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Nairaland Forum / Nairaland / General / Politics / Oshiomhole Alleges $700m Missing From Sovereign Wealth Fund (498 Views)
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Oshiomhole Alleges $700m Missing From Sovereign Wealth Fund by showblack(m): 8:39am On Sep 19, 2015 |
Edo State Governor and Chairman of the National Economic Council (NEC) Ad-hoc Committee on the management of the Excess Crude Account (ECA) and related federation accounts issues, Comrade Adams Oshiomhole, has said that the Managers of the Sovereign Wealth Fund (SWF) could not account for $700 million out of the $1billion contributed for the fund. Oshiomhole who spoke to State House Correspondents at the Presidential Villa after a meeting with Vice President Yemi Osinbajo on Thursday night claimed that records made available to his committee showed that only $300 million was left in the fund. This is contrary to the claims made by the Managing Director and Chief Executive of the Nigeria Sovereign Investment Authority (NSIA), Uche Orji that the $1 billion seed fund had been invested and generated a profit of N15.7m into government coffers. Oshiomhole however disclosed that the report submitted to his committee only reflected $300 million with the explanation that the money had been invested in the Second Niger Bridge and Abuja-Kaduna rail. He however pointed out that the former Finance Minister, Dr. Ngozi Okonjo-Iweala, had earlier told the world that the Abuja-Kaduna rail was financed by a Chinese loan. He said "I reported to the media that the Sovereign Wealth people in their report to us, which I have in black and white, showed clearly that they have only $300 million left in the Sovereign Wealth Fund account. "We have it in black and white and I can publish it if anybody wants to deny that because it was not submitted to me secretly. It was submitted at plenary of the committee. "And then we asked, because I knew that the fund was $1 billion, what was done with $700 million. And they said they have made some investments. "We asked them what they invested in and they said the Second Niger Bridge and partially in Kaduna-Abuja rail. That is what they said and I was not alone there. We were about five governors and it was a full plenary. But we know that the Kaduna-Abuja rail was funded with Chinese loan, which even Mrs. Okonjo-Iweala spoke about, when they said the loan from China was not used for Lagos, she said it was for Kaduna-Abuja." He also blamed the administration of former President Goodluck Jonathan for scaring away foreign investors in the agricultural sector by granting waivers to rice importers. According to him, foreign investors into rice farming in his state folded up because of waivers granted rice importers as they could not compete with cheaper products imported into the country. Source: www.thisdaylive.com/articles/oshiomhole-alleges-700m-missing-from-sovereign-wealth-fund/220632/
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Re: Oshiomhole Alleges $700m Missing From Sovereign Wealth Fund by SonOfTheLion(m): 8:40am On Sep 19, 2015 |
Iara something |
Re: Oshiomhole Alleges $700m Missing From Sovereign Wealth Fund by Flets: 8:41am On Sep 19, 2015 |
What a disgrace of a man |
Re: Oshiomhole Alleges $700m Missing From Sovereign Wealth Fund by philfrey08: 8:42am On Sep 19, 2015 |
Oshibaba would do well as Finance minister.... His so good with Money and statistics |
Re: Oshiomhole Alleges $700m Missing From Sovereign Wealth Fund by suxkill: 8:45am On Sep 19, 2015 |
Minister of attack!!! |
Re: Oshiomhole Alleges $700m Missing From Sovereign Wealth Fund by eleko1: 8:55am On Sep 19, 2015 |
Just pray the short man/baba go and die fame nor steal EDO pipu money b4 e comot gofment house .I pity Lara sha..EFCC are cripple until now.I like to see those thieves in prison |
Re: Oshiomhole Alleges $700m Missing From Sovereign Wealth Fund by abitex577(m): 9:07am On Sep 19, 2015 |
I personally have no doubt about the person of Oshiomole, seeing what he is doing in the ancient city of Benin. His term as Nigeria's labour leader showed remarkable courage in fighting bad government policies and made labour unionism vibrant and active and the same norm he has reflected in criticizing the GEJ administration's financial books passed over to the current government. The truth be told, the corruption sleaze in the previous administration was way out of it and there is no way anyone in there position today wont cry out. |
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