The immediate past Minister of Finance, Dr Ngozi Okonjo-Iweala, on Sunday described as untrue allegation that a substantial part($600m) of the $1bn Chinese loan obtained for railway projects, was diverted.

Okonjo-Iweala, in a statement by her Media Adviser, Mr Paul Nwabuikwu, also explained that contrary to the allegation, the Kano-Lagos rail project was not part of the project listed for funding from the Chinese loan.
President Muhammadu Buhari had last Monday queried the Ministry of Finance for 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.

Okonjo-Iweala, who spearheaded the negotiation for the loan during her time as finance minister, said the China-Exim Bank kept and disbursed funds for approved projects to contractors based on milestones.

The funds, she added, were not domiciled in the Finance Ministry.

Giving a breakdown of the loan and how it was utilised, the minister said $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-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 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.”



http://www.punchng.com/news/600m-chinese-rail-loan-not-diverted-okonjo-iweala/

The more reason why Abdusalami's peace committee advice to Buhari is very appropriate, the veracity of such allegations needs to be investigated, parties involved questioned before any public statements on such matters.
I hope APC leaders like Oshiomhole is not pushing Buhari too hard to force him playing to the gallery.

Naso

Hmmm. Accusations and counter accusations. Let the courts and auditors decide.

Its [size=20pt]LadyF[/size] again

Dont worry madam, when it's time, they will invite you for hearing!

It wasnt diverted rather,twas simply LOOTED

The one una chop since wetin ordinary Nigerians do ontop am?

APC members confusing Buhari well wetin concern me na make he right my turn i they fine

Ok madam okonjo

ok

Why the persecution; can`t APC work without destroying other people?

Tomorrow we will hear from the donkey's mouth, Mrs Adams Oshiomole, of how madam NOI smartly fleeced the Chinese bankers. There is no limit to the brazenness of this APC government. Even when caught in their web of deceit, they forge ahead with more ridiculous, illusory tactics. No government can base its entire tenure on propaganda. Hitler couldn't , Mussolini couldn't, Napoleon couldn't. So how do the APC think they will

Mama Ex fin Min, relax, wen d time comes we will send for yu.

Nigerians will be shocked when this people are probed and nothing is find missing just propaganda

In the fullness of time we will know the truth.

Vanpascore:
Mama Ex fin Min, relax, wen d time comes we will send for yu.

who be you?

lanrema:
Nigerians will be shocked when this people are probed and nothing is find missing just propaganda

That is a fact people don't understand.

Probe - probes, are all arguments of a brainwashed and incapacitated dolt. Since 1999 this country has gone through more than five different probe panels and the end is always NOTHING. Here we are with yet another 'oputa panel', my only worry is that the so called probes have been used to replace more and urgent critical attention seeking areas, like how to shore up our dwindling government earnings, how to douse the tribal tension buhari's govt is generating by its in-actions.

I only pity Nigerians who just as buhari promised that in his tenure he will declare his assets publicly and force his aides to do same, he will cancel the office of the first lady, he will crush boko haram in two months, etc. Will be disappointed and many of them might even be more disappointed when by the end of this year we start hearing billions of naira worth of misappropriation going under the current regime.

The truth about this probes is that buhari is using it to hide his govt ineptitude... However only time will tell, as I beleive that 10 weeks is more than enough for buhari to give Nigerians a sense of the direction his govt tends to follow.

Who go dash buhari small sense?

And the embarrassments continues...we are being embarrassed on a daily basis because the ruling party in its rush to sustain the lies that brought it to power is taking common sense for granted. Making useless allegations without simple fact check.

How could President Buhari, the perm sec and the whole of APC not know that the Chinese loan for Lagos-Kano rail was not given? Very simple check would have solved this. Time and time again, they keep underestimating the intellectual prowess of NOI and again she keeps educating them on very simple basic things.

Since the president & APC are very desperate to indict her, him and his team should at least take their time to do a thorough job and save us from further embarrassment. They have all the tools, datas and powers to audit and indict her since it's a must. At least be or pretend to be professional. It's a shame really. Too shameful for Nigeria as a serious country.

NOI doesn't look like someone who would wrestle pigs and be stained. The pigs need to do their due diligence to know areas where they can touch and stain her if they must stain her.

Noted

Wait! The loan is meant for rail projects ba? In a situation where loans meant for the rail sector is being used for expansion of airport terminals, hydro electric power projects and a galaxy backbone project, is that not diversion? How does expansion of airport terminal affect development of the rail sector? Buhari said and I quote: [b] President Muhammed Buhari Monday in Abuja
called for an explanation from the Ministry of
Finance on the foreign loans obtained for rail
projects but diverted to other purposes.
Speaking at the end of a presentation on the
Ministry of Transport by the Permanent
Secretary, Mohammed Bashar at the
Presidential Villa, President Buhari said that it
was disappointing to find that foreign loans
obtained in line with signed agreements were
moved from one project to another.
“I hope that due process was followed before
such diversions were carried out. Taking money
from one project to another has to be done
properly,” Garba Shehu, his senior special
assistant on media and publicity, quoted the
President as saying.
Mr. Buhari was reacting to the specific instance
of the diversion of a substantial part of the loan
of USD1.005 billion from the Chinese Exim
Bank, obtained for the construction of a
standard gauge rail line linking Lagos to Kano
but which was moved elsewhere. [/b]. Source:www.premiumtimesng.com/news/188134-buhari-launches-probe-into-alleged-diversion-of-1billion-loan-for-rail-projects.html Now, how is this NOI statement different from Buhari's statement? Was the loan meant for airport terminal expansion?

Ok

The money wasn't diverted yet no tangible project to show for definitely something is missing.

Beans

When are they starting the probing of this woman she is long over due

Kk

But madam, where is the money?

Polithiefcians that looted our treasury must go to jail. At the same time Buhari government must provide evidence and facts that this people embezzled money .

How come we are not feeling the impact of the money u claim was well utilized? You r a bloody thief and liar and u must be jailed for looting this country backwards