How Former Nigerian President Olusegun Obasanjo Moved From Having Only N20,000=00K In His Bank Account In 1999 To A Multi-Billionaire Farmer!

When he became President in 1999, Obasanjo could only boast of farms in Eruwa, Ota and the nondescript one on the Mambilla. By 2007, however, he has developed farms in Ibadan, Iseyin, Lanlate, Igbo Ora and Ibogun, each of which boasts many Chinese experts.

Back then the  Atiku Campaign Organisation challenged Obasanjo to tell Nigerians how he could change his status from bankruptcy in 1999 to an immensely rich farmer in 2007. Atiku’s men actually rubbed it in that the number one citizen had only N20,000 in his bank account before he became president.

Uba Sani, the President’s spokesman, did not allow that missile to hit its target before replying with a ready made answer. He claimed that his principal was able to secure a N2 billion loan to rehabilitate his farm, otherwise known as Temperance Farm.

But Atiku’s men raised their voice a pitch higher. “The explanation of Uba Sani has only further exposed the duplicity of General Obasanjo. General Obasanjo should tell Nigerians how a farm, which was moribund in 1999 and had to be bailed out of impending liquidation, became so rich to generate the collateral for a N2 billion loan,” the group said.

“Every one conversant with the banking system knows that you need collateral of about N6 billion to raise a N2 billion loan. President Obasanjo should tell Nigerians how he transformed from a man, who his closest minister said had less than N20,000 in his account in 1999, to someone who now has N6 billion collateral to take a N2 billion loan,” the group retorted, referring to a statement credited to Malam Nasir el- Rufai, Minister of the Federal Capital Territory.

Atiku’s men asked Obasanjo to tell his subjects the date he procured the loan, the conditions attached to it and his collateral. “Nigerians will be glad to know if President Obasanjo solely took a N2 billion loan from the N50 billion agriculture fund facilitated by the Federal Government when there are millions of Nigerian farmers who should access the loan, but have been crying for access since the introduction of the loan last year. If President Obasanjo collected N2 billion from a N50 billion agriculture fund approved by his government, does this portend conflict of interest or corruption? These are the questions President Obasanjo should answer to rescue his sagging integrity,” the Atiku camp argued.

Obasanjo’s ownership of Bells, according to experts, is against the spirit and letter of the 1999 Constitution, which forbids a public servant from engaging in any business apart from farming.

Obasanjo’s other treasure box is Transcorp, which he initiated and launched on 17 November 2004. It is fashioned after Chaebol, a South Korean business octopus. Transcorp’s areas of operation are agriculture, oil and gas, manufacturing, power generation and Free Trade Zones.

In October 2005, Transcorp bought 51 per cent stake in NICON Hilton Hotel (and changed it to Transcorp Hilton) for N13 billion. It bought NITEL in July 2006. It also acquired four oil blocs, OPL 218, 219, 209 and 220 on 21 July 2005. Transcorp’s Board of Directors is chaired by Dr. Ndi Okereke-Onyiuke......CHAI THERE IS GOD OOOOO!