Nigeria News: Buhari Looted Billions Of Dollars PTF Funds - Fani Kayode

Chief Femi Fani-Kayode

The former Minister of Aviation, Chief Femi Fani-Kayode has lent his 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 some reporters 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.

Chief Fani 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 varnished."

"Obasanjo summoned him and showed him the damning report. Buhari begged like a baby, sadly Obasanjo let him off the hook."

Some reporters also recorded that on May 23rd, 'Chief Obasanjo may be regretting his decision not to probe the Buhari-led PTF tenure as recommended in the 1999 report'.

It was also 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'.

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

L-R: Ex-President Obasanjo & President Buhari

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 22nd, at the Presidential Villa, Abuja while receiving the Buhari Support Organization led by the Controller 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 a colossal waste.

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