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Okonjo- Iweala Opens Up on the $1bn Scam “My $1bn China-Exim Bank story”

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Ngozi-Okonjo-Iweala

More drama in the series of allegations levied against the immediate past Minister of Finance, Dr. Ngozi Okonjo-Iweala, as she denied that the China-EximBank loan for the rehabilitation of the Lagos-Kano rail line was diverted as alleged by the Permanent Secretary of the Federal Ministry of Transport, Alhaji Muhanned Bashar.
Alhaji Bashar had told President Muhammadu Buhari during the ministry’s briefing session, last week, that only $400 million of the $ 1 billion China-EximBank loan meant for the project was spent, creating the impression that over $600 million was diverted by the last administration.
According to him, only $400 million was released by the Ministry of Finance for the project.
However, Dr. Okonjo-Iweala said, yesterday, that the Permanent Secretary did not get his facts right, as there was no such $1 billion China-EximBank loan for the Lagos-Kano rail project, in the first place.
She gave details of the China-EximBank loans for various projects in the country through a statement by her Media Adviser, Mr. Paul Nwabuikwu, and insisted that the Lagos-Kano rail project was not one of them.
According to the minister, a total of $2.084 billion was secured from the Chinese bank and that the facilities were being managed directly by the bank which disburses the funds directly to the Chinese contractors, based on certificates of work done.

The breakdown
The breakdown showed that $500 million was for the on-going expansion of four international airport terminals in Abuja, Kano, Lagos and Port-Harcourt.; $500 million for the Abuja Light Rail Project; $984 million for the Zungeru hydroelectric power project; and $100 million for the Galaxy Backbone project.
The statement read in part: “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 Exim Bank 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.
“It is also important to note that even if the alleged project was on the list of China-EximBank 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 procedure is that funds for approved loans remain in the China-EximBank and are released directly to the Chinese firm executing the contract only after the presentation of duly certified proof of work by the responsible ministry, in this case it would have been 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.
“This is yet another example of the kind of whispering campaign of calumny, innuendo, misinformation, and outright distortions being perpetrated by certain political elements against Dr. Okonjo-Iweala in a bid to try to damage her reputation.”

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BREAKING: Ex-Governor Yahaya Bello Granted N500M Bail

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Court rejects EFCC's request to arraign Yahaya Bello without his counsel, adjourns to Dec 13 Ex-Gov to remain in custody

BREAKING: Ex-Governor Yahaya Bello Granted N500M Bail

 

The Federal Capital Territory High Court has granted bail to former Kogi State Governor Yahaya Bello, setting the amount at N500 million with three sureties. Bello, who faces a 16-count charge of alleged money laundering totaling N110 billion, pleaded not guilty to the charges.

Justice Maryann Anenih had earlier rejected Bello’s bail application for being premature but reconsidered after a fresh application. Alongside Bello, two co-defendants were granted bail with adjusted conditions, including property sureties across various Abuja districts.

The court also ordered all defendants to surrender their travel documents and remain in custody until bail conditions are met, as both legal teams agreed to expedite the trial.

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Nancy Isime Celebrates 33rd Birthday with Dream Home Reveal: A Testament to Faith and Perseverance”

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Nancy Isime Celebrates 33rd Birthday with Dream Home Reveal: A Testament to Faith and Perseverance"

Nancy Isime Celebrates 33rd Birthday with Dream Home Reveal: A Testament to Faith and Perseverance”

 

Nigerian actress and TV host Nancy Isime has kicked off her 33rd birthday celebrations with a major milestone—unveiling her newly acquired home. Sharing the joyous moment with her fans on Instagram, Isime expressed deep gratitude to God for the protection and provisions of the past year, which led her to this remarkable achievement.

Reflecting on her journey, the film star opened up about the struggles her family faced while striving to own a proper home. At the age of 13, Isime moved into her father’s uncompleted building, a space that lacked basic amenities such as floors, ceilings, doors, windows, and running water. This experience, she says, marked the beginning of her determination to help complete her father’s dream.

“I started saving at 17, hoping to contribute to completing my father’s house,” Isime revealed. “Now, I can proudly say that I’ve been able to fulfill his lifelong dream of owning a fully completed and furnished home.”

The actress went on to explain that she officially received the keys to her stunning new property on December 15, 2023, calling it an “unbelievable possibility” in her life. This milestone marks a significant achievement in her personal and professional journey, one that was made possible through hard work, faith, and divine grace.

In her heartfelt post, Isime dedicated this victory not just to herself, but to the young girls and boys who find inspiration in her story. She encouraged them to remain steadfast in their pursuit of success, no matter the challenges they face, and to trust that God’s blessings will always find a way.

“This win is not just for me but also for young girls/boys who find their story in mine. It’s only a matter of time, my darling. Nothing can come between you and the blessings God has in store for you. Nothing! Keep pushing! Keep walking in faith & obedience,” she wrote.

Isime’s career began in 2009 when she won the Miss Valentine International Beauty Pageant, and since then, she has established herself as a household name in Nollywood. From her acting debut in the TV series Echoes in 2011, to starring in hit films like The Set Up 2 and Shanty Town, Isime’s talent has earned her several accolades. In addition to her acting career, she also serves as a presenter, having replaced Toke Makinwa as the host of Trending on HipTV in 2016.

Despite her growing fame and success, Isime has remained focused on her personal goals. Last month, she revealed that marriage is not currently on her radar; instead, she is dedicated to building her career and achieving financial independence.

Isime’s journey serves as a powerful reminder that with hard work, faith, and perseverance, dreams really do come true.

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A post shared by Nancy.E.Isime (@nancyisimeofficial)

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CAF Awards 2024: Sanwo-Olu Celebrates Lookman, Nnadozie, and Super Falcons

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CAF Awards 2024: Sanwo-Olu Celebrates Lookman, Nnadozie, and Super Falcons

CAF Awards 2024: Sanwo-Olu Celebrates Lookman, Nnadozie, and Super Falcons

 

Lagos State Governor, Babajide Sanwo-Olu, has congratulated Super Eagles forward Ademola Lookman on being named the 2024 CAF Men’s African Footballer of the Year.

Governor Sanwo-Olu also applauded Super Falcons goalkeeper Chiamaka Nnadozie for winning the CAF Women’s Goalkeeper of the Year award and commended the Super Falcons for clinching the Women’s National Team of the Year honor.

The awards, which celebrate excellence in African football, took place on Monday night at the Palais des Congrès in Marrakech, Morocco.

In a statement issued on Tuesday by his Special Adviser on Media and Publicity, Gboyega Akosile, the governor described the winners as exemplary ambassadors of Nigeria, praising their talent and contributions to the nation’s pride on the global stage.

“As a proud Nigerian and football enthusiast, I celebrate the outstanding achievements of Ademola Lookman and Chiamaka Nnadozie at the 2024 CAF Awards. Their victories as the Men’s African Footballer of the Year and Women’s Goalkeeper of the Year are a source of immense pride,” Sanwo-Olu said.

He also highlighted the Super Falcons’ recognition as the 2023 Women’s National Team of the Year, emphasizing their dominance as Africa’s best female football team.

“These awards reflect the dedication, skill, and hard work of our footballers. They have not only brought personal acclaim but also showcased the immense potential of Nigerian football to the world,” he added.

Governor Sanwo-Olu concluded by encouraging young Nigerian footballers to draw inspiration from the achievements of Lookman, Nnadozie, and the Super Falcons, reaffirming his government’s commitment to supporting the sport.

CAF Awards 2024: Sanwo-Olu Celebrates Lookman, Nnadozie, and Super Falcons

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