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Demand For The Investigation Of The Grand Corruption In The Operation And Management Of The Federation Account.

September 26, 2010

The Chairman,
Economic and Financial Crimes Commission,
15A Awolowo Road,
Ikoyi, Lagos.

The Chairman,
Economic and Financial Crimes Commission,
15A Awolowo Road,
Ikoyi, Lagos.

The National Conscience Party (hereinafter referred to as “the NCP”) is one of the registered political parties in Nigeria. At the meeting of its National Executive Committee held at Sagamu Ogun State on Saturday, September 4, 2010 the NCP reviewed the rising wave of corruption in the country and resolved to request the ICPC to investigate the diversion and looting of several trillions of Naira from the Federation Account.

Pursuant to the aforesaid resolution I hereby request the Commission to investigate the allegation of gross corruption in the operation and management of the Federation Account. The details of the allegations are as follows:

1.    Illegal Diversion of N1.8 Trillion from the NNPC Account

A few weeks ago, it was disclosed that some former Heads of State caused the NNPC to engage in the illegal diversion of N1.8 trillion as follows:

i.    N1.5 trillion         -    Gifts to various persons

ii.    $18 million         -    Loan to a Sugar Company

iii.    N650 million        -    Subvention to the DPR

2.    Illegal Withdrawal of $8.575 billion From the Federation Account

    The funds withdrawn by the Federal Government from the Federation Account without authorization are as follows:

i.    US$8.245 billion (N1.2 trillion) for NIPP

ii.    US$250 million (N37 billion) for the modernization of the Nigerian Railways.

iii.    US$80 million (N2 billion) for the Ibom Plant.

3.    Missing Trillions From the Federation Account

The huge funds collected by the Federal Government but which have been withheld from the Federation Account include the following:

i.    US$5 billion (N750 billion) earned from natural gas.

ii.    US$2 billion (N600 billion) signature bonus

iii.    N3 trillion out of the internal generated revenue of N24 trillion.

iv.    N400 billion from the concession of the Nigerian Ports Authority

v.    N511 billion from sale of Federal Government Assets.

Apart from violating section 162 of the Constitution by not paying the aforesaid sum of N1.8 trillion to the Federation Account the ex Heads of State who gave the illegal directives to the NNPC violated various provisions of the Criminal Code Act and the Independent Corrupt Practices and Other Related Offences Commission Act.

In view of the growing poverty in the land whereby the masses of our people are currently ravaged by cholera, malaria and other preventable diseases we have no doubt that the Commission will accede to the request of the NCP without any delay. In other words, apart from prosecuting the highly placed personalities involved in the grand corruption which has accentuated poverty in the country the NCP demands for recovery and payment of the missing trillions of Naira into the Federation Account in line with Section 162 of the Constitution.

Please accept the assurances of our highest esteem.

Yours sincerely,

(President, National Conscience Party)

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