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$311m Abacha Loot Was Payed Directly To Contractors To Prevent Diversion By NASS, MDAs, Says Presidency

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By Emma Onuwa

The Presidency yesterday revealed that the $311 million loot by the late former military Head of State, General Sani Abacha, which was repatriated to the country, had been paid directly to contractors for various jobs executed for the government.

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NaijaBlitzNews gathered that according to the Presidency, the direct payment was to prevent the National Assembly and the Ministries, Departments and Agencies (MDAs) from diverting the money.

The federal government had in May received $311,797,866.11 as part of recovered assets of the former military dictator. The fund, which was repatriated from the United States and the Bailiwick of Jersey, was committed to expediting the construction of the Lagos-Ibadan expressway, Abuja-Kano road, and the Second Niger Bridge,

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Senior Special Assistant to President Muhammadu Buhari on Public Affairs, Ajuri Ngelale, explained during a virtual town hall meeting hosted on Twitter by the Asiwaju Bola Ahmed Tinubu Media Centre, how the presidency prevented the National Assembly from diverting the money.While presenting the scorecard of the Buhari administration, especially, in the area of infrastructure, Ngelale said the country would not be able to expand its revenue base without putting the infrastructure on ground.

According to Ngelale, “The cycle does not begin until you put the infrastructure on the ground. What we’ve been doing for the last 40-50 years before this administration was essentially living on borrowed time, where you have oil revenues coming in very effortlessly and all of that and we’re simply sharing it across import purchase and other forms of misuse.”

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Ngelale explained that considering the infrastructure deficit in the country, the Buhari government devised innovative ways to finance, to bridge 50 years of infrastructure neglect in the country. He said it was based on this that the Sukuk bond was issued in 2017, which he said was oversubscribed when it was floated.The presidential aide stated, “So, I think the country was shocked when there was an oversubscription to the tune of about 120 per cent. When we were asking for N100 billion and we came away with about N133 billion due to oversubscribed Sukuk from the private investors on the stock market.”

Ngelale explained that the Sukuk bond was oversubscribed because investors had confidence due to the verifiable mechanisms put in place by the government for Sukuk fund application. He said the fund would go towards the construction of roads and the investors would get the money back through the utilisation of those roads.

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The presidential aide added that the federal government also initiated the Presidential Infrastructure Development Fund (PIDF), which helped to provide a large sum for the construction of three major projects – the Second Niger Bridge, Lagos-Shagamu-Ibadan Expressway, and Abuja-Kaduna-Zaria Expressway.Ngelale stated, “So you have three major projects under the PIDF that we have been able to fund directly to the contractor through the Nigerian Sovereign Investment Authority (NSIA).

“And Nigerians have seen the truth of that, we don’t have to boast about it or talk about it because they can see it. Whether it’s a Second Niger Bridge, whether it’s the Lagos-Ibadan Expressway or whether it’s the Abuja-Kano, they know the work that is going on, it’s not in dispute.“And because of the structure of the Presidential Infrastructure Development Fund conceived by President Muhammadu Buhari, nobody, no middleman can put his finger on a kobo of that money on $1 of that money.

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“And, of course, we’ve been able to further galvanise other funding inputs from, of course, the Abacha loot, signing deals with the with the US government and the Jersey authorities to ensure that $311 million was put back into those three projects, with each project taking about $103 million or 33.3 per cent of the total Abacha loot that was sent back.

“So, that’s another one where we’ve been able to mobilise private and public financing to be able to directly get this money into the hands of contractors straight without National Assembly diversion, without MDAs diversion, and all of that.”

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Ngelale said the Apapa-Oworonsoki-Tollgate road would be completed by December 2022, just as Lagos-Sagamu-Ibadan Expressway and Second Nigeria Bridge.

He said the Abuja-Kaduna-Zaria-Kano Expressway would be completed in 2023, while the Lekki Deep Sea Port would be completed by December this year.

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END.

Crystal

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“I Admire Your Eloquence, Calmness,” Emir Of Kano To Obi

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By Tai Agbo

The Emir of Kano Alhaji Aminu Ado Bayero has declared that he admired the eloquence, calmness, humility of the standard bearer of the Labour Party, (LP) Mr Gregory Peter Obi.

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The Monarch stated these when the presidential candidate paid him a courtesy visit in his palace on Friday.

Said he “Iadmire your eloquence, calmness, humility, respect for culture, and fear of God.”

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A statement by the spokesman of the Thirdforce Dr Yunusa iTanko added that Obi visited the revered monarch as he arrived Kano to sympathize with the Kano Flood Victims as well as Beirut Road Collapsed Building.

The Presidential Candidate of the Labour Party the statement further stressed used the occasion of the visit to brief the Emir of his desire to serve Nigeria as the next president come 2023.

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The former Anambra State Governor, who said he had been exposed to various areas of governance for years, noted that he was experienced enough to lead Nigeria.

“Though l am in the state for sympathy visit, l deem it appropriate to make the Palace my first point of call to pay you Royal Homeage and to formally infor.m of my intention to run for president in the forthcoming election.”

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Mr Peter Obi furthet explained that he was also in the Palace to sympathize with him as a Royal Father for the twinntragedy that befell the state penultimate weeks.

The Emir who nited that the country was blessed with abundant resources but wondered why there were suffering, poverty and crimes, said he believed Obi was eminently qualified for the position as he did it as Anambra State Governor wished wished Peter Obi well in the pursuit of his ambition.

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Peter Obi was in company of Kano State Gubernatorial Candidate of Labour Party Engineer Bashir Ishaq Bashir, his running mate Dr. Datti Yusuf Baba Ahmed , Dr Yunusa Tanko and State Chairman of Labour Party Mall Raji in his entourage.

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2023: Obi Visits Emir of Kano, restated his Desire to Lead Nigeria+photos

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The Presidential Candidate of the Labour Party Mr. Peter Gregory Obi on Friday visited the Emir of Kano, Alhaji Aminu Ado Bayero where he reiterated his desire to serve Nigeria.

Obi visited the revered monarch as he arrives Kano to sympathize with the Kano Flood Victims as well as Beirut Road Collapsed Building.

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The former Anambra State Governor, who said he has been exposed to various areas of governance for years, noted that he is experienced to lead Nigeria.


While he told the Emir he is in the state for sympathy visit, Obi said he deemed it appropriate to make the Palace his first point of call.

The visit to the palace, Peter Obi explained, is to pay Royal Homage to the revered Emir and also to formally inform him of his intention to run for president in the coming election and also to sympathize with him as a Royal Father for the twinntragedy that befalled the state penultimate weeks.

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On his part, the Emir of Kano expressed his happiness for the visit and said he admires Peter Obi’s eloquence, calmness, humility, respect for culture, and fear of God. He also thanked him for having respect for culture.


The Emir who said the country is blessed with resources but wondered why there’s suffering and poverty and crime, said he believed Obi is eminently qualified for the position as he did it as Anambra State Governor where he wished Peter Obi well in the pursuit of his ambition.

Peter Obi was in company of Kano State Gubernatorial Candidate of Labour Party Engr. Bashir Ishaq Bashir, his running mate Dr. Datti Yusuf Baba Ahmed , Dr Yunusa Tanko and State Chairman of Labour Mall Raji in his entourage.

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2023: Newly wed couple join Obidients in Abuja one million man march+video

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Newly wedded couple on Saturday join the Obidients one million man march in Abuja trending video emerges online.

Naijablitznews.com reports no one seems to be left out as depicted in this video showing the newly married couple marching for LP presidential candidate Peter Obi.

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Watch video below:

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