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Nairaland Forum / Nairaland / General / Politics / $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala (987 Views)
$600m Chinese Rail Loan Not Diverted – Okonjo-iweala / $1bn Chinese Rail Loan Not Diverted – Okonjo-iweala / Alleged Diversion Of Chinese Rail Loan Untrue (2) (3) (4)
$1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by zinachidi(m): 5:11pm On Aug 16, 2015 |
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 1 Like |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by ELTON123(m): 5:12pm On Aug 16, 2015 |
Oya wailers attack ![]() 1 Like |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by idolda: 5:12pm On Aug 16, 2015 |
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? 1 Like |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by Nobody: 5:16pm On Aug 16, 2015 |
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) 2 Likes |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by Nobody: 5:24pm On Aug 16, 2015 |
zinachidi: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. |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by pharmagba: 5:26pm On Aug 16, 2015 |
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. 1 Like |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by tobtap: 5:28pm On Aug 16, 2015 |
kk |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by redsconsult(m): 5:35pm On Aug 16, 2015 |
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 2 Likes |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by redsconsult(m): 5:36pm On Aug 16, 2015 |
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 |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by GudluckIBB(m): 5:41pm On Aug 16, 2015 |
redsconsult: 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. 1 Like |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by YoursGEJ(m): 5:42pm On Aug 16, 2015 |
We are watching in 3D
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Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by Splashme: 5:48pm On Aug 16, 2015 |
Again, Buhari lied . . . Our semi illiterate President will first lay acusations on pages of newspapers before engaging auditors to investigate. What kind of a talkertive basketmouth president is this? He and Oshiomole are competing 2 Likes |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by IsraeliAIRFORCE: 6:39pm On Aug 16, 2015 |
redsconsult: 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/ 3 Likes 1 Share |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by atlwireles: 6:44pm On Aug 16, 2015 |
redsconsult: Are you sure?because you seem to have a serious comprehension problem. 1 Like |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by naijaking1: 6:49pm On Aug 16, 2015 |
IsraeliAIRFORCE: CC a copy to Buhari himself, maybe he too can't read! |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by Splashme: 6:53pm On Aug 16, 2015 |
Why is this thread not on front page? Lalasticala where are you? |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by RockMaxi: 6:56pm On Aug 16, 2015 |
Splashme: ![]() Definitely you didn't bother to read up to three lines before posting this crap. Kindly check the summary @zinachidi/@kITATITA. ![]() |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by tundeontop: 7:03pm On Aug 16, 2015 |
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 |
Re: $1bn Chinese Rail Loan Not Diverted – Okonjo- Iweala by hinwazaka: 7:06pm On Aug 16, 2015 |
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 |
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