The immediate past Minister of Finance, and Co-ordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, was said to have illegally approved the transfer of at least N61.4 billion ($300 million and £5.5 million) from funds recovered from late dictator, Sani Abacha, to the Office of the National Security Adviser, Sambo Dasuki, few weeks to the 2015 presidential election, it was gathered, yesterday
According to a letter signed by Okonjo-Iweala, which was obtained by online medium, Premium Times, the former Finance minister signed off the transfer of the funds but requested then President Goodluck Jonathan to directly demand accountability from the then National Security Adviser, Col Sambo Dasuki.
In her immediate reaction, however, Okonjo-Iweala explained that only a part of the fund recovered from late Abacha was spent on arms and not the entire fund.
Dasuki, alongside the former governor of Sokoto State, Attahiru Bafarawa, and founder of DAAR Communications, owners of Africa Independent Television and Raypower radio network, Raymond Dokpesi, are being investigated for their roles in the disbursement of $2.1 billion and N643 billion meant for the procurement of arms to fight the raging insurgency in Nigeria’s north east region.
Okonjo-Iweala’s letter dated January 20, 2015, which was addressed to Jonathan, revealed that the money was transferred following a January 12, 2015 request by the Office of the NSA under Dasuki for funds for the procurement of arms and ammunition as well as intelligence equipment.
The letter read:“Please find a request by the National Security Adviser (NSA) for the transfer of $300 million and £5.5 million of the recovered Abacha funds to an ONSA (Office of the National Security Adviser) operations account.
“The NSA has explained that this is to enable the purchase of ammunition, security, and other intelligence equipment for the security agencies in order to enable them fully confront the ongoing Boko Haram threat.
Atawodi, Bafarawa, Dasuki and Dokpesi
Atawodi, Bafarawa, Dasuki and Dokpesi
“His request is sequel to the meeting you chaired with the committee on the use of recovered funds where the decision was made that recovered Abacha funds would be split 50-50 between urgent security needs to confront Boko Haram and development need (including a portion for the Future Generations window of the Sovereign Wealth Fund).”
She added that the letter was to seek Mr Jonathan’s approval for the funds to be disbursed to the ONSA.
The former minister further explained that the money being transferred formed part of the Federal Government Independent Revenue.
My role in disbursement of the fund —Okonjo-Iweala
In her response yesterday, Okonjo-Iweala said attempt to link her 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.
In a statement signed by her Media Adviser, Paul C Nwabuikwu, she explained her role in the disbursement of the fund.
According to her, “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 $322 million were returned with another $700 million 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 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 $322 million for the military operations, while the expected $700 million 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.” Click to signup for FREE news updates, latest information and hottest gists everyday
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It an attempt for the APC to link all PDP chieftains. Too bad oooo....
ReplyDeleteThe former minister did not do anything wrong owing to the fact that she could not supervise the president or anyone reporting directly to the president.
ReplyDeleteNE after reading this article...It is professionally inaccurate to use the heading "REVEALED: How Okonjo-Iweala diverted ₦61.4 Billion Abacha loot to NSA". Such heading is inline with the APC propaganda of prosecuting individuals in the court of public opinion.
ReplyDeleteSecondly, Okonja is far too intelligent to be nailed. She served as a Vice President in World Bank and working in foreign organizations, accountability is top most priority and having worked for more than 20years, she knows how to check for all these flaws. Imagine the conditions she used to exonerate herself
"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"
Lastly, Considering the strides and victory gained by the Nigeria Military in the fight against Boko Haram in January 2015, following the release of these funds at the same time, it is indeed worth saying that these funds where judiciously used.
They must be brought to book
ReplyDeleteWhat sort of journalism is this? What is in the story to make anyone conclude that the former Minister of Finance was fraudulent in her action or acted in bad faith. Nobody will applaud fraud or any form of illegality;so also will nobody cherish character assassination which this report amounts to.
ReplyDeleteWhat sort of journalism is this? What is in the story to make anyone conclude that the former Minister of Finance was fraudulent in her action or acted in bad faith. Nobody will applaud fraud or any form of illegality;so also will nobody cherish character assassination which this report amounts to.
ReplyDeleteDo people really know what finance is all about? It is the management of the plastic commodity(money). It starts from the source to planning to acquisition to gathering to apportionment, distribution and feed back. Mrs Okonjo can never distance her self from the shameful mess during the era of Jonathan.
ReplyDeleteThe existing provisions have made it clear whose responsibility is it to procure arms for the nation; the ministry of defense --- certainly not through the office of national security officer.
Thank you for your comment. It gives me a breathe of relief after reading those rubbish above. I am happy we can still be proud of people like you with all the foolishness displayed above due to political and tribal sentiments. I sincerely hope Okonjo Iweala will be brought to books for conspiracy and mismanagement.
DeleteObviously most Nigerians can't differentiate between holding a responsible post and the implications of failing to perform. A minister who was meant to oversee the economy and how funds are distributed and judiciously use has no excuse when such funds are embezzled.A responsible and competed human/minister would resign his/her appointment instead of being a part of a highly corrupt and thieving aadministration. Iweala is guilty by the association she keeps as a finance minister
ReplyDeleteNgozi you are too intelligent. I am sincerely proud to have you as a Nigerian.
ReplyDeleteIn Countries where the law works Ngozi would go to jail!!!!
Delete1. As a coordinating minister, she has/needs to know how, where the funds being released to be disbursed.
ReplyDelete2. She needs to follow up on the spending as to adequately monitor the process of exchange rates.
3. It is her duty to follow up with the president to know if funds released as been judiciously utilized.
4 she has a responsibility to Nigeria first b4 anyone.