Date Published: 07/16/10
14th July, 2010
The Executive Chairman,
Economic and Financial Crimes Commission (EFCC)
EFCC Head Office No. 5 Fomella Street off Adetokunbo Ademola Crescent, Wuse II Abuja Tel: +234 9 644 1000.
Dear Madam,
Urgent Request for the Investigation of Chief Olusegun Obasanjo (Former Nigerian President 1999-2007) over alleged purchase of Trancorp Plc Shares worth N200 Million
The above subject is self explanatory.
Our Firm has been inundated with calls by various Nigerians including media houses for the probe on how the former Nigerian president, Chief Olusegun Obasanjo between November 16 2004 when Transcorp was incorporated and September 13 2006 when chairman of Transcorp, Dr. Ndi Okereke Onyiuke admitted before the House of Representatives that Chief Olusegun Obasanjo is a subscriber to transcorp through Obasanjo Holdings Ltd. We are enclosing reports of Newswatch Magazine dated August 28 2006 for your guide.
It is evident from this report that the former president is alleged to have bought shares in Transcorp. The shares allegedly owned/purchased by the former president is 200 million which amounts to N200 million (N1 per share).It is confirmed courtesy of Dr.NDI-Okereke that the former president bought the shares through Obasanjo Holdings Limited as a nominee under another unknown legal concept of “blind trust.
It is our considered opinion that the acquiring or owning of substantial shares interest in Transcorp plc through Obasanjo Holdings limited is contrary to Paragraph 13 of the Code of Conduct for public officers contained in part 1, fifth schedule of the constitution of the Federal Republic of Nigeria 1999. This would amount to clear act of corruption if confirmed to be true that the former president did purchase the said shares whether directly or through cronies.
We humbly demand a prompt commencement of investigation of the alleged purchase of N200 million worth of shares in Transcorp plc by the former president. We also urge you in the interest of the general public and as a testimony to your genuine fight against corruption that you make public your findings within a reasonable time.
Our Firm would appreciate a positive action from this request within the shortest time possible failing which we would have no other option than to seek judicial intervention in this matter.
We are most obliged!
Yours sincerely,
Osuagwu Ugochukwu Esq.
Principal/Anti-Corruption Attorney
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