Nigeria VP siphoned public funds

ABUJA – A Senate panel has ruled that Nigeria’s vice president improperly diverted over US$100 million in public funds to private interests, and recommended prosecution that could end his presidential campaign.

The Senate, which is controlled by President Olusegun Obasanjo’s ruling party, launched the investigation last year after Obasanjo forwarded it charges made by Nigeria’s anti-graft body against Atiku Abubakar, a one-time Obasanjo political ally who fell out of favour with his boss. In a report presented to the full Senate on Tuesday, the investigating panel said it agreed with the findings that Abubakar helped divert US$145 million from Nigeria government coffers to banks, where some of the money was “fraudulently converted as loans” for three companies connected to Abubakar.The report called for Abubakar’s prosecution.While in office, Abubakar is protected from criminal indictment.A Senate impeachment, however, would strip him of his protection and disqualify him from April presidential elections.He could also then be charged with crimes.Abubakar’s campaign rejected the findings, saying “the legislative body should not allow its name to be dragged into the mud by a few members who may be pursuing their own hidden agenda.”It said in a statement that Abubakar’s actions were proper, with the funds originating in a fund specifically designed for investments in the private sector.The campaign said a top government accountant ruled that the banks were investment grade and that Abubakar delivered double-digit returns on the government’s money.”We therefore call on the entire Senate to look at the report of the committee objectively and reject it if found to be shoddy, as a way of redeeming the image of the upper legislative chamber,” it said.Senate President Ken Nnamani said the report was to be debated by lawmakers on Wednesday.Abubakar fell out with Obasanjo last year after helping stop a drive by Obasanjo supporters to amend Nigeria’s constitution and allow Obasanjo another presidential term.Abubakar has in the past dismissed the allegations as part of a plot to keep him from running for Nigeria’s top office.Abubakar’s office could not immediately be reached for comment.Nampa-APIn a report presented to the full Senate on Tuesday, the investigating panel said it agreed with the findings that Abubakar helped divert US$145 million from Nigeria government coffers to banks, where some of the money was “fraudulently converted as loans” for three companies connected to Abubakar.The report called for Abubakar’s prosecution.While in office, Abubakar is protected from criminal indictment.A Senate impeachment, however, would strip him of his protection and disqualify him from April presidential elections.He could also then be charged with crimes.Abubakar’s campaign rejected the findings, saying “the legislative body should not allow its name to be dragged into the mud by a few members who may be pursuing their own hidden agenda.”It said in a statement that Abubakar’s actions were proper, with the funds originating in a fund specifically designed for investments in the private sector.The campaign said a top government accountant ruled that the banks were investment grade and that Abubakar delivered double-digit returns on the government’s money.”We therefore call on the entire Senate to look at the report of the committee objectively and reject it if found to be shoddy, as a way of redeeming the image of the upper legislative chamber,” it said.Senate President Ken Nnamani said the report was to be debated by lawmakers on Wednesday.Abubakar fell out with Obasanjo last year after helping stop a drive by Obasanjo supporters to amend Nigeria’s constitution and allow Obasanjo another presidential term.Abubakar has in the past dismissed the allegations as part of a plot to keep him from running for Nigeria’s top office.Abubakar’s office could not immediately be reached for comment.Nampa-AP