• Ex-minister must face probe, says Oshiomhole
• EFCC: We’ll recover stolen funds
• Dokpesi arraigned, remanded in custody over N2.1bn

Former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has opened up on why she approved the transfer of $322 million (about N61.4 billion) recovered from the late former Head of State, Gen. Sanni Abacha, to the office of the former National Security Adviser (NSA), Col. Sambo Dasuki (rtd). Dasuki is being probed for the $2 billion arms procurement scandal.

Okonjo-Iweala insisted that the sum of $322 million transferred to Dasuki’s office as NSA was solely for the purpose of prosecuting the war against insurgency in the North-East. She, however, decried attempts by some persons to link her with the messy $2.1 billion arms procurement scam. Okonjo-Iweala said the disbursement was done with the full approval of the former President, Dr. Goodluck Jonathan, based on the recommendations of a presidential commit-tee.

She recalled that throughout 2014, there were public complaints by the military hierarchy to President 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. According to her, a lot of the criticisms were directed at the Federal Ministry of Finance under her watch, which was accused of not doing enough to find funds for the operations.

In a statement issued by her Media Adviser, Paul Nwabiuku, the former minister said that as a Minister of Finance, her responsibilities entailed, amongst others, to find sources of funding for the financing of approved national priorities such as security, job creation and infrastructure.

“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,” she said.

The former minister clarified that it was during the heat and intensity of Boko Harram assault that some new Abacha funds of about $322 million were returned with another $700 million still expected to be returned. She explained that the fresh recovered Abacha loot was not part of funds returned in 2005-2006 under the Obasanjo government whose use for developmental purposes was monitored by the World Bank.

To ensure the funds were judiciously used, she said, Jonathan set up a committee comprising of the former Minister of Justice, former NSA and herself 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,” the statement stated.

An online newspaper, Premium Times, had yesterday reported that the former minister approved the transfer of the N61.4 billion. Okonjo-Iweala’s letter, dated January 20, 2015, which was addressed to the former President Goodluck Jonathan, revealed that the money was transferred following a January 12, 2015 request by the Office of the NSA under Dasuki.

The request was to fund procurement of arms and ammunition as well as intelligence equipment. “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 letter read.

“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. “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),” Okonjo-Iweala wrote.

She added that the letter was to seek 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, adding that the Presidency should oversee the disbursement of the fund. “This letter is to seek your approval to borrow these funds, for now, to disburse to the NSA.

These funds form part of the projected Federal Government Independent Revenue, to be appropriated, in the light and for accountability, given the peculiar nature of security and intelligence transactions, we would expect the NSA to account to Your Excellency for the utilisation of the funds,” she concluded.

Former President Jonathan, in a letter dated January 30, 2015, approved the transfer. Meanwhile, Governor Adams Oshiomhole of Edo State has advised President Muhammadu Buhari to extend the probe on the alleged $2 billion arms deal to Okonjo- Iweala.

Oshiomhole insisted that the former Finance Minister would not pretend to be innocent in the whole saga. He said Okonjo-Iweala has clear questions to answer regarding the probe of the $2 billion arms deal which has also led to the arrest of other prominent Nigerians, including the chairman of DAAR Communications, Chief Raymond Dokpesi; former Sokoto State governor, Alhaji Attahiru Bafarawa; erstwhile Minister of State for Finance, Ambassador Bashir Yuguda. The Edo State governor, who spoke to State House Correspondents after a meeting with Buhari at the presidential villa, said the Federal Government should not limit the probe to the former National Security Adviser (NSA), Colonel Sambo Dasuki (Rtd), who is currently in the custody of the Economic and Financial Crimes Commission (EFCC) alone. He said:

“The government has to go the whole hog, because I know as a governor that no money gets out of the treasury even after I have approved as the governor without the approval of the Commissioner of Finance. This is the procedure. “So, the probe should go into whether all these monies are appropriated at all, when the money got out of the treasury and through whom? The Minister of Finance, under the rules, must endorse before money gets out of the treasury before the Central Bank of Nigeria (CBN) approves.

The governor insisted that it was not possible to withdraw such huge funds from the treasury without the knowledge of the former Finance Minister. He noted that Dasuki was just one of the bleeding points in the country’s treasury. “Dasuki is just one bleeding point. They are several bleeding points in the system. You look at the total number of expenditure on subsidy which the World Bank have released figures just now, about N7 trillion over the past four to five years,” he added.

http://newtelegraphonline.com/2015/12/okonjo-iweala-on-arms-dealwhy-i-approved-n61bn-abachas-loot-for-dasuki/

Ok

No source .DSS shud pick AYIM and other miserable rodents in jona govt.The must vomit all the Kudi

odiks:

“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 statement stated.

Anybody that believe this story can believe anything

That's not an excuse Madam

Drama everyday from naija!

.

....

See the kind money wey them dey thief, everything in Nigeria is just wrong.... 6.whatever billion and we're suffering from poverty and lack of no Job.... Jonathan and His will never see heaven... And all the looters.... hell is their portion....






*Land of the rising sun ☀ gives more hope*

Stop talking and probing and get your evidence take them to court convict them rubbish!

The simple question to ask madam Economist is..."Was the diversion of money constitutional"

The motive of moving it...good or bad is another thing entirely.... She may likely be prosecuted!

Is that so?

Money which belongs to the federation account ( all states) was unilaterally approved by this ex minister for sharing.
The Same way she unilaterally spent the sovereign wealth fund.
Even thief Babangida doffed his hat to the Jonathan Iweala deizani crew.
stealing on speed dial

biafranqueen:
Stop talking and probing and get your evidence take them to court convict them rubbish!

When they pick her up now, you will start protesting on radio

jonathan and his cabinet ruined this nation

Ole dem dem

Jail loading for thieves