Former Minister of Finance Ngozi Okonjo-Iweala is to explain how about $250million of the $500million recovered from the family of the late Head of State, Gen.Sani Abacha, was withdrawn.
The cash was released to the Office of National Security Adviser( ONSA) without appropriation.
About $36,155,000 (N13,015,800 billion) out of the $250million was also withdrawn in cash “without any purpose” on March 2nd, 9th, 16th and 18th of 2015.
The Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has approved Mrs Okonjo-Iweala’s invitation. A letter of invitation has been sent to her.
According to a fact-sheet obtained by our source last night, detectives probing the whereabouts of the $500million have recommended that the ex-minister be interrogated.
A top source said: “Following preliminary findings, a strong recommendation was made to the Acting EFCC chairman for an interactive session with Dr. Ngozi Okonjo-Iweala.
“Magu has approved the invitation of the ex-minister. We have dispatched a letter of invitation to her. We are hopeful that she will respond.
“Her presence is necessary because there were issues about the $250million released especially why $36,155,000(N13,015,800billion) was withdrawn in cash.
“She needs to assist the EFCC team on what became of the balance of $250million which was yet to be traced.
“She has to explain why some of the funds were diverted to extraneous matters including media services, opinion polls and personal matters.”
In another position of the fact-sheet, the Office of the National Security Adviser in a memo on January 12, 2015, requested the former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala to transfer $300million.
The memo said: “Please refer to our meeting on recovered funds. You are please requested to remit the sum of $300m and £5.5m to the following account being ONSA share as agreed.
In response, Okonjo-Iweala via a memo to ex-President Goodluck Jonathan requested for the release of $300m from Abacha loot to the former National Security Adviser(NSA).
But only $250million was released to the ex-NSA.
The memo explained that this is to enable the NSA’s office to purchase ammunition, security and other intelligence equipment for the security agencies in order to enable them confront the ongoing Boko Haram threat.
“This request is sequel to the meeting you chaired with the committee on use of recovered funds where decision was made that recovered Abacha funds would be split 50-50 between urgent security needs to confront Boko Haram and development needs (including a portion for the Future Generations window of Sovereign Wealth Fund).
“This letter is to seek your approval to borrow these funds, for now, to disburse to the NSA. These funds form part of projected FG Independent Revenue to be appropriated.
“In light of this and for accountability, given the peculiar nature of security and intelligence transactions, we would expect the NSA to account to your Excellency for the utilization of the funds.”
On January 29, 2015, the ex-President responded to the ex-Minister as follows: “CME/HMF, approved.”
But Okonjo-Iweala had in 2015 insisted that she had no case to answer.
She said: 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.”
A former Chairman of the EFCC, Mallam Nuhu Ribadu had claimed that Abacha “took over $6 billion from Nigeria.” He also said $2 billion was recovered when he was in charge of the anti-graft agency. Click to signup for FREE news updates, latest information and hottest gists everyday
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What exactly do you want Ngozi Okonjo-Iweala to know about procurement of arms and ammunition? Was is not enough occupying the role of the Coordinating Minister of the whole economy? It’s clear enough that this writer mentioned the funds where duly approved. I don’t know why EFCC often resort to chasing shadows and unnecessary name-smearing
ReplyDeleteOne of the question we should be asking the EFCC is why Ngozi Okonjo-Iweala wasn’t charge to court as Sambo Dasuki has been, if indeed she acted ultra vires in anyway in the handling of the Abacha loot. GEJ set up a committee on how best to utilize the recovered loot, and Ngozi Okonjo-Iweala ensured the money was disbursed as agreed by the committee. Is it that you expect her to micro-manage every ministry, agency, parastatals of govt on how every kobo allocated to them is spent? I very much doubt that is part of her job description as Minister of Finance.
ReplyDelete“About $36,155,000 (N13,015,800 billion) out of the $250million was also withdrawn in cash without any purpose”. This statement is one of the most contradictory statement I have heard in a long while. Is there any stipulation anywhere as to how such funds should be released? Requisition was made for arms purchase to the tune of $300milliion and was duly approved by the President. $250million was released to the office of ONSA in total for the said purpose. Seems this writer just want to claim memory loss at the point that suits him, so the story can serve the purpose intended.
ReplyDeleteIf any questions are needed to be asked, Sambo Dasuki is still in custody, albeit against court ruling, EFCC should go ahead and ask the recipient of the funds under debate. Maybe that’s why Dr. Ngozi Okonjo-Iweala in her good judgement decided not to release all the $300million dollars to the ONSA, envisaging misappropriation or what have you.
ReplyDeleteIt is obvious that EFCC is looking for a way to smear the good name of Dr Okonjo Iweala, hence this excessive summoning but God cannot let them succeed. Wicked people!
ReplyDeleteSome of these allegations are so incredible as they are ludicrous. How is it a primary concern of the minister of finance that funds allocated to MDAs are spent on extraneous matters including media services, opinion polls and personal matters? Maybe the writer should school us on the responsibilities of each agency of government as regards funds allocated to them.
ReplyDeleteI would blame the protracted court case of Sambo Dasuki-who should be providing answers to these questions-the reason for this kind of spurious stories. Part of the blame has to be directed at our defective judicial system and Dasuki legal team. I hope the Judges handling this case and the defence team of Dasuki will allow the accelerated hearing status granted the case to be effective, so we can arrive at a conclusion and also set a precedence to other matters arising.
ReplyDeleteDasuki is the one that obviously mismanaged the money not Okonjo Iweala, so I don’t see why Okonjo Iweala should be summoned.
ReplyDeleteWith the level of sophistication, the EFCC claim to have, you are still needing the help of Okonjo-Iweala to ascertain how the balance of $250million released was disbursed after $36million was withdrawn in cash? I thought government was a continuum and this administration would just take responsibility and do her job
ReplyDeleteIf EFCC can’t do her job well with necessary documentations available, which the said memo is a huge part in this context, then I wonder how they can unravel and solve more complex cases which have been perpetrated and some of which are still on-going. Why waste time chasing a dead-end? So many of our stolen assets out their begging for recovery. So many looters that should be brought to book. EFCC should stop sponsoring unfounded lists of looters but prosecute and ensure conviction of whomever is found culpable at whatever level of government.
ReplyDeleteI hope it’s not because ‘Corruption’ is fighting back that this government has decided to shift focus and choose a different and supposed softer-target for its anti-corruption crusade. We want to see the government as up and doing, but also, we also demand efficiency and effectiveness.
ReplyDeleteI would advise that these questions should be directed to Dasuki and not Dr Okonjo Iweala. Dr Okonjo Iweala was busing managing the country’s economy which she did well. So, the person responsible for the looting should bequestioned and not someone who knows nothing about it.
ReplyDeleteWe all believe in the principle of transparency, accountability and rendering of stewardship, and I thought this memo that was assented to by the then President clearly states who is to be responsible for rendering of stewardship of the contentious sum. So, EFCC should stop knocking on the wrong door. You have him in custody already. Please do everything you can and ensure justice is served.
ReplyDeleteThey all should sort themselves out. One thing I know is that there is nothing like Abacha loot. I mean all the generals that ever ruled Nigeria were looters , including their military Governors. Until the are all held and made to vomit their loots before Abacha can be called a looter. All the Armed forces chiefs before Abacha should be checked. I hate hearing Abacha loot. When those who actually looted our nation are free , un tagged as looter. Abacha's money was his life time savings as he grew through the ranks.
ReplyDelete