Bola Tinubu's
$140 million V-Mobile deal exposed
Immediate past Governor of Lagos
State, Mr. Ahmed Bola Tinubu is being fingered as the lynch-pin of an
alliance of destructive Governors who misappropriated public funds totaling
over $140 Million to acquire ownership of private Global Satellite Mobile,
GSM Telephony Company.
This is even as fresh reports from investigations revealed that Tinubu
has so far returned N50 Billion to the Economic and Financial crime
Commission, EFCC being part of monies he stole from the coffers of Lagos
State while serving as Governor from 1999 to 2003.
Tinubu, a third republic Senator who rode on the crest of the popularity
of June 12 annulled Presidential election and personal ties to late
Chief MKO Abiola to warm himself to popular acceptance by the people
of Lagos State is said to have run into trouble with the Economic and
Financial Crime Commission, EFCC on the source of over N14 Billion which
he invested in V-Mobile which has since changed name to Celtel Company.
According to sources Tinubu was the rallying point for other colleagues
like Victor Attah, formerly of Akwa Ibom State and James Ibori of Delta
State. He was said to have rallied others into acquiring shares on behalf
of their various states at the then V-Mobile, formerly known as Econet.
He convinced the two colleagues to acquire stakes running into several
Billions as well.
But their ingenuity at converting public funds into private use was
what led them into ridicule before the EFCC. Tinubu was said to have
perfected an agenda which saw the initial N14 Billion purportedly acquired
on behalf of the people and Government of Lagos State into personal
holding investment. The purchased shares suddenly changed to Tinubu's
shares. Likewise, the shares purchased by Akwa Ibom State Government
and Delta State Government at V-Mobile started reading Victor Attah's
shares and James Ibori's Shares respectively.
Pointblanknews.com investigations revealed that EFCC's three man investigation
team led by Magu, Bello and Illiasu, signed overwhelming evidence of
incriminating Tinubu, Attah and Ibori. All three were told to return
the money misappropriated. They all did.
EFCC agents had been trailing the Governors. They were snooping on Bola
Tinubu in particular. Knowing the details of the transaction, he was
invited over to EFCC and confronted with the details of the dirty transaction.
Tinubu was said to have owned up to the crime. And he was asked to return
N14 Billion to the coffers of Lagos State Government. He did. But Leopards
cannot change their spots. Tinubu allegedly took another N7 Billion
on behalf of Lagos State Government towards the end of his governance.
That N7 Billion was later found as a lump lodgment with V-Mobile. Again,
after an investigation, he was told to return the money to the State
Government. He did.
Off course there is very disturbing concern on why Tinubu was not prosecuted
on the grounds of criminal felony to which he purportedly confessed.
The V-Mobile deal looks like other shameful act involving Tinubu and
many of his counterparts who were Governors at the same time.
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Ibori's part of the V-Mobile shares was held in trust for him by one
Henry Imaseka. When the V-Mobile deal was busted by EFCC, he was moved
to Wilbross Engineering which was bought by Ibori for $155 Million.
Ex-Governor Ibori with former Edo State Governor, Mr. Lucky Igbinedion
had run into similar problem over the recapitalization of AfriBank PLC.
All two acquired shares totaling N5 Billion each. They all acquired
shares on behalf of their State Government and used similar trick to
convert same to private holdings. Although they were all told to pay
back what they stole. Ibori was said to have returned back N5 Billion
to the Delta State Government. Igbinedion instead ran away from Nigeria.
Bola Ahmed Tinubu is not new to controversy especially over the source
of his fabulous wealth. There are also questions over his University
education. In particular, many Nigerians still hope for the day when
charges will be brought against Tinubu for attempting to sneak ENRON
into Nigeria for Independent Power generation when the U.S Company ran
into financial scandal.
On April 16, 2006, Celtel made a conditional offer for V-Mobile and
in May 2006, V-Mobile was bought over by Celtel for US$1.005. Billion
after Celtel acquired a controlling stake of 65% in V-Mobile.
So far, the EFCC has recovered properties, assets and money worth over
$5 billion (about N625 trillion) in the last four years from thieving
ex-Governors and other Nigerian Government officials.
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