Statement by OHL Trustees Daniel Etsu and Lucky Egede On President Obasanjo and Investment in Transcorp
September 14, 2006

Our attention has been drawn to a raging debate in some of the national newspapers on allegations that President Olusegun Obasanjo invested in Transcorp.

There is no truth in the allegation and we therefore wish to state as follows:

Companies are legal persons distinct from their shareholders and particularly when the shareholders are neither directors nor engaged in the day to day running of the company."

Shortly before the inception of the Olusegun Obasanjo administration in 1999, a Non-recourse Trust deed was executed by the President in favour of Elder Daniel Atsu and Barrister Lucky Egede. This was in compliance with constitutional requirements and the President's moral and ethical persuasion and on legal advice to disengage from these interests.

By the said Trust, Elder Atsu and Lucky Egede were to run the business and the social service interests of the President at their absolute discretion. This conforms to what is done by all fair minded and honest leaders all over the world.

For the purposes of introduction, Elder Daniel Atsu is an accountant of noble character who has been Managing Director of Obasanjo Holdings Limited since 1995 and an employee of the same organisation since 1985, about 21 years of meritorious service.

Also named in the Trust was Barrister Lucky Egede, a member of the Nigerian Bar since 1987 and has worked with Obasanjo Holdings Limited since 1988.

These gentlemen have over a period of almost two decades earned the President's trust and it is no surprise that upon his election, he appointed the two to manage everything that has to do with his business and social service interests.

It must be remembered that at the roughest of times the Trustees, Messrs Daniel Atsu and Lucky Egede have remained the back bone of all family business and social service interests of the President since 1995.

Opportunity to invest in Transcorp came to the Trustees in the normal course of business like so many other business opportunities. Furthermore, it is well settled in law that Trustees have absolute discretion to invest trust funds as they deem fit. What should be important to the Trustees and indeed all Nigerians, is that such investments are legitimate.

Like all progressive business concerns, we have borrowed and are still borrowing from various banks in the ordinary course of business and we do not believe that a President should conduct winding up proceedings for his businesses before assuming office.

One of the subsidiary companies named in the Non-recourse Trust is Ibad Limited. The company is engaged in the manufacture, distribution and marketing of agricultural equipment and materials and we have supplied and installed agricultural equipment and materials for people in and out of government in the ordinary course of business.