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Obasanjo Blindfolds The Nation On Transcorp By Jide Ayobolu
The 200 million shares owned by President Olusegun Obasanjo in Transnational Corporation Plc (Transcorp) are being held in a blind trust on behalf of the President by Obasanjo Holding according to reliable media report. The president’s shares which are being held in a trust, in line with international best practice and it is being run by some prominent Nigerians and a foreign national. Obasanjo Holdings is the parent company of all the President’s businesses which includes Obasanjo Farms, OHL Quarry, OHL properties and Tempo Foods and Packaging Limited. The president through Obasanjo Holdings Blind Trust subscribed to 200 million shares in Transcorp when it was incorporated in November 2004, and the shares were fully paid. Since the establishment of Transcorp, there had been speculations that the president may have had a possible conflict of interest in his role as shareholder of Transcorp and the president of the federal republic of Nigeria, from which Transcorp is concluding several transactions, especially the purchase of 75 per cent of NITEL. There is mounting concern about the relationships between the president and Transcorp and if the corporation was getting preferential treatment. Now because the Federal Government wanted Transcorp to buy NITEL, some of the rules guiding the process were ignored, amended or waived. That was even why a willing buyer, willing seller style was adopted in the sale of NITEL after the Orascom bid collapsed. It was part of what was suggested to the President that the easiest way to give Transcorp an edge over other buyers would be to adopt that strategy. But all these are now history. This probably accounts for why Obasanjo deftly opted to protect himself personally and put his Obasanjo holdings interest in a blind trust. A blind trust is a legal arrangement where a public official put his private business interest in the hands of trustees who shield him from day to day business decisions thereby avoiding potential conflict of interest with governmental decisions. However, it has always been said that in actual fact, the president has about 600 million shares in Transcorp, and only 200 million of the shares are held in blind trust. The shares were bought for N1 each and in less that six month there was a private placement for N6 per share, so, the president made cool billions effortlessly, again, it is very important to point out very clearly that the process was slyly manipulated to favour Transcorp in several ways that is not normally done for other companies that come to the Nigeria Stock Exchange (NSE). Also, the way and manner Transcorp is acquiring our collective patrimony calls to question the much talked about issue of due process, transparency and equity which the present administration claim to be its hallmark. The way and manner NICON Hilton and NITEL were acquired, as well as there purported resolve to buy Le Meridian Hotel, Abuja and the Port Harcourt refinery meagerly shows that indeed the interest of the president is very well represented. But is the interested of the president in sync with those of the Nigerian people on whose behalf, he is holding power in trust? If the answer is in the affirmative, then why the general public outcry against the method of buying Transcorp? So, the Nigerian state is a very big contract, where our so-called leaders engage in political entrepreneurship or commercial politics, using their exalted offices to amass wealth illegitimately, thereby engendering the systematic development of underdevelopment and installing unwarranted poverty amongst the citizenry. However, it cherry to observe that even when the vice president Atiku Abubakar was offered 100 million shares in Transcorp on a platter of gold, he politely turned it down based on principle and morality. The vice president by this singular act has shown that he is not a run of the mill kind of politician that takes advantage of all the people that voted him into public office. Nigerians are watching, they are no fools, they know whom their real leaders are. Albeit, it has been said that before the president came in, he divested his interest in all his companies, so if any of the companies decide to buy or invest in other companies the president is not involved. But if this is true, how come that the president still signs cheques for his businesses in Aso Rock. At least, it has been said that the president makes a monthly profit of N30 million from an aspect of his farm alone. It is for this reason that the National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said Obasanjo was supposed to remain neutral. It will be difficult to convince people that Transcorp is not buying up government’s properties because of Obasanjo’s influence as an investor in the company. Nigeria should show transparency. As somebody who is fighting corruption through EFCC he should set good examples. Look at the former president of United Stated Bill Clinton. He did not own a house while he was in office. It was after he left office that he acquired his own house. That is how it should be. The question has also been asked that, who has the largest shares in Obajana cement factory where over $1 billion has been expended? Who has the highest number of shares in Eleme Petrochemicals? Who has the majority share in Virgin Nigeria? Who has the largest shares in Arik Airline? Who has the largest chunk of the shares in the mining company in Itapke? It has been said severally that the shares in these companies have been cornered by political scavengers in the corridors of power. It seems as if the true meaning of selfless service is lost on those in power today, at the helm of affairs. They have not learnt anything good from history. They see political office as a short cut for personal aggrandizement as well as acquiring off and on shore bank accounts. They do not care a hoot about what befalls the common man, as long as the have an unfettered assess to the national treasury, may be, this is another name for economic reform agenda under the present government. In fact, one may even ask what is the meaning of corruption? This government more than any other in the history of Nigeria has paid immeasurable lip service to the issue of corruption. Indeed, under the prevailing political dispensation, corruption has been elevated to the level of statecraft and official policy of the state. Government and its occupiers lose their legitimacy when the people no longer repose their confidence in them. The people are disenchanted with the present government because; it has failed woefully to deliver on its electoral policies to the people. The people have not seen the developmental dividends of democracy, good governance and unique opportunities for self- actualization. What they have benefited from democracy since 1999 is frustration, disappointments and tales of woe. This government is a government of a few privileged people at the corridors of power, to serve their selfish interests and for the furtherance of their inordinate ambition. For sure, this is not what Nigerians bargained for when there collectively ushered the present administration in, in 1999. It would be recalled that the rapacious proclivity of the lord of the manor, did not just start today. According to former super permanent secretary, he was the greatest beneficiary of the indigenization policy in 1974, as he sinuously cornered vital sectors of the Nigerian economy and this was not known until late General Mohammed Murtala assumed the mantle of leadership in 1975. And, any country where the leader is a soldier of fortune is in grave danger, as it will be an endless run of locust in the country, for as long as such a character remains in power. Yet, when the president came on board in 1999 he swore to uphold and abide by the constitution which is the supreme law of the land. And, section 16 (1a) states that the 1999 constitution states that the State shall, “harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy; section 16(2b) stipulates that the state shall ensure that, “the material resources of the nation are harnessed and distributed as best as possible to serve the common good”. And, the government of the day has to adhere to any of these salient provisions, therefore, the question that readily comes to mind is, in whose interest are those in government presently running government business? Is this how to properly run the affairs of the country? May God help Nigeria. |