Malabu oil block presidential scam: How Jonathan funnelled N155billion to phony companies

dan_etete

 

By Idris Akinbajo

The Nigerian Government transferred N120billion ($801million) to a company, Malabu Oil and Gas, with a fake address and which has been involved in illegality right from its inception, an ongoing PREMIUM TIMES investigation has shown.

The company subsequently transferred the money to other phony companies with falsified addresses in what the Economic and Financial Crimes Commission described as a “cloudy scene associated with fraudulent dealings.”

PREMIUM TIMES  had reported how Mohammed Adoke, the Attorney General of the Federation; and Yerima Ngama, the Minister of State for Finance, on August 16, 201,1 hurriedly and secretly authorised the transfer of the money from a Nigerian government account with JP Morgan International Bank, into Malabu accounts, a day before the resumption of the Finance Minister and former World bank Managing Director, Ngozi Okonjo-Iweala.

Further investigations by this newspaper has however shown that as at the time the FG was transferring such a huge sum  to Malabu, the company was engaged in criminality as it had not only registered using a fictitious character, it also maintains a fake address  with the Corporate Affairs Commission (CAC).

The illegal registration

By creating a fictional character, Kweku Amafegha, and making him one of the directors and shareholders of Malabu at inception, Dan Etete and other promoters of Malabu violated section 563 of the companies and allied matters act (CAMA).

Earlier reports by PREMIUM TIMES had shown how and why Mr. Etete, a former Minister of Petroleum, created, and sustained the character.

Mr. Etete, who had been convicted of money laundering in France, is also liable, by that action, to at least 7yeras in prison by virtue of sections 190 and 436 of the criminal code act, lawyers say.

“Section 190 and Section 436 (b) of the Criminal Code Act is applicable to the conduct of the promoter of Malabu, in that a false representation or declaration was made to induce the Corporate Affairs Commission to issue an incorporation certificate,” said Jiti Ogunye, a Lagos based lawyer.

Mr. Ogunye, who compared the Malabu case to that of companies used as fronts by Tafa Balogun, convicted former Inspector General of Police, urged the CAC to de-register Malabu.

“Owing to the false representation, the Corporate Affairs Commission can approach the Federal High Court under Section 563 of CAMA to seek the withdrawal and cancellation of the Certificate of Incorporation of Malabu. It should be recalled in this regard, that in the Tafa Balogun’s case, the Court ordered that the companies that were incorporated as the vehicles and facilitators of fraud be de-registered by the CAC,” the lawyer said.

It is not only in its shareholding structure that Malabu committed fraud. Even the address it maintains with the CAC are false.

The CAC Malabu registration

Malabu Oil and Gas, in its registration papers, maintained with the CAC, has 35 Kingsway Road, Ikoyi, as its address.  It is this address that the company used in several correspondences with the Ministry of petroleum Resources.

A check at the address however shows that there is no company by that name there. Dredging International Services, a marine and waterway contractor, occupies the address.

“We’ve been here for 10 years. If they were here, they did not leave a forwarding address when they left. You can go and check on the internet,” the secretary of Dredging International Services, who did not want her name in print, said.

Another address, 43 Kingsway Road, Ikoyi, which Malabu used in a 2006 correspondence with the petroleum ministry, also does not exist. No. 41 Kingsway Road is a residential home. The next three buildings are a 15 storey service flats operated by Fieldco Limited; Southern Sun hotel; and Golden Gates restaurant in that order.

However, it is to this company with falsified directors and addresses and whose promoters should spend at least 7 years in jail by Nigerian law that the Federal Government under President Jonathan, transferred N120bn ($801mn) to, with a view to making the whole transfer $1.1bn

In what federal investigators described as “curious,” Malabu is not only a phony company; it also transferred the money it got from the FG to other equally dubious companies.

The phony companies

PREMIUM TIMES had reported how companies co-owned by Abubakar Aliyu, a man who has been enmeshed in several controversial deals with government officials and agencies, and whom anti-corruption investigators described as “Mr. Corruption,” got about half of the $1.1bn. A total of $523million was transferred by Mr. Etete, from the FG transferred funds, into companies co-owned by Mr.  Aliyu.

A-Group Construction Company, a firm co-owned by Mr. Aliyu, has its address at Plot J165A Harold Shodipo Crescent, Ikeja G.R.A, Lagos, in CAC records. The company got N23.6billion ($157mn) from Malabu from the transfer.

A visit to the address revealed that it is a residential home, the initial occupants having relocated and not leaving behind a contact address.

“They moved to Abuja since 2010 and they didn’t drop any address with which they can be reached,” said a security man at the gate.

PREMIUM TIMES could not confirm if it was A-Group that was in the address before. However, as at the time Malabu transferred the money to A-Group, its registered address with the CAC was and is still false. 

Another company, Imperial Union Limited, received N5.1billion ($34million).

The company’s address in its official papers with the CAC is Plot 14 Wempco Road, Ikeja, Lagos. The address is non-existent according to checks by PREMIUM TIMES.

“I’ve been here for about three years and I’ve never heard of such a company,” said a security officer at a Guinness warehouse on Wempco Road.

Perhaps, the most intriguing of all the companies is Novel Properties and Development Company Limited -which got N4.5billion ($30mn) from the transfers.

The Novel fraud

Novel Properties and Development Company Limited is co-owned by Mr. Aliyu, who is listed as one of the four directors of the company in CAC records. The company’s registered address is at 22 Capitol Road, Agege, Lagos.

PREMIUM TIMES findings show that two buildings stand at No. 22 Capitol Road, Agege – a large residential home owned by a man known as Alhaji Surusu and a small office run by Jide Ismail, a property consultant.

“My company has been here for more than 10 years and we have not received such money from anybody,” said a visibly alarmed Mr. Ismail.

“We’ve never heard of anything like Novel (Properties). There are only three of us in property development along this road,” he added.

While the claimed (false) address of Novel is on the Lagos mainland, further investigations reveal another company bearing a similar name at 8/10 Broad Street, Western House, Marina, Lagos, on the Lagos Island.

At the Marina address, Souki-Novel Limited, the parent company of Novel Properties, along with some law firms, occupies the noiseless offices on the 15th floor.

The owners of Souki-Novel however say their company only bears a similar name with Mr. Aliyu’s

“I’d feared something like this would happen when I discovered there were two of us bearing the same name,” said S.A Agidee, a partner at Souki-Novel.

“I complained to the CAC about this and they told me there was nothing wrong with it,” he added.

In other to clear the air on the retainer-ship of its name, Mr. Agidee wrote to Mr. Aliyu’s Novel.

In a letter addressed to Novel Properties and Development Company Limited, Agege, dated 3rd June, 2004; Mr. Agidee brought the attention of Moses Adesegha and Tunji Adeyemi, two of the company’s directors, to the similarity in the name of their firm and his; which he had registered at the CAC since 1993. The false Novel which got a share of the Malabu funds was registered in October 2004.

“We believed we should meet with our goodselves to discuss the issue of similarity and possibly mistaken identities,” wrote Mr. Agidee, in the letter which he also copied to the CAC.

“We do hope you appreciate the full implication of this especially in relation to financial issues,” he added. Just like Mr. Aliyu’s Novel properties, it is not clear whether Messrs Adesegha and Adeyemi are real persons.

After a three week wait without a response from either of the two directors or their company, Mr. Agidee wrote to the CAC objecting to the registration of Novel Properties and Development Company stating that the similarity could mislead the public.

“Our attempt to reach the promoters of the company was unsuccessful as the address provided turned out to be a residential one with a guard claiming he knows no such company.”

Mr. Agidee said that he received a tersely worded reply from the CAC telling him “there was nothing wrong with the similarity”.

Novel properties, A- group construction, Imperial Union, and Malabu oil and gas, may be phony companies with falsified addresses, they are however the beneficiaries of N155bn ($1.1bn), courtesy of the President Goodluck Jonathan’s administration; a situation which puzzled Mr. Ogunye, the Lagos lawyer.

“Registering a company under false name is illegal under CAMA. That alone if pursued by a responsible government is enough to cancel the whole (Malabu) transaction as the recipient was an illegal entity,” said Jiti Ogunye.

“But you and I know that this present Government cannot do something like that,” he added.

The ministers in the centre of this transaction – Messrs Adoke and Ngama – could not be reached for comments. So also are presidential spokesperson, Reuben Abati and the man who owns the phony companies, Mr. Aliyu.


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  • Libertydgreat

    so bad for Nigeria and Nigerians

  • Salisu Dan Gombe

    I find no link between the content of this article and President Goodluck Jonathan. It just doesn’t make sense. If Premium Times investigations reveal any fraud against the Federal Republic of Nigeria in the transactions described above, all that they need to do is to petition the appropriate law enforcement Agencies so that proper investigations can be conducted to verify the facts of the case. This is just another desperate attempt by the born-to-rule Northern Muslim Hausa-Fulani to unjustly bring down the Jonathan government or at least make the country ungovernable for him. The good news is that the Northern Muslim Hausa-Fulani continue to fall into the pit that they dig for Jonathan as is the case now with the Northern Muslim Hausa-Fulani dominated House of Thieves and Bribe Takers.

    • John

      Pls provide the link for us if ur really telling truth.

    • Angela

      We do not need the link Salisu Dan Gombe (previously Kenmani I believe). This investigation by Premium Times is credible and commendable. A man’s crimes is not done because he comes from a certain part of the country. President Jonathan is showing remarkable ineptitude by the day especially in regards to this fraud. With this publication, we expect the companies mentioned here to come out with facts proving the contrary tomorrow. It will not happen though, instead Boko Haram will strike to keep us further distracted from facing the real issues.

  • Salisu Dan Gombe

    I find no link between the content of this article and President Goodluck Jonathan. It just doesn’t make sense. Is Malabu Oil and Gas Company owned by President Goodluck Jonathan? I am aware that real owners of Malabu Oil and Gas exist and are well known to Nigerians. Recently, I read a publication in the a national newspaper by Malabu Oil and Gas explaining the details of the so called settlement you are now mischievously using to hound President Goodluck Jonathan. Did you read it? If you did not, please get a copy and read so that your ignorance and mischief can be cured. More importantly, if Premium Times investigations reveal any fraud against the Federal Republic of Nigeria in the transactions described above, all that they need to do is to petition the appropriate law enforcement Agencies so that proper investigations can be conducted to verify the facts of the case. It appears this is just another desperate attempt by the born-to-rule Northern Muslim Hausa-Fulani to unjustly bring down the Jonathan government or at least make the country ungovernable for him. The good news is that the Northern Muslim Hausa-Fulani continue to fall into the pit that they dig for Jonathan as is the case now with the Northern Muslim Hausa-Fulani dominated House of Thieves and Bribe Takers.

    • Adeyemi

      Why don’t u give us link to what you read, if they are well known to you parherps u must have collected part of the share, if someone or media has gone to dis extent to investigate corruption, wonder wat u ar doiNg, probabably sleeping while ur so called leaders loot d money dt belong to the common masses, i doubt this ur name, msheeew

    • Chukwudi

      Dear Mr. Salisu Dan Gombe,
      I am aware that emotions and support for one’s client can becloud critical issues. But logic will help remove any cloud. So I will state what you said. I will also state what Premium Times has written. I will do this in a cold dispassionate manner.
      What Salisu Dan Gombe said:
      1. You said there is no link between this story and President Jonathan.
      2. You said Malibu has made a publication in the newspaper “on the details of the so-called settlement.
      3. You then said if PT investigations reveal any fraud, PT should petition appropriate law enforcement agencies.
      What Premium Times said.
      1. PT said the government of the federal Republic of Nigeria transferred 120 billion naira to Malibu on August 16 2011. As at August 16 2011, Mr. Goodluck Jonathan was and is still the President of the federal republic of Nigeria.
      2. PT said Malibu provided fictitious addresses and names to Corporate Affairs Commission for the purpose of registration. Therefore Malibu has violated Nigerian laws.
      3. PT said there is no difference between Mr. Tafa Balogun’s case which a Nigerian court declared illegal and Malibu registration case. So. The government of the federal republic of Nigeria under President Jonathan’s watch transferred money to a company-Malibu-that committed illegality (known by a court precedent) against a subsisting Nigerian law(example-of precedent Mr. Balogun’s case).
      4. PT said Malibu distributed the money which the government of the federal republic of Nigeria under President Jonathan’s watch transferred to it to other companies that gave fictitious addresses and names. PT claimed that it investigated all these addresses and found them fictitious. PT gave factual evidences for its investigations.
      5. PT also said Mr. Dan Etete has been convicted of money laundering in France. In other words, in factual terms Mr. Dan Etete is an ex-convict. PT reported that the government of federal republic of Nigeria transferred the money to a company owned by an ex-convict.
      Dear Mr. Salisu Gombe, these are some of the facts of the story and your own story. I think you have every right to refute items 1-5 under what PT reported. And I think you should. But if factually you cannot refute items 1-5, these are my questions to you: given that the Nigerian security system(SSS/EFCC/POLICE) have the resources to know and detect illegalities (a.k.a Otedola/Lawan Mr. “Integrity”) why did the same federal government under the watch of President Jonathan transfer money to (i) a company that has clearly committed a crime against Nigerian law(a.k.a Mr Tafa Balogun), (ii) to a company owned by an ex-convict -Mr. Dan Etete (a.k.a. money laundere France), (iii) a company that committed illegality against our laws such that the same company transferred same money to other companies that have committed same crime against our laws? Why did the government headed by President Jonathan allowed these to happen? Why did the federal government under President Jonathan’s watch NOT discover these illegalities before proceeding to transfer money to a company that has committed crime against the corporate laws of Nigeria? And President Jonathan is the president under whose watch this happened. Just answer these questions Mr. Salisu Dan Gombe.
      Thanks.
      Chukwudi.

      • Chinye

        You have tried your best to be forensic, but due to some befuddled notion of issues you have managed to miss the point. Did you at all read the Attorney General’s robust riposte of the accusation when the news first broke out. If you have not, please read it before you come to a public forum like this to exhibit your ignorance. The money was never the property of the FG. The FG acted as a facilitatorhonest broker for the transaction, which was essentially between Shell and Malibu. As has been adjudicated by the international business courts and Nigerian courts.

        After reading what the Attorney General had to say, at least you can argue from a position of knowledge even if you disagree.

        • Chukwudi

          Sir,
          So the Federal Government under the watch of President Jonathan collected the money on behalf of companies that have committed crime against Nigerian laws and paid the money the money to the same company that has committed crimes against Nigerian laws? Sir, is that what you are saying? So you do not think it matters that the Attorney General who is a lawyer should be aware of the case of Mr. Tafa Balogun? And you do not think that given the similarity in Malibu and Tafa Balogun’s companies the office of the Attorney General that superintends Nigerian laws should ask questions? And you do not think it matters that all these happen under he watch of President Jonathan? Does it interest you that what these mean is that President Jonathan’s govt facilitated the transfer of money to a company that exist illegally under Nigerian corporate laws? Sir if you do not see all these, do you still want to agree with the legal precedent on Mr. Tafa Balogun? These are the issues and NOT the “robust riposte” President Jonathan’s Attorney General who opened his eyes and paid money to companies that have committed crimes against Nigerian laws.
          Thank you.

          • Chinye

            There is unquestionable evidence that Malibu is dodgy, but if you accept he fact that the money never belonged to the Federal government in the first place, then we are getting somewhere. Do we also accept that the international court for business dispute found in favour of Malibu, despite being horrible as we know they are?

            The next thing to examine is the importance of the Block concerned to Nigeria. The matter has been ping ponging around for a long time. Do not forget that a Military dictator created the problem by awarding the oil block to his son and the relevant minister in a shady deal. Anyway, Nigeria needed to clear the matter of the ownership and that was exactly what transpired. We are fond of conspiracy theories, but what if there was nothing underhand about the government involvement in this sorry affair?

          • Chukwudi

            Chinye,
            Look this is the issue Chinye. We do not need to beat about the bush. We can pick the issues systematically. Malibu violated Nigerian laws. That is what i am concerned with and before me as a tax paying Nigerian. Do you understand? And President Jonathan draws his salary and perquisites from my tax and those of other Nigerians. So? President Jonathan has to defend the Nigerian laws that govern me as a tax paying Nigerian. And in this case I am saying that Mr. Jonathan DID NOT defend Nigerian laws because he used the hallowed chambers of the Nigerian state to facilitate the disbursement of money to a company that exists in fundamental violation of the corporate existence of Nigeria.Why is this difficult for you to see? I am first concerned about my own country Nigeria just like any decent citizen of any other country will put his/her country first. So face what is before you as a NIgerian. For example, if Malibu operates in Ghana, he may not offend Ghanaian laws. So if Malibu has not offended a Ghanaian law does it mean it has not offended a Nigerian law? And does it mean President Jonathan has not violated Nigerians’ public trust by using our trust to facilitate a company that exists in complete violation of our laws. Chinye, why cant you see this simple fact?

        • Chukwudi

          Now chinye when you said “FG acted as a facilitator/honest broker…”, I want to call your attention to the word “honest”. PT’s story has shown that Malibu committed illegalities against Nigerian laws(an act of dishonesty). The story shows that Dan Etete owner of Malibu is an ex-convict(an act of dishonesty). The story uses Mr. Tafa Balogun’s case to show that Mr. Adoke the Attorney General who is a lawyer ought to see the similarity between Malibu and Mr. Balogun’s fraudulent companies and that Mr Adoke did not see this-(I do not know whether this is an act of honesty). So with all these, Chinye you are still talking about the govt being an “honest” broker! I need to check the dictionary once again for the meaning of a honest broker. Though it may not matter to you that our govt under the watch of President Jonathan disbursed money to a dishonest company. Passing money to a dishonest company CANNOT explain or justify honest brokerage.

          • Chinye

            You misunderstand me. I have absolutely no time for Malibu or its proprietors. As you rightly pointed out their catalog of deception and fraudulent activities is wide ranging. The issue here for me is that the President needed to secure the block out of he hands of the company, while conforming with our international legal obligations.

          • Chukwudi

            So the president “secure the block out of the hands of the company , while conforming with our international legal obligations..” And that stops there? So we have “international obligations” to violate our own laws? Or to put it more succinctly, our President, Mr. Jonathan in “conforming” to our ‘international obligations” violated our own laws. This is the logical problem you landed yourself in in trying to defend president Jonathan’s basic rape of the trust Nigerians put in him and Nigerian laws. To be honest we did not know (at least I) that president Jonathan will do all these things he is doing now. I thought like contemporary presidents in the world I thought he had age and education on his side. This is why some of us are disappointed at the way he frittered our trust in him. So this is the question to you: when Mr. Jonathan accepted this job, did he swear to defend Nigerian laws or did he swear to “conform” to “international obligations” in violation of Nigerian laws? I am a tax paying Nigerian, so I have the right to know and ask what my president swore to do when he took the job. To continue to defend basic fraud and corruption which Mr. Jonathan and Mr. Adoke committed in this case will give your submissions more logical problems.
            Thank you.
            Chukwudi

          • Chinye

            Maybe you are deliberately twisting my words, because I think I was clear enough. But I will try again. There was an issue. The issue needed addressing. Successive governments have failed to resolve the matter. The ownership of the oil block had become a political football. The government needed to resolve the matter. This it did by mediating between the two parties who claimed ownership of the Block.The violation of our law was there long before GEJ assumed office.

            Were you around when the Nigerian government had to pay demurage to foreign shipowners for delays at our ports? We did not want to, but we had to pay. The point here is that if we refused to conform, it would not be without repercussions.

            The resolution of the matter which left Shell the owners of the Block is not satisfactory to me. This is because the assimilation of indigenous companies into all the processes of oil production has been sacrificed. At this point though, the most important thing is that we are not talking about corruption, but rather, the mechanics of getting where we want to be.

          • Chukwudi

            So “the mechanics of getting where we want to be” is for Mr. Jonathan and his Attorney General to violate our laws by( like other Nigerian looters before them) looking their other way “helplessly” (creating the impression that they are helpless and that it is a fait accompli) and “closing” their eyes and by refusing to see this company for what it is and by deliberately using the mechanism of Nigerian state which is sustained by my own tax to disburse money to an ex-convict and dubious company. My question is: Mr. Jonathan knows all these. Why did he still do it? Why do we want to get to where we want to be by violating our own laws? Why did Mr. Jonathan want to take us where we want to be by violating our laws? That is the question.

          • Chinye

            May be you should seek office and perhaps be the first Nigerian to put everything right in one fell swoop. But somehow, I am of a dubious mind. We have a mischief industry which is clever at the manipulation of facts and spuing sound bites. These illegalities you harp on about are the failings of others and I am not averse to prosecuting them.. That you fail to appreciate this is a pity. So I sign off!

        • Nigerian

          I am always ashamed and hurt by the gross and sheer irresponsibility exhibited by most Nigerians. Thats why as a society, we dont grow and we will never grow if you see black and you call in blue cos of tribe, religion, supposed intelligence and absurdity of the highest order. We wont grow if we have to keep lying to ourselves about somethings that is so obvious and then expect the government of which ever day to be sincere with us. I have come to hate commenting on social medias and so on cos the comments of some Nigerians just show that we deserve the leadership we have. The irresponsible and lying leaders Nigeria has which has shown that the mindset is also corrupt. I wont be surprised what some will do when they are in such posts

          • Chinye

            Following the saga of Malibu, there is definitely a cause for shame and hurt. The problem did not start under GJ, but he tried to draw a line in resolving the matter. I accept that our way of doing things needs to become more transparent, more in keeping with received guidelines and definitely more questioning, and I don’t mean on this forum alone, afterall, the company was created under questionable circumstances and awarded the contract by the military through nepotism and other illegalities.

        • Wale

          I have a question for you Chinye. I believe you that you are not opposed to the aspiration that we join the civilised and cultured world. Right? Now if so do you think it is possible for President Obama and his secretary of the dept of Justice in America to facilitate the payment of a cent to an American company that exists illegally in America the way President Jonathan and Mr Adoke have facilitated the disbursement of 120 billion naira to Malibu which has committed a major crime against Nigeria’s corporate laws? Or are you just saying “oh dis na naija, anything goes, we are not part of he civilised world and we should not aspire to be? Answer Chinye.

          • Chinye

            Wale, we know that there is no chance of his happening in the US as the owners of Malibu, a company created overnight and awarded the contract by the Military would not have been allowed to become such an important stake holder. So I cannot see Obama being presented with such a dilemma. But we are where we are and it takes guts to move on the agenda.

          • Wale

            Mr. Chinye,
            These are your words. And can you please be concrete and relate your own assessment to president Jonathan and Mr. Adoke? I am quoting you verbatim here:”But we are where we are and it takes guts to move on the agenda”.IMPLICATION. We are where we are now and our president, Mr. Jonathan and our Attorney General , Mr. Adoke (both of who swore to defend our laws when they got the jobs) have “no guts to move on the agenda.” These are sound derivations from your own words Mr. Chinye. Be concrete. Do not go in abstraction. If the Nigerian state correctly and legitimately went after the dubious Mr. “Integrity” and his collaborator(Otedola/Lawan) why cant the same awesome state power be deployed “to move on the agenda” in the case of Etete/Malibu? Here I mean that you conceded that there is something “dodgy” with Etete/Malibu. And that showed you made progress a bit from your original position. But the question is: after the Nigerian state under the watch of Mr. Jonathan knew that Malibu is “dodgy” and that Dan Etete is an ex-convict why did he and his Attorney General use our public trust in them to facilitate a disbursement to a “dodgy” company and an ex-convict? Should Mr. Jonathan and Mr Adoke protect a “dodgy” company (and an ex-convict) that exists in violation of our laws which Mr . Jonathan swore to protect when he took the job? Or to rely on your assessment : does this imply that Mr. Jonathan and Mr Adoke have no “guts to move on the agenda?” But note that they have “guts” in the dubious Otedola/Lawan case. So logically Mr. Chinye the question before you is that if Mr. Jonathan and Mr. Adoke have “guts” in case A(Otedola/Lawan with lesser amount) why cant they have “guts” in case B (Dan Etete/Malibu with bigger amount)?
            It definitely takes a gut to be counted as part of the cultured and civilised world. The evil of the Nigerian ruling class is that they send their chiuldren to these civilised and cultured world to study but they deliberately refuse to implement the basic ethos of that world in Nigeria. Thanks Mr. Chinye for letting us know that Mr. Jonathan does not have the “guts to move on the agenda. This is huge progress in our understanding.
            Wale

          • Chinye

            The laughable part of this is that you actually think that I have some influence with the leaders of our country. Well, let me be clear, I DON’T! My gripe is with the lynch mob mentality that sometimes takes hold of our people. Rather like a runaway train. Because of this, we burn thieves in the market place, and on a forum like this, everyone wants a pound of flesh. GEJ’s government did not create the problem. This dodgy company had operated ‘successfully’ under many different governments before.

            Finally, I would like to ask you and other well meaning Nigerians not to be puritanical in the espousing your views. Accept that just as two different accountants could come up with different answers given the same data, they could both be right.

          • Babawale

            I have read the posts here and Chinye, I am surprised at you. This is the same line we have heard from govt apologists for 50 years. Let me itemise them for you, those who object to looting of our treasury by so called rulers are characterized by govt apologists as being (i) puritanical, (ii) that they display mob mentality, (iii) that they people who are merely looking for a pound of flesh. This is the second logic we are used to which people like you use-If I am criticizing Abacha, people will say “oh you are from Bauchi and Abacha is from Kano, that is why you are criticizing him. You do not like Kano people. ” If I am criticizing Obasanjo’s corruption, you will say “oh but he did not start it” If I am criticizing IBB, you will say “ah but this thing has been there for long, why criticize IBB”. But you see Chinye people like you know exactly what you are doing, you are trying to protect your boss, the person that sent you. And we understand. The simple question is:why is it difficult for you to see this massive corruption under Mr. Jonathan? If the dodgy company has operated for so long and it was “not caught”, and we criticized that, why cant Mr. Jonathan turn a better leaf by catching this “dodgy”company? Or at least why did Mr. Jonathan use the facility of the Nigerian state to disburse money to a “dodgy” company? If Mr. Jonathan “refused” to catch this “dodgy”company like his fellow previous Looters(IBB,Abacha,Obasanjo) and we criticize them, why do you think it is wrong to take Mr. Jonathan on on this? Finally, why do you think asking people to stop stealing our common treasury is puritanical? It must mean you have given up and that looting of Nigerian will be forever. Have you given up that things can NEVER be good in Nigeria Chinye? The problem is that members of Nigerian ruling group who are looting our treasury who are the causes of the problem claim that THINGS MUST REMAIN the same in Nigeria and at the same time send their children abroad to study. See what I mean? What kind of inferiority/slave complex is that.? It cannot be better here because we are blacks, because we are Africans. See what I mean? So some us who do not labor under this terrible psychological complex will continue to scrutinize these LOOTERS including Mr. Jonathan because we believe that we can make the country and the continent better.

    • You are not objective in your analysis. It is not a matter of Northern Muslims Hausa-Fulani rather a matter of corruption GEJ is assumed to be involved in. And corruption punishments do not apply only to the takers. What about the GIVERS,SCHEMERS, CHEATS, DECEIVERS and UNTRUSTWORTHY ELEMENTS!

  • Mpitikwelu_na_Ugwu_Awusa

    Dan Etete and some hausa fulani rogues. A president who choose to ignore their fraud. Thats all to this report. Will Ibrahim Lamorde prosecute the hausa fulani thieves together with etete? No. Thats why facrook never spent one night in jail. Born to steal. Kparawos.

    • Adenle

      Corruption goes beyond ethnic bigotry!

      • Mpitikwelu_na_Ugwu_Awusa

        wait till they hit lagos, then ur ganja eyes go clear. safety first, loser. facts are facts.

        • Danlami

          This proves how hateful and uninformed u are!

          • Mpitikwelu_na_Ugwu_Awusa

            yea. but atleast i will never kill or support those who kill innocent pple. if thats hate. count me in. stop killing pple and u may have our friendship perhaps.

          • Aderiye

            I just think it is important that we all stay focussed on the fraud and corruption President Jonathan and Mr Adoke used the trust Nigerian tax payers had in them to facilitate in the case of the 120billion naira of the ex-convict Dan Etete/Malabu. Let us all jointly clean this fraud under President Jonathan’s watch

          • Mpitikwelu_na_Ugwu_Awusa

            …yea and forget about IBB loots.

          • Aderiye

            No we cannot forget the IBB loot, neither can we forget ANY LOOT. We will and have been scrutinizing the loots of IBB, Abacha, Obasanjo, Bankole, Otedola/Lawan, Goodluck Jonathan/Dan Etete/Malabu, Tafa Balogun, etc. You see whether you are Mpitikwelu_na_Ugwu_Awusa or KenMani or whatever name you call yourself, your problem is that you are NEVER able to rise above your narrow , parochial ethnic view. This is your unsound thinking: If Mr. Jonathan is being scrutinized he is being scrutinized because he is from a particular south-south zone!!! But you know but decide to forget how the press and the progressive intellectuals fought the IBB, Abacha /Obasanjo (and are stiil fighting them) loots with their brains, minds and paper. You suddenly forgot that. Now that another LOOTER in the name of Mr. Jonathan (who we thought will be different given his age and education) is there now and is DOING EXACTLY the SAME THING WE FOUGHT in his predecessor LOOTERS , you conveniently FORGOT that ALL Nigerians fought and are still fighting the past loots, and you opportunistically read ethnicity to the efforts of well meaning Nigerians TO STOP this looting. Look the most derided rulers in Nigerian history are IBB/Abacha/Obasanjo. Go and check your history. Since your Mr. Jonathan has decided to behave EXACTLY like PREVIOUS NIGERIAN RULER AND LOOTERS because “it is my time to loot, it is my zone’s time to loot”, we will continue to SCRUTINIZE Mr. Jonathan whether you like it nothing because he disappointed at least some of us. Why? Like I said we thought “oh this one is younger, he has higher education, so he is likely to be better…” But what have we got, a continuation of corruption. And you want us to keep quiet? No we will not. If your client thinks the kitchen is too hot, he knows what to do. Okay? And finally as you can see on this platform, nobody is surprised again at your extreme parochialism.

  • Audu

    Is it president Jonathan that awarded the oil block to Malabu Oil & Gas?

    • Odetola

      Audu, I think what people are saying is that the govt under President Jonathan’s watch collected money on behalf of a company that has committed crime against Nigerian laws and paid same money to company that has committed crime against Nigerian law. I think the other point they are making is that Dan Etete/Malibu is analogical to Mr. Tafa Balogun’s company’s case and that the court declared that Mr. Tafa Balogun offended Nigerian laws. They are now saying that if Mr. Adoke the Attorney General is a lawyer, and he is aware of Mr.Tafa Balogun’s case, why did he go ahead to use the hallowed status of our country to facilitate the transfer of money to a company that committed crime against same Nigerian laws that Mr. Adoke and president Jonathan swear to protect and defend. Can you see the point Mr. Audu?

  • TruthHurts

    All the fools talking about North south divide can now see that Stealing is a national and binding factor. It’s who becomes the king of the thievies that is always the problem. Corruption knows no creed,religion,race or ethnicity. BH/MEND is all about sharing this cake and how to be noticed.

  • concernednigerian

    Premium Times, the anti-Jonathan front will continue to gun for President Jonathan. You’re wasting your time. The day you succeed in pushing Jonathan out of office, that will be the end of the oil revenue you enjoy without working for. I have been persistent in asking you to get your own country or federate with Chad, Niger or Cameroun, because I do not believe that the far North and the rest of Nigeria can live together again in one Nigeria. Jonathan knew nothing about Malabu oil. Neither Dan Etete not Abacha knew Jonathan at the time of Malabu oil. By the way why is the far-North still interested on issues relating to oil? Do they want another prove panel to be headed by one of them? There will be no Farouk Lawan number two. Have class and have a life.

    • Emeka

      Why dont you concernednigerian answer Chukwudi’s response to Salisu Dan Gombe? This seems to be the rational way to conduct this conversation. Or arent you interested in rationality anymore?

  • Dr Pat Kolawole Awosan

    But this is too much for Nigeria to ever make any reasonable advancement when you have a naked open thieving president Jonathan who secretly diverted N155-billion naira to banks account,followed by his PDP chieftains and ministers,state governors plus private sectors strong supporters like Zenon Oil-Femi Otedola,Dangote and huge numbers of criminals exploiting most capital funds of Nigeria which could best be focus on developments in all stratas of governance.N155 billion naira is alot of funds that could make a turn around for good of a sector like power,roads healthcare services.Nigerians are very tribal,sectional and religiously biased, naive people.
    Very extreme people who focus on wrong solution,that the nation will remain blindfolded like blindmice by president Ebele Jonathan regime of looters and thieves with non performance of any good grade.

    Dr Pat Kolawole Awosan,
    Writes From Canada.

  • Mkamin30

    All the lost monies in the fuel subsidy; the Pension fund etc if investigated deeply wud indict the Presidency. This is the reason why they wud not let any probe see the light of the day. However, what you have done in the dark will be hard in the day light and what you have whispered in the inner room shall be proclaim from the top of the roofs. James Ibory is a good lesson for Jonathan if only he wud heed.

  • Isimeme1

    Chukwudi= Cerebral Rock of Gilbraltar. strength & Honor

  • Ennkay61

    Premium Times! God bless you! God will prosper you and your reporters for this investigation. Our rulers, headed by Goodluck Jonathan are rogues and armed robbers. Hell is their destination, together with their children and grandchildren

  • Mustyspage

    Nigerians are Idiots! Short and simple. These rogues and gangsters ruling and looting the sovereign wealth of the country should be dealt with but no o! Its chasing shadows. These are the people sponsoring Boko Haram, Niger Delta vagabonds, and all the unease in the nigerian society. Does anybody know that Jonathan, like Jimoh Ibrahim, like Dana, is also a proud owner of an Airline in Nigeria today. But Fools and Gullible Nigerians are used to hardship and will continue to be tribalistic and foolishly religious. Sack the damn Jonathan and all the legislooters and so called Governors (PDP, ACN, LP, APGA) or whatever they are called and reorganise the goddam society. How long should these things go before we put an end to it? How long? Rogues in Human skin.

  • Olayinkaz2002

    ABSURD!. The story is too long to be true. The Main Fact is Nigerian Govt., was robbed by insiders. They need to refund the money or locked up for life. Ask the Attorney general and minister of state for finance to return the LOOT.