Sources close to Obasanjo hinted that it may be connected with a report by the Petroleum (Special) Trust Fund (PTF) Interim Management Committee, instituted on July 7, 1999 by former President Olusegun Obasanjo.
Based on the report, the PTF under Buhari’s supervision was mismanaged. The report was however neither made public nor was it acted upon by the former president. In its summary, the Committee had advised Obasanjo to “set up a high powered judicial panel to recover the huge public fund and to take necessary action against any officer, consultant or contractor whose negligence resulted in this colossal loss of public funds.”
According to the report, the sum of N25,758,532,448 was mismanaged by the Afri-Project Consortium (APC), a company contracted by the PTF as management and project consultant.
Buhari as PTF chairman was said to have also “delegated to them the power of Engineer in all appropriate project requiring such power,” which made them assume absolute powers to initiate, approve and execute all projects by the PTF.
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