My PTDF Story

My PTDF Story

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I was recently mentioned in a tweet by a follower, @naigerian, who was asking about alleged mismanagement of PTDF funds. For the benefit of @naigerian and other citizens of Nigeria, I will explain how the PTDF was designed to work, and what happened during my time in office.

In order to understand the issue of the PTDF, I should point out that the laws establishing PTDF was designed such that the fund itself could not be directly spent. The PTDF as a fund could only be drawn from profits accruing to that fund. I did approve the placement of $145 million dollars in commercial banks in order to accrue the required interest, which could then be used for PTDF projects. The approval of these funds followed due process.

When I was accused of PTDF mismanagement (i.e putting it in private banks to accrue interest), the funds & accrued interests were returned to CBN intact. Not a penny was lost from that money. However, a report was prepared by the EFCC, under pressure from the president, and presented to the FEC, without any response/evidence from myself or witnesses.

It is pertinent to note that this report was also put together, following my outcry over N20b requested from the PTDF by the president, which I discovered was being used to fund the third term push.

On November 28, 2008, Justice Inumidun Akande of the Lagos High Court established that the EFCC was wrong, and quashed the EFCC report, showing that I did no wrong, as accused by the EFCC, which was doing the bidding of a president who was bent on smearing my name, despite having no evidence.

The following news reports is hereby quoted:

Nov. 28, 2006: Court Quashes EFCC Report on PTDF:  Justice Inumidun Akande, Lagos High Court declared: “… “There is no evidence before the court to establish that the applicant (former Vice President Atiku Abubakar) was allowed to call witnesses to testify on his behalf to defend the allegation… instead, the 2nd Respondent prepared a report in which he indicted the applicant and others and submitted it to the President (Obasanjo) as if he was the High Court before which the offenders will be prosecuted, establishes lack of fairness.”

In her judgment, on Nov. 28, 2006, Justice Inumidun Akande of Lagos High Court nullified both the EFCC report and the Administrative Panel of Inquiry report, which indicted former Vice President Atiku Abubakar.”

The Senate also disagreed with the EFCC report, on may counts. One that stuck out was that having accused me of placing funds in private banks, there was no investigation of the president’s placement of funds in UBA, as well as authorisation of loans to UBA from PTDF. The president later borrowed N200m from UBA to purchase Transcorp shares, which was also a conflict of interest.

My question has always been: why would a fund that needs to accrue interest be lodged in the CBN? Government should be run like a business. PTDF funds were better kept in private banks, where they could accrue interest.

The PTDF accusation was brought against me because I spoke out against diversion of same funds for the third term agenda, and it is a shame the EFCC was used to prosecute that vendetta. I believe EFCC needs to be made truly independent – to fight corruption, without interference from the executive, or anyone.

I have since forgiven the people who accused me, including my own friends who have since come to ask for forgiveness. But things must change. We are witnesses today of a respected CBN governor being accused of corruption by government, for blowing the whistle on the theft of $20b. In 5 years, a new generation of young people will believe Mallam Sanusi was a theif, due to the sheer amount of effort by the government to sully his name.

So I must ask again: is our country ever going to prosper with these gross abuses of power by her presidents?

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39 Comments on "My PTDF Story"

  • yusuf ammani ahmed says

    Lamidon Adamawa kai zaka jamu ka kau da zaluncin ka bamu aiki yi , ka bamu wutar lantarki , ka gyara mana kasar mu najiriya

  • I believe the rule of law should be strengthened…..the office of the president of the Federal Republic of Nigeria has too much power attached to it, there is a need to curb excesses. As the saying goes “Absolute power corrupts absolutely”, and that’s the case with the government of our beloved nation. Allah hoinu!

  • BashirIkara says

    First of all i will like to see your success one day as a president with full power of execution,secondly I will like to tell you that I lost confidence in my country because of the people who are in charge are criminal and they are not ready to go away.

  • Abdulhamid Chawai says

    Nothing is changing the truth. The truth is always constant.
    Even sanusi Lamido blew another whistle for Mr President by giving executive orders to do so many things outside of CBN responsibility.

  • sirOscie.......... says

    NO Turaki, Our country will never prosper with these gross abuse of power by her presidents and for the EFCC they need to be made independent to avoid been used to witch hunt oppositions.
    You have really handled this issue in a very matured way and I believe you still have a lot to offer this great country.

  • @forestall92 says

    You know… I like your question ” is our country ever going to prosper with these gross abuses of power by her presidents?”. And really appreciate the fact that we are trying and by God’s grace come to know who we are. Cause first in life is to know who you are.

    You know, an average nigerian who wants to enter politics today is not going there that he wants to make a change rather his going there to add to the already made mess.

    for things to change in this country, we need to first change our attitudes. That’s where change starts. And not to condemn those in power. When you were in power people blamed you. That’s how it will continue

  • TURAKIN ;NIGERIA OBJ IS behind all is happening to u because u let that. When all governors and masses like us backs u up to contest for president u said no because of OBJ’S respect. May god put u through we are solidly behind u sir.

  • Gwarzo jarimin meqaunan talakawa wanda besan wasaba hancinjimina kake baba daji ba aimasa kyaure koda mahaukacin kafinta bazai iyaba kaine me gudu me sanya maza gudu da maqota duka suyo gudu suna gudu a bisan dimi murucin kan dutse kake baka fitoba saida ka shirya kabar makiyanka a baya kabarsu da rigan kunya baba kaiko sam baka gudu dutsen fasasu ma kake rana mabudin aiki dasadauki baba uwar rago akema jaje duk wanda ya jadakai saiya zare gabanka salamun bayanka salamun sarki cikin maza jarimi cikin maza taka sanu tauraro tauraron maza mehaska duk maza giwa kake baba tafiyan kasaita mesan talakawa turakin Adamawa kake kuma sunyaba maka Allah ya tsaya maka yay maka jagora yabamu kai shigaban qasa insha Allahu in Allah yaso ya yarda bi izinan lahi rabi Alfarman An’nabi muh’d (S.A.W)

  • I love this, well said. Expecting more.

  • Daud says

    If not for PTDF I wuldnt be a civil engineering graduate today, so if the funds were misappropriated how come myself and a thousand others benefitted from it all through our undergraduate days. And FYI, I am waiting for the result of the overseas scholarship which in shaa Allah I know I’ll get..

  • eneje. hillary says

    Thank you 4 clearing the air the problem is that we are playing politcs with our future the youths should wake up

  • olu says

    All is well Turaki

  • Umar Garba Anchau says

    Turakin Nigeria ke nan! this kind of attitude must change to move this country forward, absolutely we can’t progress as a nation with lot of maladministration and corruption here and there, there is no a single strong bureaucratic institution of government in this country, Mal. Sunisu Lamido Sunisu wanted to take the lead the than Central Bank Chief as water test to built up as a developing nation but yet thing felt out of our expectation. now we don’t know how and when this country will progress as rest of developing nations does within a decade.

  • gbenga says

    We have heard your side of story. Let mallam nuhu ribadu come and tell us his side of the story whether he was forced to make allegation against you or not

    • @forestall92 says

      You know gbenga. I love your comment here.
      We can’t say or defend him until we hear the other side of the story from Mallam Ribadu

  • But sir ,been one of the past leader,we have in this country,and talking like this,we seems to be in a sorry nation,despite all our natural resources,one major thing we are saying is bad leadership,and insha Allah,we shall overcome it soonest

  • omatsola. Abraham says

    Hmmm..PTDF funds in private bank..what happens to the person who brings money to a private bank for lodgement in other to incur interest of that laodgement..Atiku is trying to justify his sttands thinking. Some of us re not liiterate..didn’t the private bank make monies from the lodgements?So there is no way that Atiku will not benefit somehow from placing such lodgements in private bank.Common sense will let’s us know that when a marketer brings in a lodgement s/he will be paid nd the lodger also get his or her interest..We don’t need turaki s president,he should go and help his Adamawa people..he should stop aall this hatred he has for leaders in opinion.

    • @forestall92 says

      Thank you very much @Abraham. You’ve got some point here. “he should stop condeming people in power. he should go and help his Adamawa people. We don’t need him.

  • Muhammad Auwal Hamza Madagali says

    Your response to every enquiry with facts and references leaves me flabbergasted as to how our current president respond to questions. I cannot say I’m in support of you not from just my blind admiration for you, but you seem to have been prepared long before you joined politics. Sir, you don’t deserve to be president, we (Nigerians) deserve you as president more than you imagine. Your patience and democratic culture will get you to the top democratic office in the country.

  • sirOscie.......... says

    I wont come here to say Atiku is clean of all charges but he is intelligent enough to state his own side very clear and backing it up with legal evidences , except we now want to say that a law court is not competent again to have heard that particular case. i love people that are always willing to change with time . Atiku is on twitter building relationship with the youth thereby understanding issues that are affecting them and the nation at large . There are politicians and leaders of this country that are still leaving in the dark ages , they knows knotting about social networking . Atiku is an old man by age but by thinking , he is thinking like new born (youth) or what would you say to a twenty five years old person that believes that social networking is a waste of time , that person can categorize as young person in age but old in thinking . I always respect any leader that found it worthy to address issues rather than attacking of personality.

  • Nath Ogunwole says

    Atiku was part of Govt for 9 years he cannot as VP come to defend or absolve himself from their actions. To me whatever the assessment or performance of that Govt he is culpable in all ramifications.

  • Rolly says

    I’m so convinced with the Turaki explanations. The story line is still same with the political higighaga during 2006/7. OBJ blackmailed Turaki but God will see u tru. My vote is for u.

  • One wonders why it took Atiku so long to explain issues bothered on the PTDF he was accused of. Thanks for your explanation that still left grey areas if one is to probe further. Regarding. Atiku’s concern on abuse of power, this entails a lot. Didn’t Sanusi he so respected abuse powers given to him in anyway? Is Sanusi innocent? Remember it is only safe to throw stones when you do not leave glass house. However Sanusi is still the CBN arrow head as Mr. President rightly pointed out, he was only suspended to allow investigators do their job which is the right thing to do in the eyes of the law. We can only accuse the president of abuse of power when the court finds Sanusi not guilty and he fails to return him to office.

    • @forestall92 says

      Good point. I love your comment. President Jonathan will be abuse power if the court find Sanusi innosent and president jonathan refuse to return him to office.

  • Mr Atiku sir,nig s 4 all of us and many atime kings maker don’t become king the earlier u realize dat the matter n try as much as u can to support an existing govt with ur vast experience instead of criticizing any govt that u don’t fine favour.pot should not call kettle black u ve all it takes to make ur home state d paradise on earth dat u ve not done n u call urself a saint allah will judge us

    • @forestall92 says

      @ray I love your comment “pot should not call kettle black” all he need do is “use his political experience support those in power and not critize them.

  • umar mudathir says

    This menace will always continue as long as the foundation of leadership is base on unsincerity and against the rule of law. The law of the country is weak while the leader determine how it runs to suit their selfish interest. The fact stiil remain that, as long the same group of people continue to rule this dead great nation. Nigeria will never rise to economic growth and development.

  • wilson says

    Despite all said,I still see some being bias n tribalistic here.Will Nigerian youths eva come together to speak in one voice?I am a yoruba man n if a northerner will or can rule us n bring about all we av bn clamouring for,so be it.Atiku has spoken and dose who accused him of misapropriation of funds are still very much alive..can we have a live broadcast in the form of interview n clear d air once n for all?I am simply in support of change!I am no fan of PDP,APC or any party tht can’t effect change or individuals as Atiku,tinubu,or d many leaders who av given us no future.Hence my fellow youths,now is d time for change

  • aliyuhabibu dubanni says


  • kankod says

    This is what we have to contend with in our present day politicking. Blackmail upon blackmail. What a waste and pity.

  • Tevin anyali says

    Turaki God bless u sir. i am a long admirer and defender of what ever political position you take. Whether or not you become a president eventually,u are and will forever be a president in my heart. I believe in u bcos u believe in us and nigeria.the political wars u have fought is too numerous to mention;from IBB to Abacha to OBJ to YARDUA and now Jona. All for good governance. With all their desperation,they
    Still cannot destroy u becos ‘who God has bleseed no man can curse’. Keep up ur fight. U are a hero. Twale sir!!!

    • @forestall92 says

      Good faith.
      I am sorry to say, but I think your defence of him fighting for good governance since from ABACHA to JONATHAN is not well detailed.

      What and what has he done in other to bring about good governance.
      With this error alone, I think you’ll eventually end up having him as a president in your heart cause for me and many other nigerians that effort is not visible.

      Have a wonderful day

      • Bush says

        Atiku 2 me is a season politician who knows is onion and has done his home work well. I wish him well in all is future endeavour. Is d high court judgement in 2008 or 2006. There are conficting dates in the report.

  • The other side of Jury!

    Jury wouldn’t just mean a judiciary reform program but a national social cum behavioral reform. This would imply a cultural revolution leading to a change of our individual and national ideology, resulting in a shift from our we do react to all issues!

    Ordinarily, our general outlook of a Jury system as effected by practicing nations is one mostly about their judiciary; forgetting that it’s impinges on the citizenry, individually and genitively cannot be isolated. Individuals learn from infancy how not to behave, especially in relating to one another and on issues that bother on the laws and constitution, because the Jury system as made their subconscious alert and actively aware of the implications of their single actions from how not to disturb their neighbors when having a good time, how to drive and obey traffic rules, to why they have to make themselves available to vote on election days.
    Their in depth understanding of the law makes live seem less and co- existing interesting, while respecting the rights and opinions of their fellow citizens. This becomes their norm and quotidian culture, irrespective of if they have ever served on a Jury Panel.
    Therefore, in analyzing our maintenance for status quo due to perceived impediments cum likely challenges to its successful implementation, we need to objectively mull the reality is of the new order and acclaimed benefits Jury Judicial system has bequeathed already practicing countries. First, we fear for our lives, then we doubt our individual sincerity not to be compromised. Next we ask ourselves if we are ready to let go of the old order of anything goes without standards, due process and protocols?! Ironically, our censure is continually towards our recycled leaders, while forgetting that they are products of the societies Old order, as much as we all are, and so we are as much to censure as they are as we do as much as they do in our own individual little corners. We have even forgotten the distinguishing indices between right and wrong, that extantly, we focus of bad and worse in decision makings.
    This new order would mean no corruption, not less corruption; it would imply unexpurgated compliance to the rule of law without sacred cows; it would cause all adult Nigerians to be most conversant with government policies in order to analyze and properly understand their impinges to them and their families; and go all out with good reason to vote for ideology they support and not stomach infrastructure, and genitively work with law enforcement agents in the maintenance of security and peace.
    Irrespective of our our thoughts and opinions might be skewed to think it is a system initiated to reform the Judiciary system of our Great nation, truly, it would also help reform our jungle justice mentality, being one of the important custodians of the law. Justice would become effective, as cases brought before a Jury panel would take less than 2 weeks to dispense with, either initially due to our urge to get back to our day jobs, or more realistically and patriotically, because we would want justice to be served justly and with alacrity. This system is thus to introduce a new order, re-defining the meaning of patriotism.

    Although many might object to the sustainability of this system due to many fundamental reasons, including finance and political sabotage, the truth is that the will of the people would be the oil for the wheels for Jury Judiciary to become a perpetual and integral part of our national life into many generations.
    In due time, it would have developed a life of its own strongly developed by the sacrifices of us all that no institution or office would outwit our synergy as citizens, nor leave us blinded, brain washed or bruised. Contemporarily, most governmental policies have neither remained legacies nor stayed part of our national life, because these policies have always being about a person or an oligarchy, and not the people. These policies, even when they seem to be of great value aren’t sustained by successive regimes, as most of them do not make congruous structures available for their survival beyond them. That is a rhetoric that begs for: where was a thought for the citizens, when these ideas were being implemented and funded?!
    On and on, governments came, left, new ones were formed, new policies born, fifty four years on as a nation, only a handful of these policies are part of our quotidian, including their infrastructure which are constantly rotated to soothe the policies of the days oligarchy. Sometimes, I wonder, maybe it’s because the citizens were never consulted or mulled in the formulation of these policies; thus I wonder and ask, why wouldn’t Jury judicial system be sustainable since it would receive the approval of the only ingredient missing in the failed policies- the citizens! Yes, every one including these oligarchy, fiends and friends alike, are all citizens of Nigeria, however, in the lot, we rather think us as the masses while they are the leaders. Therefore, without the masses connecting, believing and consenting to fresh policies, even in the absence of political or religious sabotage, we end up having a masses’ sabotage in our indifference to such policies, even when it is enforced. Thus, with the masses of today being the leaders of tomorrow, eliminating any disconnection from the policies of the day would mean that we become part of those policies, and how best to make one feel a part of an idea than to make them owners and surrogates to it.
    Sustaining Jury judiciary would be more easily achievable, as the system is owned by the masses, eventually giving us the opportunity to regulate the government, vis- a- vis the system which would function only through us. We, by feeling responsible for its survival, would rather not want to lose the enormous powers that this system vests on us, as it would ensure we have a balancing of governments authority. We would rather sustain it in order to retain the power to decide policies by choosing which aspirant has the best policy for the most of us. With this voting power synergies and adequately harnessed by every adult citizen, no more masses apartheid would be chanced, resulting in the need to sustain the system, that our future generations may reap the sweetness of our genitive labors of today’s decisions.

    By instituting this revolution and harnessing our genitive will as citizens to ensure sacrifices for our nation is rewarded, we commence the building of our nation, block by block that future generations would have a great foundation to also place their well moulded blocks on. With a peopled judicial system as Jury, the beauty of democracy would be better seen, while government is better appreciated as our young and unborn citizens would grow into this practice and understand the value taught in ‘ a nation cannot be without a people’ hence, see the need to serve for the hand-over-fist of the nation.
    Our futures can therefore be said to be insured, while all institutions charged with fiscal responsibility and policy continuity would maintain an impeccable standard and efficiency. Infants would be brought up in this new order of patriotism, trust and strong urge to give to their country in order to leave it better than they met it. They would live the Nigerian dream we envisioned, designed and built its foundation, and realize that efforts, sacrifices and trust are essential ingredients to maintain the cohesion required to help realize the dreams.
    Exhibition of Leadership adepts would become the norm, innovation would be the order of the day and the nation would have risen above her numerous teething challenges that fosters under- development and lost the appellation cum profile of a third world nation. On quotidian, set of Nigerians growing in the age of the new national order of patriotism would break the barriers of color, and rise to become global leaders with a commensurately developed country to show for it. Formal education might not literally increase, but with a strong zest for information, and regular provision by government of all amenities standard and contemporary, illiteracy would be flushed out, with national intelligence quota, life expectancy surging to apogee.
    Nigeria would rightfully take her place as the giant of Africa, leading by example and become a global force in the international community, having successfully put out the fire in our house. The teenagers of today, infants of now and babies of tomorrow would enjoy a highly functional society built on our sacrifices of making the Jury system be a part of us today. They would learn how not to be wasteful from us, how not to finagle the commonwealth of the people, how not to build a system, as anything built today would be the level of development passed on to their futures. They would learn how to uphold the laws and constitution of the land, with unfeigned hearts how to serve, and how best to show their dis- approval to any government or their policies.
    Decision determines destiny, and ironically, this decision is the destiny and legacy for our unborn. Things were rosier in the early independence era compared to today, and they just seem not to have being improved on but broken down. If we bequeath to our unborn, the destruction legacy which was handed to us, do we really stand a chance of national survival at this rate of deterioration? The early we come to realization that doomsday predictions for us are not to be ignored but to spur our individual and collective patriotic instinct to do something different but genuine, the better we stand a chance on giving our off springs the future we so dreamed would be when we first got our brand new cars then for N1,500, only for same cars 3 years after to be N350,000, without a congruous reason.
    In order to shirk that N1000 shrinks to N10000, and the cost of pure water to N25 when we become grey and our unborn begin to aspire for political offices, that we sit them down and tell them stories of the good old day’s of today, which we were also sat down to tell how it was even so excellent at independence; then asking how did we get here, we need to acquiesce to take responsibility for both the leaders and the masses, by giving more power to the genitive will through Jury Judiciary, so that we can more easily appraise our journey with a collective sense of ownership of the nation, and purposeful direction.

    Jury Judiciary proposal is opined to be implemented as those of most other nations practicing it, where the Jury teams interpreted the question of facts, and the judge, the question of the law on all criminal cases and exclusive civil cases; with a charge to determine if the accused is guilty as charged or otherwise. Of course, Nigerians would be more abreast of their rights, thus putting the law enforcement agencies on their toes to do a more clinical and professional investigation. And of course, a comprehensive and updated database of all Nigerians would more easily be compiled and kept, making investigations and monitoring and locating crimes and criminals less arduous, and CCTV across the nation highly functional and important
    Now, we need to sacrifice our time to go and register as Jury members, time to even go for hearings as members, we need to sacrifice our non-challah to a feeling of partners in the Nigerian project. However, before counting the gains, we need to support this system’s introduction into Nigeria and see to its implementation, as an alternative to government of the elites for the elites and by the elites!

    We have a globally proven alternative in Jury, nothing is foreign that can be adopted and adapted to, what we need is a strong system that recognizes the opinions of the masses and counts it’s citizens as equal stakeholders in building our nation.

  • Sir you are a leader whose style of leadership is the best for Nigeria and Nigerians. We misjudged you from what we heard on the media not knowing that it was just the game of politics. Now we have known the truth and reasoned well as learned citizens and support you for your ambition to handle the baton of power come 2015…. TURAKI sai kayi Insha Allah

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