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Worship with us @ Mountain of Fire Miracles Ministries, Budapest, Hungary Address: 1081 Bp II János Pál Pápa tér 2 (formerly Köztársaság tér) Direction: From Blaha, take tram 28, 28A, 37, 37A, 62...1 stop. From the traffic light cross to the other side... Or take Metro 4 & get off @ János Pál Pápa tér
Time of worship: Wednesdays @ 18:30 hr Sundays @ 10:30 hr
Tel: +36 203819155 or +36 202016005

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Friday, 11 December 2015

FINANCE/AFRICA


Nigeria’s ex-minister Okonjo-Iweala is scrambling to save her name from a $2 billion scandal
By Yomi Kazeem

Ngozi Okonjo-IwealaOne of Nigeria’s highest profile and best-regarded former government ministers Ngozi Okonjo-Iweala is caught up in a widening $2 billion arms procurement scandal which has already led to the arrest of the former national security adviser with former state governors, businessmen and the governor of the central bank also roped in.


Okonjo-Iweala, a former World Bank vice president, who was once in the running for the insititution’s presidency, had been at the heart of the, now tainted, Goodluck Jonathan presidency in the powerful dual role of minister of finance and coordinating minister of economy. She is one of the few ex-members of Jonathan’s government with much credibility on the global stage.

The former minister’s alleged involvement is centered around the deployment of funds recovered as part of the looting by former military dictator, Sani Abacha, in the 1990s. Adams Oshiomole, a serving governor and known critic of Okonjo-Iweala has accused her of being fully aware of inconsistencies regarding the alleged fraud particularly how the recovered funds were spent. His allegations follow the logic that Okonjo-Iweala, having served as a key member of the past administration must have been aware of the large-scale corruption in security spending.

Having come under fire for her involvement in the transfer of funds to the national security adviser with little oversight and accountability, the former minister has sought to beat off a specific allegation that she was involved in the illegal diversion of repatriated funds of up to $322 million.

In a statement, Okonjo-Iweala revealed that even though the recovered funds from Abacha’s loot were originally earmarked for development projects, a decision was made by a committee headed by president Jonathan to spend $322 million on security as Nigeria dealt with the rising of the deadly Boko Haram insurgency in the country’s north east. According to Okonjo-Iweala’s statement, the transfer was made with conditions to ensure accountability and repayment. The former minister took to social media to share a copy of the letter she claimed was sent to president Jonathan advising on the need for accountability.

In response, Okonjo-Iweala has been heavily criticized by civil society groups who suggest that regardless of the conditions under which the money was transferred there was little or no accountability.

As minister of finance, Okonjo-Iweala was not a member of the security council and so could not have been involved in decisions made on procurement of arms and spending of security funds. There is no evidence to suggest Okonjo-Iweala herself was responsible for misappropriation of funds but most of the criticism raises questions on whether she could have done more to prevent others doing so.

President Buhari, who hinged his campaign on a strong anti-corruption stance, has already directed that those involved in the scandal be prosecuted and the allegations around the spending of the repatriated funds could damage Okonjo-Iweala’s reputation.

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The arms fraud scandal is particularly sensitive for most Nigerians who have been affected by the Boko Haram insurgency. In the last few years, the terror inflicted by the militant sect has led to the death of thousands with millions more displaced and forced to leave under dire conditions in refugee camps. The lack of arms sabotaged the fight for most of the last few years as several reports suggested that troops could not match the firepower of Boko Haram. Despite Nigeria’s long and sad history with high level corruption, the arms fraud scandal is one that is most directly linked to significant and obvious human casualties.


Okonjo-Iweala’s stint with Jonathan’s administration was her second time round serving in government. Former president Obasanjo convinced her to leave the World Bank in 2003 to become minister of finance. When Jonathan asked her to join his cabinet she agreed to do so only on the condition she was given more control of the economy than under Obasanjo.

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Editor's Mail

Love the article on Gaddafi
We must rise above tribalism & divide & rule of the colonialist who stole & looted our treasure & planted their puppets to lord it over us..they alone can decide on whosoever is performing & the one that is corrupt..but the most corrupt nations are the western countries that plunder the resources of other nations & make them poorer & aid the rulers to steal & keep such ill gotten wealth in their country..yemen,syria etc have killed more than gadhafi but its not A̷̷̴ good investment for the west(this is laughable)because oil is not in these countries..when obasanjo annihilated the odi people in rivers state, they looked away because its in their favour & interest..one day! Samosa Iyoha

Hello from
Johannesburg
I was amazed to find a website for Africans in Hungary.
Looks like you have quite a community there. Here in SA we have some three million Zimbabweans living in exile and not much sign of going home ... but in Hungary??? Hope to meet you on one of my trips to Europe; was in Steirmark Austria near the Hungarian border earlier this month. Every good wish for 2011. Geoff in Jo'burg

I'm impressed by
ANH work but...
Interesting interview...
I think from what have been said, the Nigerian embassy here seem to be more concern about its nationals than we are for ourselves. Our complete disregard for the laws of Hungary isn't going to help Nigeria's image or going to promote what the Embassy is trying to showcase. So if the journalists could zoom-in more focus on Nigerians living, working and studying here in Hungary than scrutinizing the embassy and its every move, i think it would be of tremendous help to the embassy serving its nationals better and create more awareness about where we live . Taking the issues of illicit drugs and forged documents as typical examples.. there are so many cases of Nigerians been involved. But i am yet to read of it in e.news. So i think if only you and your journalists could write more about it and follow up on the stories i think it will make our nationals more aware of what to expect. I wouldn't say i am not impressed with your work but you need to be more of a two way street rather than a one way street . Keep up the good work... Sylvia

My comment to the interview with his excellency Mr. Adedotun Adenrele Adepoju CDA a.i--

He is an intelligent man. He spoke well on the issues! Thanks to Mr Hakeem Babalola for the interview it contains some expedient information.. B.Ayo Adams click to read editor's mail
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