The Minister of Finance and Co-ordinating Minister for the Economy, Ngozi Okonjo-Iweala has explained that the $500M recovered Abacha loot was used to develop the nation’s rural areas.
The Minister was reacting to a recent article by one Sonala Olumhense who alleged that $2.5 billion was recovered from the funds looted by the then maximum ruler, Gen. Sani Abacha but that the money disappeared under the Minister’s watch.
Explaining how the huge amount was spent, the Minister said $500M, not $2.5 billion was recovered and had been spent on development projects in rural areas as agreed with the Swiss government.
A statement by Mr. Paul Nwabikwu, Special Adviser to the Minister said that the claims by Mr. Olumhense were unverified and baseless.
The statement reads in full, “The problem I have with Mr Sonala Olumhense’s articles on the Coordinating Minister and Minister of Finance, Dr Ngozi Okonjo Iweala is the general absence of verified facts and the basing of opinions on gross inaccuracies.
“For instance, Mr Olumhense writes that $2.5 billion of Abacha money was recovered during Dr Okonjo Iweala’s time as Finance Minister under President Obasanjo and that the money disappeared implying some involvement in the disappearance by the Minister. This is absolutely false. First, the amount recovered was $500 million, not $2.5 billion.
“The recovered amount was channeled into rural projects and programmes as per the agreement with the Swiss government which repatriated the funds. A combined team of Nigerian and Swiss NGOs with the World Bank later verified the use of this money on the ground in the projects cited and they certified the money had been accurately utilized.
“The World Bank had written about this in a 2007/ 2008 Handbook on stolen Asset Recovery where the case was cited as a best practice example of how to deploy returned proceeds of looted assets. Readers of Mr Olumhense would benefit more if his passionate writings on Dr Okono Iweala are supported by a bit more research as opposed to sweeping, unverified statements”
“This is the best way to proceed given the conflicting claims by Mr Sanusi Lamido Sanusi and the NNPC. After all the speeches and comments like that of Mr Olumhense, the fundamental problem of determining the facts as a basis for action must still be tackled. Is there room for more action on corruption? Of course the answer can only be yes. But action is needed to achieve change. Talk is cheap, action is crucial.
“The clean up of the fraud in the subsidy payments regime to oil marketers for which she paid a heavy personal price in the form of the abduction of her mother by paid kidnappers in November 2012 is one clear example”.
“Another example is the clean up of the pension fraud with the establishment now of a new institution under the Federal Ministry of Finance – the Pension Transition Administration Department to ensure that pensioners under the old defined benefits scheme are not defrauded anymore”, he said.
Posted: at 27-02-2014 10:01 AM (10 years ago) | Gistmaniac
Topsylucas at 27-02-2014 10:12 AM (10 years ago) (f)
Okonjo-iweala,okonjo-iweala,okonjo-iweala,hw many times I call u? Ur name don dey enta news too much on d ground of corruptn,take am ez o. By d way,which state d dev take place? No addr of d rural area,no nofing. God dey & una time dey tick,e go reach una turn. Continue in ur evil.
Posted: at 27-02-2014 10:12 AM (10 years ago) | Gistmaniac
Which rural area ? for dream or for maidugury ? as una take collect anoda people own, na so una go volmit una own later. thief's. you shud be ashame of ur self showin ur face on d media 2 comment about dis.
Posted: at 27-02-2014 10:40 AM (10 years ago) | Upcoming
i am sorry for our country nigeria. please mention the names of those rural area and the project you people used it for, and how you people used it on them?
Posted: at 27-02-2014 11:29 AM (10 years ago) | Upcoming
omomalaga1 at 27-02-2014 01:42 PM (10 years ago) (f)
Avent u observe it that this woman is becoming very ugly she has surdinly turn into a baboon just like the rest politifian, u need to see them in the national assembly on, nta new, gorshii is just like a baboon gathering and that is what our stolen money is doing to them, the more they eate the more the gorrila in them show,, look at her head like telivition, the first 4 corner head ever made.
Posted: at 27-02-2014 01:42 PM (10 years ago) | Upcoming
Chai! These people(our government) really take us as mugus. They will just get up and tell us they do this and that, and think we will just believe them. Na that rural area wey una develop wey we no see go kill all of una, plus including una families. Wicked fellows.
Posted: at 27-02-2014 01:48 PM (10 years ago) | Hero
gentbravo at 27-02-2014 03:31 PM (10 years ago) (m)
Haha rural developmentiii aunty okonjo Iwela... Pls fear God,& fear d judgement day wen u gonna account 4 all dis hmmm Our Leaders ese rere cos wateva u sow sure u reap
Posted: at 27-02-2014 03:31 PM (10 years ago) | Newbie
Protocol_4all at 27-02-2014 03:46 PM (10 years ago) (m)
How can you say that US$500M was used for rural development without pointing out some of the projects and the places the projects were implemented. I was not there but I heard that Okonjo Iwuala is a product of HARVARD which implies that she knows better how to defend allegation on her person. Anyway it will be stupid to think she is not corrupt. How can an angel be in the mist of devils if she is not an accomplice. Nigeria is a zoo and you cant be a Minister if you are not a Baboon. I rest my case
Posted: at 27-02-2014 03:46 PM (10 years ago) | Newbie
Topsylucas
Wysetots
okilo101
proly
nobleladyG
na God go punish all of una 
lakman
bukkybukky
ngfineface
winace
dareper
whizspecoy
dickman2
christianity
gentbravo
osarobo62
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