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Atiku absolves self from alleged oil fund fraud

25 March 2014, 15:28

Abuja - Former Vice President, Atiku Abubakar, has exonerated himself from the $145 million Petroleum Technology Development Fund (PTDF) fraud during his time in office.

He was in office from 1999 to 2007.

“In order to understand the issue of the Petroleum Technology Development Fund (PTDF), I should point out that the laws establishing PTDF was designed such that the fund itself could not be directly spent. The PTDF as a fund could only be drawn from profits accruing to that fund.

"I did approve the placement of $145 million  in commercial banks in order to accrue the required interest, which could then be used for PTDF projects. The approval of these funds followed due process,” the ex-Vice President stated.

He said the funds and the accrued interest were returned to CBN intact.

“When I was accused of PTDF mismanagement, the funds and accrued interests were returned to CBN intact. Not a penny was lost from that money,” Atiku said.

 He added that a report was prepared by the Economic and Financial Crime Commission (EFCC) under pressure from the executive and presented to the Federal Executive Council (FEC) without any response or evidence from him or witnesses.

“It is pertinent to note that this report was also put together, following my outcry over N20 billion requested from the PTDF by the president, which I discovered was being used to fund the third term push.

On November 28 2008, Justice Inumidun Akande of the Lagos High Court established that the EFCC was wrong, and quashed the EFCC report, showing that I did no wrong, as accused by the EFCC, which was doing the bidding of a president (Olusegun Obasanjo) who was bent on smearing my name, despite having no evidence,” the All Progressive Congress politician said.

– CAJ News

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