Edo State Governor and Chairman of the National
Economic Council (NEC) Ad-hoc Committee on
the management of the Excess Crude Account
(ECA) and related federation accounts issues,
Comrade Adams Oshiomhole, has said that the
Managers of the Sovereign Wealth Fund (SWF)
could not account for $700 million out of the
$1billion contributed for the fund.
Oshiomhole who spoke to State House
Correspondents at the Presidential Villa after a
meeting with Vice President Yemi Osinbajo on
Thursday night claimed that records made
available to his committee showed that only
$300 million was left in the fund.
This is contrary to the claims made by the
Managing Director and Chief Executive of the
Nigeria Sovereign Investment Authority (NSIA),
Uche Orji that the $1 billion seed fund had been
invested and generated a profit of N15.7m into
government coffers.
Oshiomhole however disclosed that the report
submitted to his committee only reflected $300
million with the explanation that the money had
been invested in the Second Niger Bridge and
Abuja-Kaduna rail.
He however pointed out that the former Finance
Minister, Dr. Ngozi Okonjo-Iweala, had earlier told
the world that the Abuja-Kaduna rail was
financed by a Chinese loan.
He said "I reported to the media that the
Sovereign Wealth people in their report to us,
which I have in black and white, showed clearly
that they have only $300 million left in the
Sovereign Wealth Fund account.
"We have it in black and white and I can publish
it if anybody wants to deny that because it was
not submitted to me secretly. It was submitted
at plenary of the committee.
"And then we asked, because I knew that the
fund was $1 billion, what was done with $700
million. And they said they have made some
investments.
"We asked them what they invested in and they
said the Second Niger Bridge and partially in
Kaduna-Abuja rail. That is what they said and I
was not alone there. We were about five
governors and it was a full plenary.
But we know that the Kaduna-Abuja rail was
funded with Chinese loan, which even Mrs.
Okonjo-Iweala spoke about, when they said the
loan from China was not used for Lagos, she said
it was for Kaduna-Abuja."
He also blamed the administration of former
President Goodluck Jonathan for scaring away
foreign investors in the agricultural sector by
granting waivers to rice importers.
According to him, foreign investors into rice
farming in his state folded up because of waivers
granted rice importers as they could not
compete with cheaper products imported into
the country.
Source: www.thisdaylive.com/articles/oshiomhole-alleges-700m-missing-from-sovereign-wealth-fund/220632/

Iara something

What a disgrace of a man

Oshibaba would do well as Finance minister....

His so good with Money and statistics

Minister of attack!!!

Just pray the short man/baba go and die fame nor steal EDO pipu money b4 e comot gofment house .I pity Lara sha..EFCC are cripple until now.I like to see those thieves in prison

I personally have no doubt about the person of Oshiomole, seeing what he is doing in the ancient city of Benin. His term as Nigeria's labour leader showed remarkable courage in fighting bad government policies and made labour unionism vibrant and active and the same norm he has reflected in criticizing the GEJ administration's financial books passed over to the current government. The truth be told, the corruption sleaze in the previous administration was way out of it and there is no way anyone in there position today wont cry out.