Sunday, July 16, 2006

Is Transcorp Not A Fraud In Disguise?

The board of directors of the Transnational Corporation of Nigeria Plc (Transcorp)are strange bed fellows of some sorts. And the set-up of this Transcorp is more than meets the eye of the Nigerian public. Because, the brains behind Transcorp are also the portfolio managers of the kleptocrats in power since the reign of the evil genius, the retired General IBB to the current retired General OBJ who is the Generalissimo of the ruling party, the so called Peoples Democratic Party (PDP) of Nigeria.

Transcorp has already failed to make the mandatory initial payment of $500 million for Nigerian Telecommunications Limited (NITEL).The credibility and integrity of the masterminders of Transcorp will likely collapse like a pack of cards. It was only last week that Transcorp was announced as the preferred bidder for NITEL the national telecommunications carrier after it offered to pay $750 million for the 75 percent equity. But now that it has failed to even make the initial payment of $500 million, should the Bureau of Public Enterprises (BPE) continue with the transaction or dismiss Transcorp?

Is Transcorp not a fraud in disguise?
The making of the Nigerian Enron?
Why was Mr. Tajudeen Fola Adeola sacked from Transcorp?

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