Connect with us

celebrity radar - gossips

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

Published

on

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.”

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

celebrity radar - gossips

Star Entertainers Set for Angel Global Promotions ‘Our Night of Heritage’ Show in UK Nov 29

Published

on

Star Entertainers Set for Angel Global Promotions ‘Our Night of Heritage’ Show in UK Nov 29

London city will be agog on Friday, 29th of November 2024, as A-List Nigerian entertainers stage performance at this year’s edition of ‘Our Night of Heritage’ (Ale Asa Wa) show.

 

Aimed at recognizing outstanding achievements in concerts, shows, and cultural events, the event which promises to be a talk-of-the-town, will be held at LOG Hall Abbey Quilting Selinas Lane, Dagenham, RM8 1ES, London SE16 2BD, United Kingdom.

 

 

According to Princess Adetutu Jakande, the chief organizer of Ale Asa Wa and CEO of Angel Global Promotions UK, the 5th edition of the AfriCulture tradition and entertainment awards event serves as a platform for celebrating African culture and entertainment while highlighting the exceptional talents of individuals who have contributed to the growth and development of the industry.

 

 

An array of entertainment performers have been lined up to give the night the touch of glamour and class while the event streams live in the media across the globe. They include Gospel star, Biyi Samuel; Alhaji Lateef a.k.a. Student Fuji; Kemi Alayo a.k.a. Idi Ope; Poly Mr Correct; Ekundayo Mr Manna; Alhaji Wasiu Adekunle Classical Fuji; MC Loko a.k.a. Omo Woli; Omoba Ademola a.k.a. Demo Performer, and a whole lots of other stars and side attractions.

 

 

With 30 Pounds entry fee, the organizers have announced that Ankara fabrics are available for smooth access to the event venue and numbers to call are +44745382120, +447960892460, +447308779733. Seasoned Nollywood actor, Kunle Afod, will feature as special guest artiste.

 

 

According to the organizers, there will also be presentation of awards where selected individuals will be recognized for their impactful contributions to the entertainment industry.

Star Entertainers Set for Angel Global Promotions 'Our Night of Heritage' Show in UK Nov 29

Continue Reading

Business

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

Published

on

How Prophet Kingsley Predicted The Rumble In Pastor Adeboye Led RCCG

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

 

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.

The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, which held in the capital city. While Adeboye did not explicitly name the Dangote Petroleum Refinery, his remarks echoed the ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.

The Dangote Refinery based in Ibeju-Lekki, Lagos is the only facility currently refining petrol in Nigeria, and Adeboye’s comments reflected the dispute between the refinery and oil marketers, who seek to continue importing fuel for personal gain.

Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result. He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.

“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”

Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption. He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.

These marketers, the renowned pastor claimed, have formed alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.

He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.

Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.

Recently, the Crude Oil Refineries Owners Association of Nigeria (CORAN) urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).

Continue Reading

celebrity radar - gossips

Prophet Kingsley Aitafo Set To Dedicate Multi-million Naira Church Auditorium

Published

on

Prophet Kingsley Aitafo Set To Dedicate Multi-million Naira Church Auditorium

Prophet Kingsley Aitafo Set To Dedicate Multi-million Naira Church Auditorium

It’s a season of Joy as Prophet Kingsley Oladapo Aitafo, founder of Oneness in Christ ministry has invited everyone to the altar laying and dedication of their new multi-million naira church auditorium on Saturday, November 23rd, 2024’.

 

We reliably gathered that the dedication of the new auditorium known as CCC Living Tabernacle will be held by 10am at Olorunlugo bus stop, along oko ope,off ijomo road,baba ode in Ogun state.

Prophet Kingsley Aitafo Set To Dedicate Multi-million Naira Church Auditorium

According to our information, many dignitaries, celebrities who have been partakers of the grace of God through Prophet Kingskey Aitafo are billed to honour the altar laying and church dedication of CCC living Grace Tabernacle.

In his words, the Shepherd in charge, prophet Aitafo attributed all the glory to God for the grace to complete the auditorium.

 

Continue Reading

Cover Of The Week

Trending