The Nigerian Village Square - Ibori Linked With Purchase Of Nafcon For N20.5 Billion

Ibori Linked With Purchase Of Nafcon For N20.5 Billion

Written by Point Blank News

Saturday, 25 August 2007

Ibori Linked With Purchase Of Nafcon For N20.5 Billion

Former Governor James Ibori of Delta State has been mentioned in connection with the less than open and transparent sale of the National Fertilizer Company of Nigeria, NAFCON. The controversial purchase estimated to have cost N20.5 Billion (about $153 Million) contributed to the momentary financial hardship for the Government of the new administration.

The purchase of NAFCON was barely a year after the former Delta Governor currently under intense probe by the Economic and Financial Crimes, Commission, EFCC, bought Willbross Engineering for $155 Million.

Pointblanknews.com gathered that the purchase of NAFCON believed to have been carried out through a bidding process that was teleguided and predetermined to favor Chief Ibori is one of the privatization sales conducted by the Bureau for Public Enterprises, BPE now being investigated. Mrs. Irene Chigbue is the Director General of the BPE that conducted the sales.

According sources Chief Ibori acquired NAFCON through an Engineering and Oil Servicing Company named O’Secul Nigeria Limited in 2005. He was said to have enjoyed unchecked control over the resources of Delta State with the unqualified support of his former commissioner for Finance, Mr. David Edevbie, who made sure that his boss had every kobo that would be needed for such acquisitions.

Ibori presently lobbies President Umaru Musa Ya’Adua to appoint Mr. Edevbie, a two term Finance commissioner, to the converted position of Director General of BPE. Our sources hinted that Ibori has two reasons for pushing for the appointment of Edevbie: One, to cover up any possible trace of their past collaborative agenda which made Delta State to bleed in terms of capital loss. Two, so that the BPE could be used to continue to exercise hold on what Ibori questionably had in the past and to possibly acquire more such government “liquidated companies.
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Two banks have become very prominent in assisting Ibori to keep looted funds in private accounts in the past. The two banks according to highly placed sources are Access Bank and Oceanic Bank. Ibori has considerable amount of shares in the two banks. And they are both currently being investigated by the Economic and Financial crime Commission, EFCC for acts considered as “economic and financial fraud.”

Ibori’s name has consistently surfaced in several “shady purchases of government and private companies” lately. He was linked with the purchase of Willbross, a Tulsa Oklahoma based company for $155 Million in what has been described as a “mafia approach to doing business.”

A cloud of suspicion hangs over him as he is accused of gun running, providing support for Niger-Delta insurgents. The metropolitan Police are on his trail for money laundering activities. But Sources say that whatever the Metropolitan Police may find on him, may pale into insignificance compared with the possible indictment that could come when the EFCC concludes its investigation of Ibori.

When Pointblanknews.com contacted Sheddy Ozoene, spokesman to Chief Ibori, he said “I don’t have anything to say about that.

Robot Robot is offline
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	# 1 Ibori Linked With Purchase Of Nafcon For N20.5 Billion ...Read the full article. Posted by Robot\| 25.08.2007 10:48

RAYNOSA RAYNOSA is offline
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	# 2 Why bother about such news it's legal in Nigeria to steal from the government the rule of law permits that ask the new AG of Nigeria. Posted by RAYNOSA\| 25.08.2007 11:28

ezyvic ezyvic is offline
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	# 3 "Anything new is news" goes a popular saying. Stealing, 'thiefing', looting', or even 'security vote', call it whatever is no longer news, and guess what, the chance of bringing the obvious culprits to book looks bleaker by the day. Yar'dua seems to have built a 'spider-man cobweb' around them to protect them outside the reach of toothless EFCC and ICPC. They can keep stealing for all I care, but their children and children's children will never know peace, as the society they starve today will come to hunt them at their twilight age. We may try in vain to correct these ill called corruption, but nature has a way of balancing events, ask the Argentines. When poverty gets up to a point, there will be nothing to live for, then psychologically the 'suicide mission' approach becomes the only option. The present government is trying to stand firmly on sand, quick-sand, and the advantage of analyzing events from outside the shores of Nigeria gives an opportunity for a holistic review of the 3 months old present government. I sincerely would give a charitable 10% to the Yar'dua led government, who is gradually destroying the minimal gains of the OBJ 8-years dynasty. So, where are the sharia proponents seeking human blood under the pretense of Islamic rule. I expected a more vibrant call and persuasion on Yar'dua to stand firmly on the tenets of their religion and not compromise because everyone religion forbids cheating. Yar'dua himself needs to cleansed because he took money from those who stole to run his campaigns. Ibori is like a 'fly' well 'petched' at Yar'dua's balls, and any attempt to destroy the fly would have a daring consequence. The purchase of NAFCON amongst other BPE sale of the soul of Nigeria to Ibori is nothing when the future exposes the illegal and complete dishonesty behind the privatization and Liberalization policy of the OBJ regime. The carefully distributed the assets of the people amongst themselves at give away prices, while making sure those sales opposed never got to function.Delta State and Edo State were milked up by Ibori and Nosa at will, while the ex-regime supported the crushing of any opposition towards such act. The truth shall always prevail. Posted by ezyvic\| 25.08.2007 17:27

Last Updated ( Thursday, 24 April 2008 )

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