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Obasanjo’s Presidency Represented Dark Days Of Nigeria’s Democracy – Buhari
The Presidency has described the former President, Chief Olusegun Obasanjo’s recent characterisation of the Muhammadu Buhari administration and attempts to jump into the political foray as self-serving an intended to extract some level of elegance.
A statement signed by the Senior Special Assistant to the President (Media & Publicity), Garba Shehu, said Obasanjo’s antics was already “well known to all that no one needs to describe who he is.
“But, four things we will like to say: One is that he will not stop attacking President Muhammadu Buhari because the former President won’t stop being jealous of anyone who beats him to a new record in the nation’s development process.
“President Buhari is ahead of Chief Obasanjo in all fields of national development and to do that is cardinal sin to Obasanjo whose hallucinations tell him that he is the best ever to lead Nigeria and there will never be another one better than him.
“President Buhari just completed the world class edifice that is the Second Niger Bridge after three decades of failed promises. It is now awaiting commissioning.
“Obasanjo laid the sod for the bridge in his first term as elected President and work never started.
“When he sought re-election for his second term in office, he returned to the site to turn the sod for the bridge the second time. When the Obi of Onitsha, forthright and scholarly, reminded him that he had done this in the past, Obasanjo told the foremost South-East traditional ruler that he was a liar, in the full presence of the chiefs and Oracles in his palace.
“Obasanjo lied to the South-East to get their votes. President Buhari didn’t get their votes but built the bridge because he believed it is the right thing to do.
“Two, President Buhari had been bagging awards and encomiums for trying to do that which the Constitution of the Federal Republic of Nigeria says a leader should do: serve one, or a maximum of two terms and go.
“President Buhari has been stating and restating that he will supervise a better election than the one that brought him to office and to leave as and when due.
“Having tried tenure elongation and failed, Obasanjo’s fictitious mind must be telling him that he is the one under attack.
“But he is not on President Buhari’s radar because experience has shown, especially lately in West Africa where there have been at least three successful coups and many other failed attempts, that third term or tenure elongation is a recipe for political instability.
“Furthermore, the totality of African leaders appointed President Buhari the Anti-Corruption Champion of the continent.
“You can’t be an anti-corruption champion if ‘you meddled and bent the rules’, carrying the putrid responsibility of what happened to national assets in the name of privatization as documented by the Nigerian Senate in 2011.
“As an insight, the Aluminium Smelter Company of Nigeria, ALSCON, which was set up with $3.2billion, was sold to a Russian firm, Russal, for a paltry $130million. Delta Steel, which was set up in 2005, at a cost of $1.5billion, was sold to Global Infrastructure for just $30million.
“ALSCON got back $120million for the dredging of the Imo River, which was never carried out.
“Three, which is linked to the one above is the growing profile of President Buhari as the Champion of Democracy not only at home and in the West African sub-region but the African continent as whole.
“As President, Obasanjo destabilised internal democracy by orchestrating impeachment after impeachment of governors who were not compliant with his highly imperial administration.
“As we said sometime back, Mr. Obasanjo’s tenure, 1999-2007, represented the dark days of Nigeria’s democracy due to a slew of assaults on the Constitution.
“The former president deployed federal machinery to remove governors Joshua Dariye, Rashidi Ladoja, Peter Obi, Chris Ngige and Ayo Fayose from office. They were the then governors of Plateau, Oyo, Anambra, Anambra and Ekiti, respectively, unjustly removed using the police and secret service under his control.
“Under him, a five-man legislature met at 6:00 am and ‘impeached’ Governor Dariye in Plateau; 18 members out of 32 removed Governor Ladoja of Oyo from office; in Anambra, APGA’s Governor Obi was equally impeached at 5:00 a.m. by members who did not meet the two-thirds required by the Constitution.
“Lawmaking powers of the Rivers State Legislature were transferred to the federal parliament to punish Governor Chibuike Amaechi for shifting his political alliance.
“Moreover, he damned the Supreme Court and unlawfully held back Lagos State revenues due from federal sources on account of his pettiness against Governor Bola Tinubu.
“On the other hand, in Washington a few weeks ago, the US President Joe Biden, at a meeting with African Heads of States and Government, described President Buhari as a champion of democracy and role model for the leaders of African states.
“Clearly, Obasanjo has become even more jealous by adopting a vengeful attitude.
“Four, to say that ‘frying pan to fire’ is the situation in Nigeria at this time should be read to mean a personal experience to him and we know what that means.
“’Hell’ for Obasanjo is when a President, any President that comes after him refuses to be his own puppet, to do as he wishes on all matters and at all times.
“He then keeps attacking out of frustration.
“Obasanjo’s vengeful attitude towards President Buhari is the height of selfishness and little short of moral squalor”, the statement added.
The Economic and Financial Crimes Commission (EFCC) has indicted a new generation bank, six Fintechs and some microfinance banks in major financial scams by allowing fraudsters to launder huge sums of money.
Director of public Affairs of the Commission, Mr Wilson Uwujaren, made this known at a press briefing at the commission’s headquarters in Abuja, yesterday.
According to him, the compromised institutions allegedly allowed cryptocurrency transactions worth N162 billion to pass through without proper due diligence within the 2024/2025 financial year.
He said that the financial institutions clearly compromised banking procedures and allowed the fraudsters to safely change their ill-gotten gains into digital assets and move them to safe destinations.
“A total sum of N18.1 billion was moved through the financial system without due diligence of customers by the banks.
“It is worrisome that investigations by the commission showed that cryptocurrency transactions to the tune of N162 billion passed through a new generation bank without any due diligence.
“Investigations showed that a single customer maintained 960 accounts in another new bank and all the accounts were used for fraudulent purposes.
“That is bad news but the good news is that following our intervention the commission has been able to recover N33.62 million, which has been returned to some of the victims.”
He explained that the scams were in two categories, adding that the first was a syndicate of fraudsters that employed an airline discount scheme to lure their victims.
He said that they advertised a discount system for the purchase of flight tickets of a particular foreign carrier.
“The payment module is designed in such a way that the victims’ payment is actually made into the account of the airline.
“After payment is made the passenger’s entire funds in his bank account are emptied.
“Investigations showed that more than 700 victims have been scammed so far, with a loss of N651 million,” he said.
According to him, investigations show that the scheme is being masterminded by a foreign national; the commission has so far recovered and released N33 million to victims of the fraud.
He said that another scheme involved a company named Fred and Farid Investment Limited, simply called FF investment, which lured Nigerians into a bogus investment arrangement.
“More than 200, 000 victims have been defrauded in this regard. A total sum of N18 billion was raked in through nine companies offering diverse investment packages.
“The companies are: Credio Banco Limited; Deliberty Rock Limited; Liam Chumeks Global Service; Ngwuoke Daniels Technology; and Icons Autos and Import Merchant.
“Others are : Newpace Technology Services Limited, Primepath Ways Ventures Limited, Kaka Synergy Network Limited and Sunlight Tech Hub Services Limited.”
He said that foreign nationals were behind the schemes, while there are three Nigerian accomplices who have been arrested and charged to court.
He said that the masterminds were on the run and efforts are being made to bring them to book.
“The Commission is calling on regulatory bodies to bring financial institutions to compulsory compliance with regulations in the areas of Know Your Customers (KYC), Customer Due Diligence (CDD), Suspicious Transaction Reports (STRs) and others.
“Deposit Money Banks, Fintechs, Micro Finance Banks found to be aiding and abetting fraudsters should be suspended and referred to the EFCC for thorough investigation and possible prosecution.
“Negligence and failure to monitor suspicious and structured transactions by banks should no longer be allowed,” he said.
While cautioning members of the public to be wary of these actors, he said that the EFCC would continue its works against money laundering by fraudulent actors.
Uwujaren urged financial institutions to firm up their operational dynamics and save the nation leakages and compromises bleeding the economy.
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