Thursday, 19 May 2016

Olusegun Obasanjo Foundation enters liquidation

Olusegun Obasanjo foundation set up by former President Olusegun Obasanjo to fund projects to stamp out poverty, confront disease and empower young people across Africa has entered liquidation.

According to THE TIMES newspaper, the charity has been embroiled in internal strife, amid allegations of conflict of interest and money laundering.

 At the center of the allegations is Mrs. Welsh who resigned as the CEO of the foundation denying any wrong doing.

She said she suffered "grievous reputational harm" because of a doctored video" after African media reported she had been caught in a journalistic sting discussing money laundering.
 The former Investment Banker is now Chief Executive of Arise Consult, which helps forms investing in Africa.

A charity commission spokesman said: "The charity has passed into liquidation, has ceased to trade and will shortly be removed from the register of charities. The commission had received a complaint that "someone was misusing the foundation for their own benefit", but after an inquiry the commission said there are no plans to publish a report.

During its three year existence the foundation attracted many big name celebrity supporters including Bob Geldof, Bono, Bill Clinton, former US President and Cherie Blair one their strongest supporters.

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