The immediate past Minister of Finance, Dr Ngozi
Okonjo-Iweala on Sunday described as untrue
allegations that a substantial part of the $1bn
Chinese loan obtained for railway projects was
diverted. Okonjo-Iweala in a statement issued by her Media
Adviser, Mr Paul Nwabuikwu, also explained that
contrary to the allegation, the Kano-Lagos rail
project is not part of the project listed for funding
from the Chinese loan. President Muhammadu Buhari had last Monday
queried the Ministry of Finance over alleged
diversion of foreign loans obtained for rail projects
by the administration of former President Goodluck
Jonathan. Specifically, the President was seeking clarification
on alleged diversion of a substantial part of a
$1.005bn loan obtained from the Chinese Exim
Bank for the construction of a standard gauge rail
line linking Lagos to Kano.

The funds were said to have been moved
elsewhere. But while reacting to the allegation, Okonjo-Iweala
who spearheaded the negotiation of the loan
during her time as finance minister said the China-
EximBank kept and disbursed funds for approved
projects to contractors based on milestones. The funds, she added, were not domiciled with
Finance Ministry. Giving a breakdown of the loan and how it was
utilized, the minister said that $500m was used for
the expansion of four International Airport
Terminals in Lagos, Kano, Abuja and Port Harcourt,
$500m for the Abuja Light Rail project, $984m for
the Zungeru Hydro-electric power project and $100m for the Galaxy Backbone project

The minister in the statement noted that even if the
alleged project was on the list of China-Exim Bank
funded projects, diversion of any Chinese funds
would have been extremely difficult because the
terms of the contract and the processes would
simply not have permitted such action. The statement reads in part, “We have continued to
receive media inquiries regarding an allegation
reportedly made by the Permanent Secretary,
Ministry of Transport, Alhaji Mohammed Bashar,
that a substantial part of a $1bn loan obtained from
the China-EximBank by the Jonathan administration for a Kano-Lagos rail project was
diverted to other projects. “I want to state categorically that there is no truth in
the reported allegation. Anyone who is interested
can cross-check with the China-EximBank or the
Chinese Embassy.

“It is noteworthy that even though President
Buhari, in his reported comments on the allegation,
made no reference to Dr. Okonjo-Iweala but rightly
stressed the need for due process and
transparency in the execution of public projects, a
sponsored media campaign has once again been launched by political elements to make the former
Minister the culprit in a non-existent scandal. “The alleged diversion has no substance for the
simple reason that the Kano-Lagos project was not
even among the projects presented for funding by
the China EximBank for several strategic
infrastructural projects across the country. “In fact, it was the Lagos–Ibadan rail project, not
Lagos-Kano rail project that was proposed in the
original application to the China-EximBank. But in
the end, no funds were assigned for the Lagos-
Ibadan rail project by the China-EximBank.” The statement explained that based on the terms of
the loan, the procedure was that funds for
approved loans remain in the China-EximBank.

The funds, according to her were released directly
to the Chinese firm executing the contract only after
the presentation of duly certified proof of work by
the Federal Ministry of Transport, based on the
agreed milestones. “For the sake of emphasis, the China-EximBank
does not disburse money directly to government
and therefore the issue of diversion does not arise,”
the statement added.

www.punchng.com/news/1bn-chinese-rail-loan-not-diverted-okonjo-iweala/

Cc: lalasticlala

Oya wailers attack

Baba bubu prefers to cry foul on the pages of newspapers seeking for cheap popularity. You are in govt and have all the details why not seek for arrest and prosecution of anyone you claim looted the treasury rather than wailing in the media daily?

Ok

The following are important in this thread:

1. Ngozi Iweala, PhD
2. Chinese- EximBank Management
3. Ministry of Transportation
4. Ministry of Finance
5. Railway department ( NRC)
6. Wailers ( Counterpublics)
7. Lalasticlala (necessary actions incl. positioning on front page)
8. Ishilove (protect the thread from likely hijack)

zinachidi:

“It is noteworthy that even though President
Buhari, in his reported comments on the allegation,
made no reference to Dr. Okonjo-Iweala but rightly
stressed the need for due process and
transparency in the execution of public projects, a
sponsored media campaign has once again been launched by political elements to make the former
Minister the culprit in a non-existent scandal.

How can it be that the Permanent Secretary is not aware of the true position of the loans. And who are those sponsoring the media campaign. But the truth is that the loans were not used for any railway lines.

Good one, Dr (Mrs) Okonjo- Iweala.
You've shown you know your facts and also have proper records.
It is wise of you to have a pubic adviser on ground to help clarify issues with appropriate facts. Please continue from time to time so as to let us know where our money is hanging.

kk

why did you divert project fund meant to construct raillines from kano to lagos to renovation of airports and abuja railway... buhari is still on point ....madam okonjo iwela stop spewing trash.... we aint fools

why did you divert project fund meant to construct raillines from kano to lagos to renovation of airports and abuja railway... buhari is still on point ....madam okonjo iwela stop spewing trash.... we aint fools i

redsconsult:
why did you divert project fund meant to construct raillines from kano to lagos to renovation of airports and abuja railway... buhari is still on point ....madam okonjo iwela stop spewing trash.... we aint fools i

Exactly my thought!
Obasanjo said, if you don't control this woman, she will mess ur govt up.
Its a pity jonathan allowed Ngozi to control him.
A full blown man like jonathan, you allowed woman to control you.

No wonder they call you clueless.

We are watching in 3D

redsconsult:
why did you divert project fund meant to construct raillines from kano to lagos to renovation of airports and abuja railway... buhari is still on point ....madam okonjo iwela stop spewing trash.... we aint fools i

It seems you preferred bribing the lecturers and instructors than reading and studying for exams

The funds, she added, were not domiciled in the Finance Ministry.

“I want to state categorically that there is no truth in the reported allegation. Anyone who is interested can cross-check with the China-EximBank or the Chinese Embassy.

“The alleged diversion has no substance for the simple reason that the Kano-Lagos project was not even among the projects presented for funding by the China EximBank for several strategic infrastructural projects across the country.

http://www.punchng.com/news/600m-chinese-rail-loan-not-diverted-okonjo-iweala/

redsconsult:
why did you divert project fund meant to construct raillines from kano to lagos to renovation of airports and abuja railway... buhari is still on point ....madam okonjo iwela stop spewing trash.... we aint fools

Are you sure?because you seem to have a serious comprehension problem.

IsraeliAIRFORCE:


It seems you preferred bribing the lecturers and instructors than reading and studying for exams

The funds, she added, were not domiciled in the Finance Ministry.

“I want to state categorically that there is no truth in the reported allegation. Anyone who is interested can cross-check with the China-EximBank or the Chinese Embassy.

“The alleged diversion has no substance for the simple reason that the Kano-Lagos project was not even among the projects presented for funding by the China EximBank for several strategic infrastructural projects across the country.

http://www.punchng.com/news/600m-chinese-rail-loan-not-diverted-okonjo-iweala/

CC a copy to Buhari himself, maybe he too can't read!

Why is this thread not on front page?





Lalasticala where are you?

Wish ewailers can throw away sentiments and just accept the fact that Jonathan's administration messed up this country. Even his kinsmen in Bayelsa knows it. Why are the igbos forming fake ally with Mr Jonathan. We are Nigerian. Hausa, Igbo and Yoruba with the minorities are ONE.
Let's support undiluted Honesty, so we can move this nation forward.

#TeamoneNigeria

The Chinese who are prudent accountants and shrewd business men will release funds which could be diverted without keeping any trace instruments on them. The APC government is almost an illiterate and uninformed government. Madam NOI should relax and wait for the end of the four wanderlust years this government will hand to us. She will surely be vindicated at the end of the day