GTB 737 banner Yudala banner

Okonjo-Iweala dismisses allegations of illegal diversion of Abacha funds

By News Express on 10/12/2015

Share on facebook Yahoo mail icon Gmail icon

Views: 1,301


Former Minister of Finance, Dr Ngozi Okonjo-Iweala, has dismissed as baseless, allegations of illegal diversion of Abacha funds under her watch. She described reports in this regard “as part of the campaign of falsehood” against her “by Edo Governor, Adams Oshiomhole and other powerful and corrupt interests.”

“To achieve their evil propaganda objective of tarnishing her name, these evil elements have distorted the contents of a memo dated January 20, 2015 in which the former Minister of Finance, Dr Ngozi Okonjo-Iweala responded to a request by the former National Security Adviser, Col Ibrahim Dasuki (retired) for funds to prosecute the terror war against Boko Haram,” her Media Adviser Paul C Nwabuikwu said.

Nwabuikwu in a statement in Abuja gave the facts as follows:

•The central responsibility of the Minister of Finance IS to find sources of funding for the financing of approved national priorities such as security, job creation and infrastructure.

•It will be recalled that throughout 2014, there were public complaints by the military hierarchy to President Goodluck Jonathan about the inadequacy of funds to fight the anti-terror war in the North East, resulting in Boko Haram making gains and even taking territories.  A lot of the criticism was directed at the Federal Ministry of Finance under Dr Okonjo-Iweala which was accused of not doing enough to find funds for the operations.

•In fact, the Ministry, on several occasions, had to call press conferences to provide details of budgetary spending on the military, to show, against the background of limited resources and other urgent national priorities, that it was doing its best on funding security.

•It was about this time that some new Abacha funds of about $322m were returned with another $700m still expected to be returned. (This is not to be confused with the Abacha funds returned in 2005-2006 under the Obasanjo government whose use for developmental purposes was monitored by the World Bank as earlier explained by Dr Okonjo-Iweala). 

•Former President Jonathan set up a Committee comprising of the former Minister of Justice, former NSA and the former Minister of Finance to determine how best to use both the returned  and expected funds for development.

•The NSA made a case for using the returned funds for urgent security operations since, he noted, there cannot be any development without peace and security. Based on this, a decision was taken to deploy about $322m for the military operations, while the expected $700m would be applied for development programmes as originally conceived.

•Following the discussions and based on the urgency of the NSA’s memo, Dr Okonjo-Iweala requested the President to approve the transfer of the requested amount to the NSA’s Office for the specified purposes.

•But, as captured in the memo, she insisted on three conditions: a. only a part, not the entire Abacha funds would be spent on the arms; the rest would be invested in developmental projects as originally conceived b. the money was to be treated as borrowed funds which would be paid back as soon as possible c. the NSA’s office was to account for the spending to the President who was the Commander in Chief, given the fact that the Minister of Finance is not part of the security architecture and does not participate in the Security Council.

•The attempt to link the former Minister’s name to any misuse of these funds for any purpose other than security as far as she understood it is totally false and cannot stand. 

•Photo shows Okonjo-Iweala.

Source News Express

Posted 10/12/2015 9:32:50 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
We have identified banks and countries where Nigeria’s...

19 escape death in Lagos boat mishap •Another...

Shock and disbelief as Owerri Royal Father, Eze...

Obiano reads Riot Act to contractors, consultants

Ex-petroleum minister tipped to emerge new Kaduna APC...

Kogi will not disappoint Jonathan during presidential election...

Lagos holds ICT workshop for public school pupils...

BREAKING NEWS: 9 reported dead as Shiites, Police...

Abia set to rehabilitate 170 primary schools, recruit...

The 8 men who are richer than 3.6...

Unknown assailants strangle elderly couple in Osun

THE REAL STORY OF IGBOS AND YORUBAS •A...

 

Latest News Anambra governorship election rigged: PDP Pogba back with a bang as United dazzle in EPL •Arsenal win derby Ruling party set to sack Mugabe, end Zimbabwe’s political crisis Aiteo, Guinness, Nigerian Breweries chiefs to grace Nigerian Awards for Sporting Excellence Obiano in early lead as Anambra guber election results trickle in Anambra poll: Observer groups express mixed feelings over exercise Police draft 16 gunboats, 6, 000 policemen to Bayelsa creeks Roundtable proffers solution to Badoo crisis Politics should not be a do-or-die affair — Obasanjo Cloudy, sunny, hazy weather expected today Anambra Guber: Peter Obi wins polling unit •Counting of votes ongoing in most areas APGA decries malfunctioning card readers

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (294,330 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (278,143 views) Shameless Genevieve Nnaji exposes breasts in public (224,649 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (189,060 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,287 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (165,836 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (143,957 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,403 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (126,808 views) Lagos plane crash: Journalist releases victims’ names (116,430 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,654 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (107,372 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (30) Business (2,771) Business Verdict (26) Columnists (769) Complaints & Requests (93) Enterprise & Opportunities (186) Entertainment (404) Features (510) Global Business Monitor (190) International (1,643) Interviews (138) Live Commentary (28) Love Matters (82) News (30,343) Opinion (837) Pidgin (9) Politics (4,103) Religion (648) Sports (1,357) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!