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$500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by deji17: 5:55am On Apr 03, 2018 |
$500m Abacha loot: Okonjo-Iweala to explain withdrawal Posted By: Yusuf Alli, Abuja On: April 3, 2018 Former Minister of Finance Ngozi Okonjo-Iweala is to explain how about $250million of the $500million recovered from the family of the late Head of State, Gen.Sani Abacha, was withdrawn, The Nation learnt yesterday. The cash was released to the Office of National Security Adviser( ONSA) without appropriation. About $36,155,000 (N13,015,800 billion) out of the $250million was also withdrawn in cash “without any purpose” on March 2nd, 9th, 16th and 18th of 2015. The Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has approved Mrs Okonjo-Iweala’s invitation. A letter of invitation has been sent to her. According to a fact-sheet obtained by The Nation last night, detectives probing the whereabouts of the $500million have recommended that the ex-minister be interrogated. A top source said: “Following preliminary findings, a strong recommendation was made to the Acting EFCC chairman for an interactive session with Dr. Ngozi Okonjo-Iweala. “Magu has approved the invitation of the ex-minister. We have dispatched a letter of invitation to her. We are hopeful that she will respond. “Her presence is necessary because there were issues about the $250million released especially why $36,155,000(N13,015,800billion) was withdrawn in cash. “She needs to assist the EFCC team on what became of the balance of $250million which was yet to be traced. “She has to explain why some of the funds were diverted to extraneous matters including media services, opinion polls and personal matters.” In another position of the fact-sheet, the Office of the National Security Adviser in a memo on January 12, 2015, requested the former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala to transfer $300million. The memo said: “Please refer to our meeting on recovered funds. You are please requested to remit the sum of $300m and £5.5m to the following account being ONSA share as agreed. In response, Okonjo-Iweala via a memo to ex-President Goodluck Jonathan requested for the release of $300m from Abacha loot to the former National Security Adviser(NSA). But only $250million was released to the ex-NSA. The memo explained that this is to enable the NSA’s office to purchase ammunition, security and other intelligence equipment for the security agencies in order to enable them confront the ongoing Boko Haram threat. “This request is sequel to the meeting you chaired with the committee on use of recovered funds where decision was made that recovered Abacha funds would be split 50-50 between urgent security needs to confront Boko Haram and development needs (including a portion for the Future Generations window of Sovereign Wealth Fund). “This letter is to seek your approval to borrow these funds, for now, to disburse to the NSA. These funds form part of projected FG Independent Revenue to be appropriated. “In light of this and for accountability, given the peculiar nature of security and intelligence transactions, we would expect the NSA to account to your Excellency for the utilization of the funds.” On January 29, 2015, the ex-President responded to the ex-Minister as follows: “CME/HMF, approved.” But Okonjo-Iweala had in 2015 insisted that she had no case to answer. She said: Former President Jonathan set up a Committee comprising of the former Minister of Justice, former NSA and the former Minister of Finance 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 $322m for the military operations, while the expected $700m 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 attempt to link the former Minister’s name to any misuse of these funds for any purpose other than security as far as she understood it is totally false and cannot stand.” A former Chairman of the EFCC, Mallam Nuhu Ribadu had claimed that Abacha “took over $6 billion from Nigeria.” He also said $2 billion was recovered when he was in charge of the anti-graft agency. http://thenationonlineng.net/500m-abacha-loot-okonjo-iweala-explain-withdrawal/ 3 Likes 2 Shares
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Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by MANNABBQGRILLS: 6:01am On Apr 03, 2018 |
We are waiting for the explanations ..... But the problem is what happens to the money after all the talk talk?! 10 Likes 2 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by seunmsg(m): 6:23am On Apr 03, 2018 |
Great development. That woman must come back and give account of how she presided over the massive stealing of our common patrimony. I still don't understand how someone with her kind of exposure could release $250million out of the Abacha loot without the mandatory national assembly appropriation and without putting in place any mechanism to ensure accountability. When she was MD of world bank, would she have released money to any country without the approval of the banks board? She obviously choose to be loyal to Jonathan ahead of her country. Politics over her integrity. 2011-2014 was Nigeria's best years in terms of revenue proceeds from crude oil sale. Sadly, everything was frittered away with nothing to show for it. Hopefully, justice will be served to Jonathan and Ngozi one day for what they did to this country. 61 Likes 7 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by deji17: 6:26am On Apr 03, 2018 |
seunmsg: This latest development is also likely to be the reason why OBJ has been jittery lately.. 20 Likes 2 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Homeboiy: 6:39am On Apr 03, 2018 |
iweala a smooth criminal 12 Likes 2 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by fiizznation: 6:39am On Apr 03, 2018 |
Is high time that headscarf Buhari's case is just a classical example of a new MD who came to an organisation and found out that nothing is working in the organisation. The sales dprt isn't functioning, the production sector ain't working, the accounting dprt hasn't accounted any meaningful profit/progress, the admin dprt is in disarray, and etc. Of course the new MD will definitely ask questions if he actually knows what he is doing and have good plans for the organisation. So people saying this buhari's administration shouldn't ask questions and prosecute some thieves in the last dispensation are only talking hogwash. 38 Likes 6 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by chriskosherbal(m): 6:43am On Apr 03, 2018 |
When will this looting end my dear Nigeria? |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by diablos: 6:50am On Apr 03, 2018 |
[s] fiizznation:[/s] Such hogwash and waste of grey matter. Buhari your lord and saviour is a failure. 68 Likes 1 Share |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by fiizznation: 6:53am On Apr 03, 2018 |
diablos:Yeah buhari might be a failure but at least he is still a million times better than the 16 wasted years of PDP. Go figure 38 Likes 7 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Rotjijatau(m): 7:09am On Apr 03, 2018 |
The War against corruption is corrupt. 7 Likes |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by MaziOmenuko: 7:19am On Apr 03, 2018 |
All memos regarding the withdrawal of Abacha loot was carefully documented by NOI. Magu just loves heating up the polity since it's been long we heard anything about efcc. The authorisation letter from GEJ is in public space, all fingers point at the then president that authorised such withdrawal but as usual, everyone has decided to play the ostritch in the case of GEJ and would rather chase shadows than the main substance. Magu, go and get clearance from the president to invite GEJ for questioning. If such clearance is not gotten, then stop chasing shadows. 87 Likes 8 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by MaziOmenuko: 7:27am On Apr 03, 2018 |
seunmsg: She presided over? How? She gets direct instruction from her principal to release funds to NSA to help buy military hardware for the fight against boko haram; was she expected to say no? She was smart enough to put it in written and get the authorisation of her boss, that's the smartest thing to do. Would she have resisted the purchase of arms to fight terrorism in her country or how was she to know beforehand that NSA will turn to an ATM? Don't forget that she had earlier resigned under OBJ when the budget office was removed from ministry of finance and she insisted it be brought back so claiming she was being loyal to her boss against her country is a fallacy. I am sure if news came out that NOI refused to approve funds meant to buy military hardware for the fight against terrorism, you will be among the first to label her a boko sponsor and posit that the SE is in support of terrorism against the north. 89 Likes 8 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by ivandragon: 7:48am On Apr 03, 2018 |
OK... it is good. all political office holders must be held accountable. but, this is why Magu is often referred to as a clown: in one sentence, it states withdrawals were made without any projects tied to them. in another sentence, it now states that the monies were used to purchase arms & ammunitions towards the fight against BH & for other developmental projects. why the contradiction? anyway, I hope NOI comes to clarify the matter. 6 Likes |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Yyeske(m): 7:49am On Apr 03, 2018 |
MaziOmenuko:Since you have a link to the documentation, let us see it. 5 Likes |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by MaziOmenuko: 7:55am On Apr 03, 2018 |
Yyeske: Yea, while you are busy using your data for frivolous activities online, some of us have been keeping tabs with what goes on in this country. It's not late though, try do a Google search if you know what that means. Or...you can continue with the bbnaija stuff you are used to. 37 Likes 2 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by overall90: 8:02am On Apr 03, 2018 |
But this issue has been trashed before. why is APC bringing up these issues after almost 3years in charge. they feel that what worked for them in 2015 will work again in 2019 16 Likes 1 Share |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by seunmsg(m): 8:10am On Apr 03, 2018 |
MaziOmenuko: NOI was the finance minister in that period. If there are questions to be answered about how the revenues of the country was mismanaged, she should be the first person to be questioned. I really don't get why you think she should not be invited. As the chief finance officer of the federal government, she should have advised the president on the illegality of withdrawing funds without the appropriate budgetary approval from the national assembly. The president doesn't have the powers to order the release of funds not appropriated by the national assembly. She knew very well that the money was going to be stolen and that was why she crafted her letter to mumu Jonathan in such a manner as to absolve herself. In saner climes, someone like her will never be allowed any where near a public office again. I really don't get why any objective person will be defending this woman. 11 Likes 1 Share |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by slimghost(m): 8:31am On Apr 03, 2018 |
Yeah, this will keep the stupid and dumb Nigerians busy for sometime now. Another meal for Zombies to feast on. This has to be the most useless and directionless government in the history of Nigeria. No blueprint whatsoever, only propaganda and wildgoose Chase. God forbid we endure this for another 4 years. 25 Likes 2 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by lonecatt(m): 8:48am On Apr 03, 2018 |
slimghost:true talk zombies like being deceived over and over just for the fun of their stupidity . 15 Likes 1 Share |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Nobody: 8:54am On Apr 03, 2018 |
The nation NG - Tinubu's bedtime stories After 3 years, its now you are just sending letter? 6 Likes 1 Share |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Nobody: 8:59am On Apr 03, 2018 |
seunmsg: She knew very well that the money was going to be stolen and that was why she crafted her letter to mumu Jonathan in such a manner as to absolve herself.You made a comment, eventually answered yourself. Meanwhile dansuki whom was alledged to have stolen the said billions is still not convicted? 6 Likes |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by nabegibeg: 8:59am On Apr 03, 2018 |
deji17: E be like sya na now day break for this people sha 1 Like |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by ybalogs(m): 9:00am On Apr 03, 2018 |
We are waiting!!! |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Originality007: 9:01am On Apr 03, 2018 |
but abacha never stole any money.... 15 Likes 2 Shares |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Nobody: 9:01am On Apr 03, 2018 |
Waiting for her people to come and defend her as usual... 1 Like |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by enlady(f): 9:03am On Apr 03, 2018 |
But we have gone through this curve before. At this point GEJ should be invited for questioning. He was the C-in-C, the buck stops at his table. 2 Likes 1 Share |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Sultannayef: 9:03am On Apr 03, 2018 |
Nothing will come out of it. This is waste of time. 2 Likes |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Moreoffaith(m): 9:03am On Apr 03, 2018 |
Where there is no transparency you will be called to explain things in million times.. I don't kuku trus t APC sha . 2 Likes |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Nobody: 9:04am On Apr 03, 2018 |
Cant we just sell this country and share the money amongs ourselves. USA will be willing to buy and probably use for an Atomic Bomb test site. 1 Like |
Re: $500m Abacha Loot: Okonjo-iweala To Explain Withdrawal by Wiseandtrue(f): 9:04am On Apr 03, 2018 |
Is Magu still the chairman of EFCC I would not advice Iweala to appear before this caricature government! This government is upside down! I think she handed over to someone They should go and check the record and where it is not cleared her successor should be the one to explain Cause it is assumed that she understood what was handed over to her! and if not, she should consult her predecessor! Ngozi Iweala no go tarnish your image oooooo cause this government is not serious at all! Even the ones recovered are not visible around us! 3 Likes 2 Shares |
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