FACTS AND FIGURES

OF THE N19.5 BILLION AVIATION INTERVENTION ACCOUNT DURING THE TENURE OF PROF. BABALOLA BORISHADE

During the Tenure of Prof. Babalola Borishade, the AVIIFUND Account Number 6011520927 at Zenith Bank PLC was fully operated with a mandate for three (3) signatories. The signatories were:

1)      Managing Director, FAAN      Alhaji Muhammed Yusuf

2)      Director of Finance, FAAN     Mr J.B Akeju

3)      Remi Olumuyiwa, FMA           Technical Adviser

PROF. BORISHADE WAS AT NO TIME SIGNATORY TO THE INTERVENTION ACCOUNT

During the Tenure of Prof. Babalola Borishade, the following credits were made in to the account;

1. N2 BILLION SEVERANCE BENEFIT OF FAAN STAFF
2. N6.5 BILLION LOAN FACILITY  FOR THE SAFE TOWER PROJECT

N2 BILLION SEVERANCE BENEFIT OF FAAN STAFF

N2 Billion was received from the Accountant General’s office into the account for settling the severance benefits of staff disengaged from the service of FAAN.

The fund was used as stated in the following transactions as approved by the Board of FAAN.

Date            Details                                   Cheque No.          Amount (N)

5/09/2006   Transfer to First Bank to

                   Pay benefit of retired staff       002                       1,461,402,579.64

13/09/2006 Transfer to First Bank to

                   Pay benefit of retired staff       005                          348,654,624.71

10/10/2006 Transfer to First Bank to

                   Pay benefit of retired staff       006                            42,144,873.37

2/11/2006   Transfer to First Bank to

                   Pay benefit of retired staff       007                              7,149,499.99

                   Total Transfer                                                     1,859,351,527.71

                   Balance as at 2^nd November, 2006                         140,648,472.29

Details of beneficiaries with their passport photographs are available at the bank.

N6.5 BILLION LOAN FACILITY

The instrument of Credit facility of the N6.5 Billion was signed by

Alhaji Muhammed Yusuf (MD FAAN) and the Director of Finance and Accounts FAAN, Mr. J.B. Akeju on the 28^th August 2006 following the issuance of a Federal Government guarantee signed by the Minister of Finance on the 21^st of August 2006.

The facility of N6.5 Billion was credited to the Account on 1^st September, 2006.

Zenith Bank was authorized by the signatories to purchase forex of €38 Million for the purchase of the Tower equipment.

The sum of N6.340 Billion was debited by Zenith Bank as cost of the required foreign exchange purchased in respect of the Letter of Credit on 6^th September, 2006. Relevant bank charges were also debited.

No other transaction was authorized by Prof. Babalola Borishade from this Account during his tenure.

During the tenure of Prof. Babalola Borishade, all payments to the Contractor from the €38 Million forex Account was subject to a certification of Technical Compliance issued by a nine man Technical Team made up of:

1.       Godfrey Uchenna Eze              NAMA Director of Engineering

2.       Femi Oyediran                         NAMA Director of Air Traffic Service

3.       Jide Adeniji                             NIMET Director of Projects

4.       T. Obidike                              NIMET Engineering Dept.

5.       Engr. O Anadu                        FAAN General Manager, Special Projects

6.       Engr. Ezenwakwo                   FAAN Director of Airport Services

7.       Engr. Segun Eniigbokan           FAAN Directorate of Engineering

8.       Yusuf Jatto                             Special Assistant to MD NAMA (Secretary)

9.       Remi Olumuyiwa                    Technical Adviser to the Honourable Minister

THE BALANCE OF N11 BILLION WAS CREDITED INTO THE ACCOUNT ON 28^TH NOV, 2006 AFTER THE TENURE OF PROF. BABALOLA BORISHADE ON 4^TH OF NOV, 2006.

                                           ….…………………………........................

Babatunde Akeju

Director of Finance and Account and Signatory to the AVIIFUND Account