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  • MP-001* [Joint Chief]

    PREMIUM TIMES reached out to his spokesperson, David Iyofor, for the source of his principal’s claim, but he did not respond.
    Unsurprisingly, A liar hides away when confronted with facts and figures. Thank you PT

  • MP-001* [Joint Chief]

    Both Yar’Adua and Jonathan administrations oversaw a series of withdrawals for sharing amongst the three tiers —with Mr. Jonathan leaving it at only $2.07 billion— but at no time in its 13-year history did the excess crude account rise to $65 billion.
    2.07 bn was left courtesy the same Amaechi who working in tandem with the then criminal APC NGF blackmailed GEJ to share over 4bn from the ECA

  • Frank Bassey

    A third-class English graduate; the best Vice-President Nigeria never had; the highest financier of Alhaji Muhammadu Buhari presidential campaign; the state governor that used his state resources to sponsor politicians from other parts of the country into the National Assembly (because of excess money in his possession); the former state governor that says he is not corrupt but has bluntly refused to submit himself to a Judicial panel set up to investigate his tenure as Rivers governor; the only ex governor that never handed over to his successor. You will soon be Vice-President, then President …. Mtchew!

    • joe

      You have left the issue at stake.

      • Frank Bassey

        I did not. Investigation, Fact, Check, Figures, Empirical Evidence proved him wrong. What else is the issue? Would you give what you don’t have?
        Please show the issue at stake.

        • joe

          U think I am happy with formal president Jonathan who ruined our best chance to reshape the south during his tenure.When do you think such opportunity will come our way again?How many industries did Jonathan built to reduce unemployment in our region?He only succeeded in enriching few individuals at the detriment of the region.

          • Frank Bassey

            Your English is so poor? Are you sure you understand the issue?

          • joe

            Just a simple sentence for praise singers like u.

          • Frank Bassey

            And now, Buhari is looking the other way while resources are being plundered? He drag-foots when his associates are found involved in corruption? Where is Babachir Lawal? Where is Abdulrashid Maina? Where did Gen. Buratai’s family get the money to buy properties in Dubai? What happened to the N500 million bribe that MTN dished out? Are these Jonathan’s actions too? You are suffering from scrotum sack leakage.

          • joe

            Go back to primary school so you could learn how to use question mark in a sentence.
            I will not join words in your insulting and outlandish disposition.
            I am very sure you lack parental care while growing up.
            You still have a second chance by accepting Jesus Christ our Lord so you could acquire the necessary respectful communication skill.

          • Frank Bassey

            If you know me on this platform you will understand that a missing question mark is a slip, not ignorance. I like people who are intelligent and show it by staying on argument/issues, or backing out when they have no superior position. Look at your post, how does it address the issue at stake? Those of you who deceive yourselves by accusing GEJ of looting, but fail to accept that PMB was enthroned with looted state funds by corrupt PDP chieftains/governors and supporters deserve the hottest part of hell. Those of you who did not bother about the innocent blood that was shed in 2011 because one man lost the presidential election, MUST, repeat MUST receive your rewards. And that will be your lot soonest; because there is no peace for a wicked man.

          • joe

            You must learn how not to insult people but objective in your criticism.
            I have never being a supporter of PMB ,neither have I in any way accused my brother Jonathan of loot. As a rational human being ,of course I do have personal dislike for Jonathan’s failure to look into our predicaments in Niger delta.
            Another reason for my grudges against him and Governor wike was his failure to broker peace between his wife and the then Gov. Of Rivers state,which wike worsened as a result of his selfish ambition for the control of power in Rivers state.
            You must learn how to xray people before dishing out your insulting words.
            I am neither of APC nor PDP but one who says things the way it is without any iota of nepotism and selfishness.

  • share Idea

    This article seems to have few traffic in terms of comments from APC e-mob. Nigeria we hail thee

  • raji

    Let us assume Ameachi lie as claim. Jonathan met reserved at $47.7 and left $29.3, Jonathan met ECA at $9.8 and he left it at $2.07. No government make money like Jonathan because the crude was at an average of $100. Why did Jonathan refuse to add single kobo to reserve but rather depleted the reserve.

    • Mayo

      This article never said Jonathan met ECA at $9.8 Million. It said a month before Obasanjo left office, it stood at 9.8M. We don’t know what it was when Obasanjo finally left (his government could have drawn down a huge amount in that last month). But let’s suppose he didn’t and it stood at 9.8 when he was leaving office, Yardua took over from Obasanjo not Jonathan (yes GEJ was part of the government but this article and your statement is referring to who was the President). Besides the article pointed out what the draw down was used for – there was a global recession.

    • Macjar

      Have you forgotten it was this same Amechi who rally the then Acn governors to sue the federal government to share the Eca account? If not for this same Amechi, Gej would have left a very huge amount there.

      • Tamuno


    • Adewale Adegeye

      Oga, you need to read the article well. Yar Adua took over from Obasanjo, and Jonathan took over from Yar Adua , the money was shared during their regime between the 3 tiers of government, meaning the all consented to it. But in this present government, only the federal and state consented, so what happens to the consent of the local government. Secondly, why are they spending that much on a boko haram they told us has been technically defeated and their flag captured and handed over to the president over a year ago.

    • Tamuno

      Amaechi took Jonathan to the supreme court and won concerning the sharing of the said money. So Jonathan share the monies

    • Anthony Ahonsi

      Poor Judgment… Nonsense!

    • sab

      Sorry to say that you are still following the crowd. Amaechi was chairman of gov firum who took GEJ FG to court insisting they must withdraw the money and share amongst FG, States, LGs. They even refused settling the matter out of court. Reno Okiri offered what appeared a factual explanation on this with dates. Yet Premium Times have gone up to CBN to butress same fact and even Amaechi’s PA on media could not offer any source if his boss’ allegations. Look, truth is sacred, no matter how deep and long you bury it, it must come out open. Rather than sit down and face governance, the APC has been turning themselves into opposition by engaging and relying solely blame game forgeting this is no more time for propaganda. That is how they defeated Boko Haram since 2015 yet the insurgents are now more daring by facibg our military unlike before. If Boko Haram has been decimated, how cone the $1 billion being approved for fight against Boko Haram? Does Lai feel Nigerians are easily deceived lije that or forget so easily? Otherwise one can say he forgets what he said easily or mearly taking Nigerians for a ride. Enough of this clever by half stance!

    • North/West Allies

      My friend it’s the same Amaechi that took Jonathan to court to share the same money, research before you pass judgement

    • Shehu Monguno


      Oil prices did not average US$100 during GEJ regime. This is another myth that have been sold to us, unfortunately the average Nigerian is too intellectually lazy to research.

      Please google OPEC average annual price of oil 2007 to 2015

      • defash1

        Alhamdulilah, I finally meet someone who still retain sanity. The last administration have flaws but the way lies are bundled on them keeps amazing me. I read a book where it was stated that over-exaggerating is equally to corruption.

        All these way of exaggerating crude price during GEJ is totally unnecessary & I think it is one of the reasons this administration attention had been diverted from achieving good governance.

        Simple Google will give all the information but like you said our people are intellectually lazy. Same with government of the day, they are so lazy that they decided to pay peanuts as jobs intervention program. They lack rigour in their approach to tackling issues hence the reason our economy is still in this troubled state.

    • Peter Elofusim

      The average Nigerian like you us too lazy to read and comprehend and also too lazy to research any thing that he or she hears. Did you read that Yaradua handled the account before Jonathan.?

  • Emeka K Duru

    Amaechi added up what was in the foreign reserve, excess crude account and the sovereign wealth fund at his conclusion to give the same amount. It could be said that there was an error in his opening statement

  • Dr.Alfred Branson

    Ameachi is Kettle that call pot black.In decent society men like Ameachi can’t talk in public.You can’t called for accountability when you are not accountable.Most politicians takes advantage of Nigerians who appreciating evils just because of personal interest and ignorance.

  • Apostle Paul

    This falsehood has been perpetuated for a long time now. Thanks to Premium Time for this fact check. Shame on Ameachi and his cohort in APC.

  • Abdulazeez Usman

    This article is baseless and has no concrete backing to tag Amaechi information as false, whatever Amaechi said is the fact, he was part and parcel if the government, he has access to the said account since is a joint account and as the chairman Nigeria Governors forum then; he is exposed to any kind of information he want unless you guys are trying to tell us otherwise.

    • Olori Magege

      Reasoning turned upside down

    • Buharin daji

      Whatever Ameachi said is the fact bastard Ishmealites

    • Peter Elofusim

      Can you for once open your mind to facts. The writer referenced CNN record. What more can u say. Let Amaechi dispute the record please.

    • jaka Nasiril

      Azeez, please know that “If you tell a big enough lie and tell it frequently enough, it will be believed.”
      – Adolf Hitler; that is exactly what brought APC to power and it seem to be there undoing! I do not belong to any political party but would love to see vibrant intellectuals across the country coming together to safe Nigeria from going down. We need to encourage an electioneering devoid of huge money politics. Austria just elected a 31 year old but we are still clamoring for over 70’s! What a nation.

  • Musa M. Dantsoho

    This denial came from a reporter and not CBN. No reasonable person would believe the trash. After all, Obasanjo repeatedly mentioned to have handed over $48 billion in Excess Crude Account as at 2007. Only now some hack writers came up with certain misinformation. Nigerians look forward to when the CBN would clear the air not brown envelop beneficiary reporter.

    • Shehu Monguno


      At no time did OBJ make the claim that he handed over US$48billion in the ECA.

      There is a difference between the Excess Crude Account which the Governors just authorized the release of US$!billion to fight Boko Haram and the foreign reserve managed by the CBN.

      The money in the ECA belongs to the 3 tiers of government, to make any withdrawal from the ECA all the 3 tiers of government must approve it at NEC as we have just seen with Boko Haram US$1billion

      • Musa M. Dantsoho

        However, seriously minded Nigerians who followed Obasanjo’s point of argument on the establishment of ECA appreciate his sincerity of purpose. He described the account as “SAVING FOR THE RAINY DAY”. Hence, throughout his tenure, ECA was a growing one, until he left the sum of $48 billion in 2007. Try acquaint yourself with OBJ’s letter to GEJ to confirm.

        The mishandling of ECA after, became the reason some dishonest Nigerians working hard to mislead others on the matter presently. The very hypocrites could not speak on the irresponsible deflection of the account to less than $3 billion by 29/05/2015. Yet, they have some audacity in challenging an officially transparent withdrawal of $1 billion to fight insurgency. How many of the hypocrites could tell Nigerians the manner $45 billion previously utilised? What were the exigencies that necessitated bastardisation of the ECA previously which the hypocrites now complaining of economic hardship in the country?

        Anyone believing could build opposition on misinformation or misleading arguments have a huge task before him. Nigerians know the truth about those truly behind their woes as result of mismanagement of the nation’s resources previously. They are not willing to forgive the callousness.

        • Shehu Monguno

          Obasanjo never left US$48billion in the ECA, but left US$45billion in the foreign reserves managed by the CBN.

          Obasanjo at anytime never claimed he let US$48billion in the ECA, I reached out to him personally yesterday.

          All you need to do verify the information independently is visit the Central bank of Nigeria Website

          • Musa M. Dantsoho

            You claimed to have visited CBN website, yet could not produced evidence in support of your point.

            Don’t forget balance of Foreign Reserve Account as at 29/05/2015 was just about $23 billion. What happened to the $22 billion despite crude oil was never sold below $100 to $140 per barrel from 2007 – 2014?

          • Shehu Monguno

            Nigeria’s Foreign Reserves Now $29.6bn, Says CBN
            by newsadmin2 on May 28, 2015 | 0 Comments
            Posted under: breaking news, Business

            The Central Bank of Nigeria (CBN) says the nation’s foreign exchange reserve now stands at 29.61 billion dollars, according to a posting on the apex bank website visited on Thursday.

            The figure, according to the latest report gleaned by our correspondent, was an increase of 0.3 per cent from 29.52 billion dollars recorded about a month ago on April 27.

            The bank said the 29.61 billion dollars represented the gross amount, while 28.74 billion was liquid and 875 million as blocked amounts.

            It said that the continuous pressure on the foreign exchange market is due to the rise in the internal demand for the dollar.

            The CBN noted that the price of crude at the international market now hovers between 62.39 and 65 dollar per barrel.

            It would be recalled that the CBN had in 2014 relied heavily on external reserves to support the Naira which came under pressure following a fall in the price of crude oil.

            Despite the marginal increase, Nigeria’s external reserve continued its steady decline, dropping by 13.7 per cent to $29.77 billion since the beginning of the year, hitting about its lowest point in the past 10 years.

            The external reserve has not been this low since 2005 when it closed at $28.6 billion. After this, it climbed rapidly as oil price boomed reaching the high of $62.4 billion in July 2008.

            It would also be recalled that Nigeria’s economy has come under intense pressure recently following the persistent decline in oil prices in the international market.

            The reserves, which stood at $34.49 billion at the beginning of the year, dropped to $29.77 billion by April 4, 2015.

            In 2014, the country’s external reserves shed an accumulated 17.5 per cent within 12 months from $43.5 billion at the beginning of the year to $35.88 billion by the end of the year.

          • Musa M. Dantsoho

            It is simply confirmation of lack of capacity in the discussions quoting newsadmin2 as your authority.

          • Musa M. Dantsoho

            The arguments often belatedly advanced by your likes make sense only among those who believe in rhetoric arguments. They are the ones desperately seeking for political point to counter APC and Buhari, intentionally to suppress their credibility. This was an old dress worn by the Fayoses way back in 2014 that are now completely tattered, even for him to wear them.

            In reality however, sensible Nigerians know the truth about Nigeria from 1999 to date. So, campaign of calumny, diversionary, distortion, misinformations and mispresentations hardly could derail the rational and objective mind’s mental reasoning.

            After all, the issue of ECA and its deflection is not an exclusive information to this podium or the two of us. It is noticeable, in an attempt to correct your mispresentations of the matter, you quickly quoted an obscure newsadmin2 as an authority. Anyway, I help with CBN website hopefully to be of some assistance.

            Naturally, uninformed or misinformed mind is bound to get confused in the absence of facts to justify its arguments. Otherwise, Obasanjo’s letter and GEJ’s reply were in public domain at the point of exchanging correspondences between the two, and the issue of ECA featured prominently in the counter narratives.

            Now, it is the misinformed political jobbers wanting to mislead others, presenting a picture of ECA in a manner that would suit their purpose.

          • Shehu Monguno


            Foreign reserve as at 29/05/2015 was US$29.61billion and not US$23billion as you claim. You can also visit the CBN website to verify this.

            President Obasanjo met a foreign reserve of US$5.4 billion, foreign debt of US$30billion and oil price of US$17.80 yet Nigeria did not enter a recession.

            Oil prices never averaged US$100 to US$140 between 2007 and 2014. This is another lie we Nigerians have spread without verifying

    • jaka Nasiril

      Musa, there is a clear difference between excess crude account (ECA ) and Nigerian Foreign reserve. Please do some reading so that you do not mis-inform others.

      • Musa M. Dantsoho

        I believe you only post the comment not as an informed contributor, rather, simply to attract some attention.

        For your information, Foreign Reserve Account at the inception of present administration was not more than $23 billion. But now rose to about $38 billion based on CBN’s latest report.

  • Lanre

    Thank you Premium Times. I am not suffering from Amnesia which seems to affect many Nigerians. Buhari will be re-elected despite the glaring falsehood, corruption and nepotism under his administration. And since I am not suffering from Amnesia, I will continue to work for the independence of Yorubas from Nigeria.

  • Damilola

    Even though that administration was not perfect or competent like every other, it’s a good development reading this from PT after all the garbage dumping on the site hitherto, without a single check. I think we’ll soon hear about the real truth about Boko Haram shortly before the 2015 elections. The story should tell us how elections were held smoothly in territories formerly occupied by the hypocrites, which were later claimed to be liberated by the present govt

  • Yego V

    I’ll be glad to listen to an accusation from a clean man, not a rogue like Ameachi. Ameachi should first answer to the corruption charges against him from Rivers state where he squandered their wealth. He should let the dummy in-charge deal with GEJ. I’m not aware CBN Is Now under the Ministry of Transportation. Ameachi remove the plank in your eyes before trying to remove the speck in GEJ’s; you hypocrite

  • Samuel Godwin

    Ameachi is obviously suffering from amnesia.its time our president reshuffle his cabinet.

  • Chijioke Mark

    i sense that Amechi wan decamp to PDP lol, just my thoughts

  • Stanley

    They fed President Buhari with so much lies. It’s the reason Buhari said he felt like eloping severally. Have they stopped now?