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Nairaland Forum / Nairaland / General / Politics / Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission (2617 Views)
Wike’s Panel Claim That Amaechi Stole Billions Is Idiotic – APC / Amaechi Spent N53bn From N55bn Reserve Fund – Panel / Probe:Wike VS Amaechi: Anxiety as Rivers probe panel winds up (2) (3) (4)
Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by erunz(m): 4:57pm On Sep 10, 2015 |
Ongoing probe of the administration of former Rivers State Governor, Rotimi Amaechi by the State Judicial Commission of Inquiry has revealed how the sum of N53.930 billion was withdrawn out of the total N55 billion saved in the state reserved fund, originally meant to serve as a bail-out for the state in the case of emergency. A Third Witness in the matter and representative of the First Bank of Nigeria, FBN Limited, which happens to be the trustees of the funds, Mr. Olufemi Okin, yesterday in Port Harcourt, gave evidence regarding the FBN Trustees relationship to the reserved funds. Testifying before the Justice Omereji G.O. Omereji-led Judicial Commission of Inquiry at the Chief Justice Ceremonial Court, Rivers State High Court, Port Harcourt, the FBN Trustees’ representative stated that his organisation was appointed by the state government, under the former governor Chibuike Rotimi Amaechi administration to oversee the management of the funds, besides coordinating other activities of the professional parties appointed on the funds. He listed those regarded as professional parties to include Skye Financial Services, as custodian of the Rivers State Reserved Funds, keeping custody of the assets of the funds, Stambic IBTC Assets Management Limited, acting as funds manager in charge of investment activities. Also, the witness listed Assets and Resource Management Limited, as another funds manager. On the benefits which accrued from investment of the funds from its inception till 6 July, 2015, the FBN Trustees’ representative said that the reserve rose from the initial total contribution of N38.5billion to N55 billion. Concerning withdrawals said to have been made by the former governor, Olufemi, who works as a trust officer in the organisation, acknowledged the withdrawals and put the cumulative withdrawal from the funds from February 2014 to January 2015 at N53,930.000.000, explaining: “What is currently left in the Rivers State Reserved Funds is roughly about N1.24 billion.’’ Not satisfied with the word ‘roughly’, counsel to the Commission, Dr. Zacchaeus Adango, demanded to know the accurate figure to which the witness responded: “The reserved funds is continuing because the interest continues to rise. The counsel, who cross-examined the witness, also sought to know if the witness was aware that the funds could only be accessed in situation of emergency, the witness responded that it was the situation before the reserved fund amendment law was made. The witness told the Commission about four different resolutions of the State Assembly, which culminated in the withdrawals made. According to him, the first resolution was made in 13 February, 2014, followed by the second and third resolutions which took place on 25 February, 2014 and 20 October, 2014 while the fourth and last resolution was made on18 May, 2015 prior to the handover of the former governor. Based on the resolutions passed, the witness stated that Amaechi withdrew N30 billion, N19 billion, and N5 billion, apart from the fourth request of N1billion, which he recollected though was granted, but could not be withdrawn by the governor based on the protest by the funds trustees via the e-mail that, no list of expenditure was attached, to know what the projects would be executed for. He said the e-mail was copied to the then state commissioner for finance, Chamberlain Peterside and the chairman, Rivers State Investment Committee, Abinye Amachree, whom he noted replied to the organization in writing. At this point, the Commission demanded the submission of the e-mail message that indicated a protest by the trustees as to why it would not disburse the N1 billion requested by Amaechi. The FBN representative later agreed to send the copy of the protest e-mail vial the commission e-mail by Wednesday to authenticate the claims made by the trustees. The counsel to the Commission had earlier alleged that no items were attached to the expenditure as to justify the actual projects funds collected would be used for. In reaction to this, the witness stated that, part of the reasons given by government included the need to be able to complete ongoing projects then. But the witness caused a stir in the court room where the Commission sat, when he stated that, part of the money requested by the governor was to enable the former governor address the security issue in the office of the Secretary to the State Government, SSG, with N4 billion, apart from N2billion said to have gone into the settlement of scholarship and pending arrears. Others included payment of N488 million to contractors in January, 2014, another N488 million in February 2014, while N24 million was said to have been paid to the state environmental sanitation authority and another N1 billion for the dualisation of the Airport /Elele road, among others. When asked if familiar with the overriding objective of the reserved funds, Olufemi, who serves as analyst and trust officer under the FBN trustees, explained that, “it is to accrue funds in the reserved account opened by the custodians on behalf of the state for the purposes stated in state reserved funds law.’’ (via Scan News) http://www.thetrentonline.com/amaechi-stole-n53-930bn-from-reserve-fund-rivers-probe-commission/ |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by kodded(m): 4:58pm On Sep 10, 2015 |
Cc demdem ![]() ![]() ![]() 3 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by xertyy: 4:59pm On Sep 10, 2015 |
hmmmm 1 Like |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by Nobody: 5:01pm On Sep 10, 2015 |
Go to EFCC sharp sharp now. Me and my President belong to everybody, but belong to nobody. Any corrupt soul must go to jail, if found guilty. 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by GOATandYAMtheory: 5:02pm On Sep 10, 2015 |
Bloody lie! Just as Amaechi rightly said, "if I have this kind of money, what am I still into politics for?" I swear una go quote me tire ![]() |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by Nobody: 5:12pm On Sep 10, 2015 |
Abeg i need Amechi's contact? 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by kodded(m): 5:16pm On Sep 10, 2015 |
GOATandYAMtheory:i hope you said the same thing when oshomole accused Gej of stealing millions of naira #Hypocrite ![]() ![]() 8 Likes 1 Share |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by Benedict44(m): 5:23pm On Sep 10, 2015 |
wia is efcc and icpc....i think that this man needs a special room in kiri kiri prisons ....I taught he was a saint with the way he talks but now i know that he deserves a ward over there... 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by kenny987(f): 5:25pm On Sep 10, 2015 |
Only the truth can set people free. Slowly but surely evil will be exposed for what it is. The timeline of these massive withdrawals only show that there was sudden demand because of Amaechi's unholy association. 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by JoSaintiago: 5:27pm On Sep 10, 2015 |
Ok |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by Nobody: 5:29pm On Sep 10, 2015 |
GOATandYAMtheory:Lol... do u ve d same mindset over d amount of funds allegedly stolen by GEJ, OBJ, IBB, Abacha, BAT, Fashola etc... 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by speedyGonzales: 5:29pm On Sep 10, 2015 |
GOATandYAMtheory: hahaha! true... like Abacha said I am not corrupt... I mean seriously, why don't we just take this politicians at their word. for those who don't understand sarcasm...! well this is it! 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by otr1(m): 5:30pm On Sep 10, 2015 |
apart from the fourth request of N1billion, which he recollected though was granted, but could not be withdrawn by the governor based on the protest by the funds trustees From the above, I see that he couldn't withdraw without attaching the list of what the monies would be used for. The Banker should be able to provide information on reasons given for previous withdrawals and the panel in turn, should invesstigate whether it was used judiciously or otherwise. Accusing him of stealing it based on this is defamation. 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by TheSonOfMark(m): 5:32pm On Sep 10, 2015 |
GOATandYAMtheory:...To cling to the helms of those in power and make them his allies just so he can enjoy his loot in peace or...relative peace. 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by atlwireles: 5:38pm On Sep 10, 2015 |
Reading this leaves nothing but sadness. 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by Splashme: 5:38pm On Sep 10, 2015 |
And EFCC are pretending, turning a blind eye 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by ddippset(m): 5:51pm On Sep 10, 2015 |
Not in any way supporting or defending amaechi but every officer who has held an office with immunity has stolen billions of naira. Especially governors and presidents. Probe each of the 36 state governors who just handed over and see that they did exactly what amaechi is being accused of. Uduaghan, akpabio, chime, yero, babangida aliyu, wada, amaechi, Theodore orji. Now the question is why only amaechi? Simply a witch Hunt! Wike's sins will be unveiled soon. Wike himself knows. It's just a matter of months. Ubec scam is there. Note I didn't mention odili or makarfi or ibori or igbenedion. Iam talking about this dipensation because iam expecting one wailer to jump in now. Or two. |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by LoveMachine(m): 6:06pm On Sep 10, 2015 |
[img]http://.net/i/189.gif[/img] 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by Demdem(m): 6:26pm On Sep 10, 2015 |
![]() kodded: Goon, is it that u cant read and understand the opening post and u want me to explain to u or what exactly is ur problem? Anyway, let me highlight the pertinent points for u since it seems to me u av a problem. First and foremost, the op is a fool for the headline he gave. No where in the post was it alleged that Amaechi stole. Secondly, The reserved fund is a brain child of Amaechi himself who chose to save a certain percentage of income during the boom period, a feat jonah-daft never achieved at the center. that is a huge plus for Amaechi. Thirdly, when income was dwindling, Amaechis reserve fund came to the rescue which was used to sustain the state. Each withdrawal had the backing of the HOA which is the representation of the people so it was a collective decision to withdraw and sustain the state. Below are highlights from the report: Ongoing probe of the administration of former Rivers State Governor, Rotimi Amaechi by the State Judicial Commission of Inquiry has revealed how the sum of N53.930 billion was withdrawn out of the total N55 billion saved in the state reserved fund, originally meant to serve as a bail-out for the state in the case of emergency.
While his contemporaries especially in the SS like Udaughan, Dickson etc were receiving allocation and destroying the entire thing every month, Amaechi chose to save and when income went down due to falling oil price, he cried to no one but his savings. Only a fool will expect Amaechi to save for the thug Wike to come and spend. Infact, Amaechi no try at all, he would have collected the entire savings to offset part of the debts of the state. Amaechi did no wrong here, only a fool will think otherwise. 5 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by BlackrulesDworld(m): 6:33pm On Sep 10, 2015 |
Amaechi booari's friend=Chief looter. Let see where this gonna end 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by Bobbystanley(m): 6:33pm On Sep 10, 2015 |
Thats an APC governor for you 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by Jesusloveyou: 6:53pm On Sep 10, 2015 |
Benedict44:did u read at all, where did u see ameachi stole any money 1 Like |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by kenny987(f): 7:00pm On Sep 10, 2015 |
ddippset: This is a State issue. Wike is doing his job in Rivers State. Should he probe other former governors in other states or force their governors to probe their predecessors? It is the same way people were asking why Jonathan was singled out for d probe of his tenure when Nigeria's problems didn't start only when he became President and people rather asked why he didn't probe his own predecessor. That it is within Buhari's power to probe whomever and whatever. U started with a disclaimer that u aren't writing in support or defence of Amaechi but u clearly are! If Amaechi is guilty he should be punished accordingly cos it's better to catch at least one than to do nothing when something can be done. Provided there is fair hearing for Amaechi to tell his side of the story which he has said he would not do! |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by ddippset(m): 7:32pm On Sep 10, 2015 |
kenny987:that's what I am saying in essence. We are saying the same thing, its just that you don't like the fact that you think iam sympathetic with Amaechi. You and I should seek a better Nigeria. Everybody probe your predecessor. Buhari probe Jonathan. Wike probe amaechi. All 36 state governors probe your predecessors(unfortunately we are hearing nothing about other 35 States) if you read carefully and happily one more time, you will see that's just my message. |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by kenny987(f): 8:20pm On Sep 10, 2015 |
ddippset: I picked on ur post simply because u declared d ongoing judicial inquiry a witch hunt. That smacks of some sympathy for Amaechi. U went on to say that in a few months Wike's 'sins' would be exposed like u actually have a problem with Wike probing Amaechi! That amounts to declaring Wike guilty and indicting him without proof. These statements automatically identify u as an Amaechi /APC apologist which would have been fine but for your attempt to claim impartiality at d beginning. 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by frankyychiji(f): 8:57pm On Sep 10, 2015 |
Chisos!! ![]() ![]() ![]() ![]() ![]() ![]() what kind of thief did Ribadu say Tinubu was again....a thief of international dimension. But honestly the above does not perfectly describe Amaechi. However, Buhari is going to shield him with the last drop of his blood because part of the loot was used to fund his campaign. Abacha was not corrupt - Buhari Yes Abacha was not corrupt because he was passing some piece of cake to Buhari when he (Abacha) held sway! Smh! 2 Likes |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by frankyychiji(f): 9:00pm On Sep 10, 2015 |
modelmike7:which Efcc? How many petitions have been sent to them about this unrepentant thief. Not even an invitation! If Efcc refuse to prosecute him, we will stone Amaechi to death in broad daylight in front of Aso villa! 1 Like |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by frankyychiji(f): 9:04pm On Sep 10, 2015 |
speedyGonzales:Abacha never said he was not corrupt, Dullarrdinho did. 1 Like |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by ddippset(m): 9:37pm On Sep 10, 2015 |
kenny987:even though it's good for everone to probe their successor, it doesn't stop it from being a witch hunt. I have a base in Port Harcourt. I can tell you that in the month of may this year, Wike and amaechi were almost reconciled by a bunch of old fellas who call themselves Obio akpor elders bur due to arrogance and pride on both sides, it failed. If it had succeeded you wouldn't be hearing anything about probe or panel of any fuccking enquiry today. If apc and dakuku had dropped their case at the governorship tribunal you wouldn't be hearing about panel of inqiry or probe today. Yes I have sympathy for amaechi but just the way you say iam declaring wike guilty already, só also is wike declaring amaechi guilty already long long before trial. There are allegations of amaechi looting billions, there are allegations if wike looting billions too in the ubec programme as minister. It's a case of he who has the power probe the other. Iam not sympathetic with wike and I look forward to his probe as soon as he looses immunity, even for a second. You seem to see wike as a saint, lol. If you get to port Harcourt and interview the average man on the street, about wike and amaechi, you will realise that wike has a worse reputation compared to amaechi. His properties are scattered all over Obio akpor. The only sentiment against amaechi is that he was responsible for booting out Jonathan. |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by frankyychiji(f): 7:44am On Sep 11, 2015 |
ddippset:What is this crentin talking about? You have a base in phc and that makes you a stake holder, but are you more "rivers" than the Rivers man? Please take your sermon and shove it in the darkest part of your body. Which Amaechi is more popular than Wike? Who made Amaechi governor in the first place? Did Apc and Pdp rig in the last election on all levels? Yes! Wike outrigged Amaechi because he was more popular. You can't attempt to rig an election in a place you are not very popular! Wike is Amaechis godfather and he reminded him once again during the last election! Let them slug it out in court, he who alleges must proove it. Do you think JK really lost that election, no! Tinubu with his spell of mass hypnotism cast on SW outrigged him because he Tinubu was more popular! Whatever your evil desires towards Wike is should eat you up completely! Amaechi's corrupt practices must be brought to book whether you like it or not and whether Wike remains governor or not! Good morning. 1 Like |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by ddippset(m): 8:07am On Sep 11, 2015 |
frankyychiji:you started by calling me a cretin and you ended with a good morning! Was that to prove how much manners your mama gave you or didn't give you? To top it all, you consider someone a cretin yet you cannot spell correctly the word 'cretin' my little sister in grade 5 could give you some spelling lessons if you wouldn't mind. And as for the issues you raised, I wont dignify you with a response until you improve. |
Re: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by bonechamberlain(m): 8:13am On Sep 11, 2015 |
hmmm ok. |
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