fashawe through NDTV and Mofas. In Mofas, one of the directors is Alhaji Adamu Abubakar, a son of the VP. Though the VP's name was not stated as a director of Marine Float, evidence abounds that the account is controlled by him. First, the VP admitted he paid N30million for the property from that account; secondly, most of the beneficiaries from the account are his friends, associates.
Similarly, as the funds were hitting ETB, Otumba Mike Adenuga made $20million deposit for Globacom license, the second national carrier. A little scrutiny of the equity ownership structure of the company revealed that Otunba Mike Adenuga lied about the ownership of the company. When the transfer of the $50million by PTDF from its account in UBA Plc New York was made in ETB, Mike Adenuga gave the VP the sum of N322million (i.e N300m on 27/11/02 & N22m on 06/03/03) through his Marine Float account domiciled in Bank PHB Plc through his aides - Akinyera and Ajibade. The sum of N21m was paid to the VP through a draft raised in the name of Umar Pariya, his Personal Assistant.
The VP held several meetings with the US Congressman Williams J. Jefferson both in Nigeria and abroad in relation to business ventures which included NDTV and Rosecom.Net, an ISP. When the business relationship between NDTV and iGate collapsed, his assistance was sought to extinguish the outstanding approximately $2million already paid by NDTV. Even though he denied assistance on extinguishing the amount, he accepted conveying a letter from US Congressman Jefferson to the Honourable Minister of Communication, Chief Cornelious Adebayo in relation with iGate and Rosecom.Net business venture.
The VP's business interest in NDTV was confirmed when he made an initial deposit of N30million on January 7, 2003 from his Marine Float account in Bank PHB Plc for the purchase of the N200million property being used as NDTV Head Office. His interest also influenced the placement of PTDF funds in TIB from where Otunba Fashawe obtained 'loan' and completed the payment of N170million for the property at Wuse. The VP's interest in NDTV is further buttressed by the fact that he even acted as a referee to Otumba Fashawe for the sourcing of the licensing of NDTV in Nigeria Communications Commission (NCC). Ref. Appendix AB. Investigation also revealed that the VP severally met contractors of NDTV at Jada, his hometown on his interest in the company.
Distinguished Senators, this is submitted for your necessary action.
Thank you very much.
NUHU RIBADU
EXECUTIVE CHAIRMAN
Economic and Financial Crimes Commission (EFCC)
iGate is a US based technology company that is into communication technology. Sometimes in June 2003, while in Nigeria, Congressman Jefferson introduced the officials of NDTV (Otumba Fashawe, Dumebi Kachikwu and Ahmed Vanderpuije) to Vernon Jackson, the Chief Executive of iGate Inc. Through various negotiations, NDTV ultimately entered into a Distributor Agreement with iGate whereby NDTV agreed to pay iGate $44,943,400 for the rights to iGate's technology and to distribute its products in Nigeria. By January 2004 and in accordance with the agreement, NDTV paid approximately 15% or $6.5million to iGate as an advance for the right. $1.5million was initially remitted to iGate and the balance of $5million was later wired to iGate being the balance of the 15% with the remaining 85% or $38.4million expected to be financed by US EXIM bank.
Business relationship between NDTV and iGate became strained towards the end of 2003 and ultimately broke off in 2004. Consequently, NDTV hired legal representative, Jean Micheal Malek, in the US to seek the refund of the $6.5million it paid iGate. The sum of $5000 was paid to the lawyer as his fee to facilitate the refund to NDTV.
iGate agreed to return $4million after negotiation but only $1.7million had been refunded to NDTV through TIB, leaving a balance of $2.3million unpaid. It was at this stage that Congressman Jefferson wrote to the President in defense to an alleged petition sent to the president by Otumba Fasawe. Jefferson wrote that Mr. Vernon Jackson had told him that before the payments to iGate, the MD of NDTV, Ahmed Vanderpuije, informed him that they were expecting funds from PTDF which would be used for the payments for the contract between NDTV and iGate.
After the business relationships between NDTV and iGate soured, Congressman Jefferson continued to look for an investor in telecommunication venture that would utilize iGate's technology and products. This effort yielded fruits with the agreement between Rosecom. Net, an Internet Service Provider (ISP), and iGate Inc. for the use of iGate technology to provide internet services in Nigeria over Nitel's copper wire infrastructure (Co-location). However, Nitel refused to allow the co-location agreement to subsist because it had already entered into another agreement with a Chinese based company for the same purpose.
As a result of Nitel refusal, Congressman Jefferson decided to enlist the cooperation of the VP, first, for assistance in extinguishing the $2million debt to NDTV relating to the previous NDTV procurement of the right to use iGate technology in Nigeria and secondly, for assistance in gaining Nitel's cooperation for the co-collocation of iGate technology at Nitel's facilities.
It is pertinent to note that on May 3, 2006, Mr. Jackson pleaded guilty to charges of conspiracy to bribe and bribery in the US. He claimed to have bribed Jefferson with more than $400,000 in cash, company stock and shares in iGate technology business ventures in Nigeria and other African countries.
7. The VP, Atiku Abubakar
Atiku Abubakar is the Vice President of Nigeria and he was the one overseeing the activities of PTDF. He inaugurated the Interim Management Committee of the Fund in September 2000.
He played prominent roles in the approvals for release of PTDF funds and their placements in two banks. The VP had an outstanding interest in the placement of the PTDF funds in these two banks. For one, even the $125million for the implantation of some specific projects was not utilized for that purpose, rather caused their diversion to their placements in the two banks (TIB & ETB). Prior to the placements of the PTDF funds, the VP held several meetings with either the ES alone and sometime the ES and Mike Adenuga to discuss modalities regarding the placement of the funds either in TIB or ETB. The placements were done at the detriment of the Fund as they were made at interest rates below the average CBN Minimum Rediscount Rate (MRR) even when he was strongly advised against that.
The request for the release of the $20million, was predicated on the issue of the ongoing projects being executed by the Fund, whereas it was not so. The funds were released again by the VP and were sent straight to the same placement in TIB. This second release was done without the knowledge and approval of the Presidential Adviser on Petroleum and Energy, Mr. President and the FEC. As these funds were hitting the two preferred banks, "loans" were packaged by TIB, even without adequate collateral, for his long time friend and business associate, Otumba Oluwole Johnson Haliru Fashawe through NDTV and Mofas. In Mofas, one of the directors is Alhaji Adamu Abubakar, a son of the VP. Though the VP's name was not stated as a director of Marine Float, evidence abounds that the account is controlled by him. First, the VP admitted he paid N30million for the property from that account; secondly, most of the beneficiaries from the account are his friends, associates.
Similarly, as the funds were hitting ETB, Otumba Mike Adenuga made $20million deposit for Globacom license, the second national carrier. A little scrutiny of the equity ownership structure of the company revealed that Otunba Mike Adenuga lied about the ownership of the company. When the transfer of the $50million by PTDF from its account in UBA Plc New York was made in ETB, Mike Adenuga gave the VP the sum of N322million (i.e N300m on 27/11/02 & N22m on 06/03/03) through his Marine Float account domiciled in Bank PHB Plc through his aides - Akinyera and Ajibade. The sum of N21m was paid to the VP through a draft raised in the name of Umar Pariya, his Personal Assistant.
The VP held several meetings with the US Congressman Williams J. Jefferson both in Nigeria and abroad in relation to business ventures which included NDTV and Rosecom.Net, an ISP. When the business relationship between NDTV and iGate collapsed, his assistance was sought to extinguish the outstanding approximately $2million already paid by NDTV. Even though he denied assistance on extinguishing the amount, he accepted conveying a letter from US Congressman Jefferson to the Honourable Minister of Communication, Chief Cornelious Adebayo in relation with iGate and Rosecom.Net business venture.
The VP's business interest in NDTV was confirmed when he made an initial deposit of N30million on January 7, 2003 from his Marine Float account in Bank PHB Plc for the purchase of the N200million property being used as NDTV Head Office. His interest also influenced the placement of PTDF funds in TIB from where Otunba Fashawe obtained 'loan' and completed the payment of N170million for the property at Wuse. The VP's interest in NDTV is further buttressed by the fact that he even acted as a referee to Otumba Fashawe for the sourcing of the licensing of NDTV in Nigeria Communications Commission (NCC). Ref. Appendix AB. Investigation also revealed that the VP severally met contractors of NDTV at Jada, his hometown on his interest in the company.
Distinguished Senators, this is submitted for your necessary action.
Thank you very much.
NUHU RIBADU
EXECUTIVE CHAIRMAN
Economic and Financial Crimes Commission (EFCC)
