Following the EFCC’s 2006 investigation report, then President Olusegun Obasanjo constituted an Administrative Panel of Inquiry headed by the Attorney General of the Federation and Minister of Justice, Chief Bayo Ojo, SAN, to review the findings.
After examining the Efcc Efcc Nig report, relevant documents and evidence, and interviewing persons concerned, including then Vice President Atiku Abubakar, the Panel made adverse findings against Atiku and recommended that he be indicted and held accountable for the alleged acts identified in the PTDF investigation.
The VP supervised the PTDF among other agencies. He admitted he authorised the placements as deposits in the banks based on the satisfactory reasons given by the Executive Secretary PTDF. He admitted ES-PTDF forwarded requests for release of funds to him and he would decide which was necessary to be sent to Mr President for approval. On the US$50m approval/placement, he claimed he could not remember if he was involved or not.
PANEL’S FINDINGS AND RECOMMENDATIONS
Having carefully perused the report of the EFCC, interviewed and had interactive sessions with all those listed at page 5 above and gone through the various documents provided, the following are our findings and recommendations:
HIS EXCELLENCY VICE PRESIDENT ATIKU ABUBAKAR, GCON
@highlight Findings
(a) We are of the view that His Excellency, .Vice-President Atiku Abubakar (hereinafter referred to as the VP) abused his office and position by diverting funds approved for the PTDF operations to placements in ETB and TIB Plc instead of implementing the projects budgeted for. The funds were deposited in the two banks at below-market rates over a period of time.
(b) Indeed, the projects are only being approved for implementation in 2006 which raises the question why the funds were withdrawn from the Treasury in the first place, so many years ago. It is the view of the Panel that these actions benefitted, business interests and those of the VP’s friends and associates like Otunba Fasawe and Chief Mike Adenuga rather than the public interest of accelerated implementation of the projects.
(c)We also find that the VP’s action in unilaterally, approving the disbursement of the sum of US$20m (without the approval of the President an4t the Federal Executive Council as was done for the initial US$1 25m), violated the constitution and amounted to conduct unbecoming of the VP’s high office.
(d) We view the VP’s explanation to the Panel that he thought the President and FEC’s global approval of the sum of US$l25m covered him on this subsequent approval as untenable.
Recommendations
(i) On the basis of the findings above, the VP should be indicted and held accountable for the various acts of embezzlement and fraud that took place in PTDF with his approval and under his supervision.
(ii) In view of the VP’s constitutional immunity, the matter should be referred to the Code of Conduct Bureau for necessary action.
