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Buhari Looted Billions Of Dollars PTF Funds — Fani-Kayode

The former Minister of Aviation, Chief Femi Fani-Kayode has lent voice to the accusation that President Muhammadu Buhari, then General Muhammadu Buhari, looted billions of dollars when he served as the chairman of Petroleum Trust Fund [PTF] under General Sani Abacha.

Chief Fani-Kayode stated this in a short memo he sent to ElombahNews on Thursday.

In the memo, he regretted that former President Olusegun Obasanjo made his “greatest mistake” by not prosecuting and jail President Buhari for looting PTF funds.

He wrote: “The greatest mistake that President Obasanjo made was not to prosecute and jail President Buhari for looting PTF funds.

“I saw the report and it was shocking. Billions of dollars had vanished.

“Obasanjo summoned him and showed him the damning report. Buhari begged like a baby. Sadly Obasanjo let him off the hook”.

President Muhammadu Buhari

Recall that ElombahNews had, on May 23, reported that ‘Chief Obasanjo may be regretting his decision not to probe the Buhari-led PTF tenure as recommended in the 1999 report’.

It was added that ‘on the 7th of July, 1999, there was a report released by the Petroleum (Special) Trust Fund (PTF) Interim Management Committee, instituted by then President Obasanjo which revealed that the PTF under Buhari’s supervision was grossly mismanaged’.

Read also:

$16b Comment: I Regret Not Probing Buhari In 1999 Despite Damning PTF Reports —Obasanjo

Recently, Obasanjo had publicly advised Buhari not to seek re-election over poor performance so far.

On his part, President Buhari had recently thrown a jab at Obasanjo over some $16 billion power project comment indicting Obasanjo’s 1999 – 2006 administration.

Without mentioning Obasanjo’s name, Buhari had asked: “where was the power after a former president claimed to have spent $16 billion on the project?”

He made the comment on Tuesday, May 22, at the Presidential Villa, Abuja while receiving the Buhari Support Organisation led by the Comptroller-General of Nigerian Customs Service, Hameed Ali.

The power project has been described as a mismanagement of public funds by observers and civic groups.

The House of Representatives in 2008 described the $16 billion spent on power by the Obasanjo government as colossal waste.

The House said the expenditure was a case of “poor budget planning and a lack of proper oversight by relevant bodies.”

Read also:

I’m Ready For Probe, Obasanjo Replies Buhari [Updated]

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