Agency probes Obasanjo ties
19/02/2007 21:07  - (SA)  

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Lagos - Nigeria's anti-graft agency EFCC said on Monday it was investigating allegations linking President Olusegun Obasanjo with some private businesses in contravention of the constitution.

The chairperson of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu, said his agency was probing allegations that Obasanjo was involved in ownership or management of Transnational Corporation of Nigeria (Transcorps) and the Bells University.

"We are investigating and we will come out with our report" on these establishments, said Ribadu.

Obasanjo's critics say he owns 200 million shares in Transcorps, a mega conglomerate, alone.

He also allegedly owns the Bells University, licensed last year, as well as other businesses whereas the Nigerian constitution prohibits public functionaries from engaging in private businesses while in office.

The chairperson of Transcorps which bought majority stakes in Nicon Hilton, Nigeria's biggest five-star hotel in Abuja, and state-run telecoms NITEL, is Ndi Okereke-Onyiuke, the chief executive of the Nigerian Stock Exchange.

Okereke-Onyiuke is officially a member of Obasanjo's economic inner circle.

Trancorps is into oil, telecommunications, agriculture, trade and entertainment businesses.

The EFCC was established by Obasanjo to fight corruption and economic crimes.

- SAPA

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