26 September 2011
Hundreds of millions of dollars have been allocated to the Petroleum Technology Development Fund, PTDF since 2000. According to the Director of the DPR, more than 1.7 billion USD has been paid into the PTDF since its inception in 1973, with more than 700 million USD paid between 2000 and 2006. The 2007 Senate report on the (PTDF) provides a detailed account of the non-transparent
nature of the PTDF and, in particular, specific actions taken by both former President Obasanjo and his Vice President, Abubakar Atiku which fall outside the mandate of the fund and appear to be clear cases of misappropriation of funds.
The report shines a light on the institutional failures that allow for large-scale corruption, scam, graft and mismanagement in this multimillion dollar account. It also points to specific cases of malfeasance and mismanagement of millions of dollars in public funds.
While the report below presents evidence that both Vice President Atiku and President Obasanjo were involved in the misappropriation of PTDF funds, the Senate report concluded by recommending Atiku be sanctioned for offenses, but Obasanjo only be "advised to adhere strictly to the provisions of the law."
Till date, neither Obasanjo, nor Atiku has been prosecuted for this crime against the Nigerian people, despite the National Assembly wasting millions of Naira to investigate the loot.
According to then US Ambassador, Campbell, "The Senate report provides what is likely the most credible direct proof of blatant corruption within the Aso villa we have seen"
Please read this explosive US Diplomatic Cable Report; 2007...