HOW OBASANJO SHARED $16BN POWER FUND

Facts have emerged on how former President Olusegun Obasanjo, shared $16bn dollar power contract sum purportedly meant to improve power supply in the country. 

The former President Obasanjo was in power between 1999 and 2007 on the platform of the Peoples Democratic Party, PDP.  

No fewer than 27 companies were said to have benefitted from Obasanjo's $16 billion power deal including a firm, Energo, which was paid part of the money to even before it was registered. 

 As at the time Obasanjo's tenure ended, the contractors had been paid only N360.7 billion - The sum of N273.65 billion was reportedly spent on Power Holding Company of Nigeria from 1999 to 2007

President Buhari had  questioned why there was no light in the country inspite of the administration of Chief  Obasanjo spending $16 billion in the sector a development which alarmed stakeholders in the power sector including many Nigerians.

It was reported that only N360.7 billion had been paid to the contractors as at the time Obasanjo left office.

That Obasanjo - led PDP administration also spent N273.65 billion on Power Holding Company of Nigeria from 1999 to 2007.

The 27 contracts companies are:

 Pivot Engineering Ltd which was awarded contracts in the sum of $78,625,736.54 for the construction of Owerri-Ahoada-Yenagoa 132 KVA DC lines and substations. It is to be noted that out of this, $73,023,521.36 has been paid to the contractor;  ABB {Nig] Ltd [SAE] received a contract in the sum of $21,489,644.79million and Nl, 489,271,079.60billion for the construction of second Benin-Onitsha 330 kva SC lines. So far, the contractors have been paid the sum of Nl, 675,225,734:40billion; Siemens Ltd also benefited from a contract of €l5, 032,410.65M and N200, 000,000M to provide Onitsha 150 Mva, 330/132/33 kva, T/F and 330 KV base at Onitsha and Benin. Out of this contract sum, it has received a total payment of €l2, 499,567.00M, N49, 979,258.00M;  Energovod Src was awarded a project of Alaogi-Calabar 330 kva DC lines in the sum of $42,382,351.30million and N900, 000,000 for which payments to the tune of $23,851,466.58million and N431, 056,721.00million have been made.;  AREYVA T/D SPR-and -MBH power-for offshore works for construction of bays got £8,987,322.00million and N600, 000,000million. The foreign payments have been fully made while only N161, 704,254.50million on the Naka was paid; Chrome Consortium was awarded contracts for the provision of Gombe-Yola-Jakngo 330kva SC lines at at $74,872,154.04million. It has been paid $50,000,000.

Others include: News Engineering Ltd got a contract valued at $3,485,113.50million and N250, 000,000million for the construction of Jalingo 2×30/40 mva; 132/33kv sub-station. It received $2,670,679.36million and N100, 850,347.04million.; Allaogi-Umuahia 132 kva DC line was awarded to Pivot Engineering at $4,067,940.00million; it got $3,978,676.10million and N406, 528,365million; Valenz Holdings [Nig] Ltd got the contract for Umuahia 2×30/40 mva, 132/33kv substation at $7,083,399.48 million and N489, 704,091.00million.It was not clear if the company had been paid; Kec/News Engineering handled Gombe-Damatru-Maiduguri 330kv lines at $30, 172, 772million and N2.5 billion; JKN Limited did Ado -Ekiti 132/33kva sub-station and Akure 132kva Liangbe extension at N822M . It received N521m and Kano- Dutse 132 kva DC and Dutse-Azare 132 kv SC line were done by LCEP at $50, 294, 388m.

The Republic gatherrd that: ABB did Dutse- Azare 2×30/40MVA, 132/33KV Sub -stations cost $12,500,000:00m and €1,771,582:83m. The company received $11,074,967:81& €354,316:40million just as Egbin-Ikeja West/Benin Main 330kv DC line and sub-station was handled by Energo (Nig) Limited at $8,437,687 million and N141, 967,775:92million; it was paid $6,475,037:18 and Nl7, 488,890:06million and NEPA-ACEB Power Interconnection Project (Counterpart Funding) was handled by SAE Power Lines and Areva (SIS) (Counterpart Funding on ADB Loan on senders) at Nl,194,500,000:00; Nl,043,800,000:00 was paid while News Engineering Nig Limited got the contract for construction of lx30MVA, 132/33W substation at Keffi at N441,534,004:50 N251,700,000:00 17. Continental Engineering Nig Limited was awarded Talata Mafara 2×30/40MVA, 132/33kv substation ( N453, 532, 829:20) . The company was paid N420, 323,334:57.

Furthermore, Amukpe (Sapele) lx30/40MVA, 132/33kv sub station was handled by News Engineering Limited at $1,194,482:34 and N219,920,252:71. The company received $1,014,276:14 and N78,303,339:54; ABB Power Katempe got National Stadium 132kv DC line for N347,000,000:00; it was paid N 173,500,000:00; Twenty-six companies carried out FY2000 substation reinforcement projects (N2,679,487,010:00) They received N2.3billion, representing 90% of the contract sum; ABB Nigeria Limited handled rehabilitation of Delta TV Switchyard (€2,879,811:11 and N109,899,233:00); N36,822,340 was paid; Nnewi 2x60MVA 132kv sub- station was awarded to Valenz Holdings Nigeria Ltd (€4,421,811:72 and N251, 833,400:00). It received N191, 734,122:52; CMC was awarded New 33kv substation at Omotosho ($30,325,386:00); $3,115,453:00 was paid; Steers Int’l Ltd was awarded $1,395,353:83 and Nl 52,092,929:50 for the construction of New 330kv line at Ornotosho/Benin/ Ikeja West in which a down payment of $596,137:71 and N34,465,000:00 have been made to the contractor;SEPCO got the $30,325,366:00 New 330kv substation at Papalanto. It was paid $8,915,453:00; Kukwaba 2x60MYA, 132/33kv sub- station was awarded to NCEP at $5,252,932:61& N272,237,433.25; 20% payment was made, which comes up to $1,050,586:52 and N54,447,486:65 and CCC Int’l Ltd is a company awarded Onitsha-Nniwe-Ihiala 132kv DC line at $2, 631,003:58 & N 198,049,270:00.

However, the onus of proof with the above, sources close President Buhari's administration say, lies with the former President Obasanjo and allies to establish their innocence.