₦airaland Forum

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

Okonjo-Iweala in a statement issued by her Media Adviser, Mr Paul Nwabuikwu, also explained that contrary to the allegation, the Kano-Lagos rail project is not part of the project listed for funding from the Chinese loan.

President Muhammadu Buhari had last Monday queried the Ministry of Finance over 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.

But while reacting to the allegation, Okonjo-Iweala who spearheaded the negotiation of the loan during her time as finance minister said the China-EximBank kept and disbursed funds for approved projects to contractors based on milestones.

The funds, she added, were not domiciled with Finance Ministry.

Giving a breakdown of the loan and how it was utilized, the minister said that $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-Exim Bank 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.”

The statement explained that based on the terms of the loan, the procedure was that funds for approved loans remain in the China-EximBank.

The funds, according to her were released directly to the Chinese firm executing the contract only after the presentation of duly certified proof of work by 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,” the statement added.
http://www.punchng.com/news/1bn-chinese-rail-loan-not-diverted-okonjo-iweala/

Don't mind UK govt. They fault our govt because we could not put our corrupt politicians into justice, James ibori was jailed in UK why are they delaying sending his loot back to Nigeria.

He did worst than this when he was minister of FCT.
He fear no one. But mehn the building thou

chuna1985:
China is still a very corrupt country.

I agree with u in some points. But take a look at their economy, their military.
They produce what they consume , unlike Nigeria that we produce what we don't consume and consume what we don't produce

Buhari can not get saints. Is just like going to Sodom/gomorah to virgin.
Since buhari said politicians and technocrat will make his list. Had it been it was only technocrat I would have said maybe.
But he can turn mr left to mr right. They can change their ways and work for the betterment of nigeria.
China is more corrupt than nigeria before. Just take a look at China today

Picture of the conspirators.

I schooled in the East. And I can attest to that. People that are always bitter about other tribe/ethnic groups are people that havent visited the location before.
Traveling is truly part of education

PDP and APC is not the problem we have in nigeria. Our problem is not religion background, not tribe, not ethnic groups. The problem is people we give the mandate to represent us. The greedy ones we trust so much but failed us.

More pictures.

Today 14th of Aug oba okunade sijuade was laid to rest .
The yoruba nation lost a rare gem--- Ambode

They will deny it soon. Just watch

Na now una wake up.
Not only in prison. And some vulnerable places also. Main markets, bank premises, filling station environ. Even sea cameras

Govt since 1960 has been spending on power, what I don't really get is. All the means to generate power is present in nigeria. Gas, water, solar, coal. The question remains why can't we achieve an uninterrupted power supply.

No tribalism at the top

Not only in lagos , all part of yoruba land

Bode George has not contested any election before. I don't know why he's the party chairman. We have other lagos chieftains capable for that position.

Thou he impose agbaje on them. To be candle agbage was the best for PDP as at that time, if it was obanikoro, ambode and tinubu won't spend more on advert.

Federal capital territory. No where is secured for life and property in Nigeria

Ladies shy away from this kind of news. If it was the unilag case now, they would have insulted and condemned the act.

Oshomole na fine man ooooo...

What of the abobaku?

Where is abobaku?

Mini buhari

Swaggzkid:
Your a fool I shouldn't be talking politics with someone of your calibre, you still have a fish brain*

For your information wole soyinka campaigned for buhari, ok? Try and always buy newspaper to read and digest instead of sitting here to digest half baked news on nairaland*!

Sorry if your offended by my comment* OneLove sir

End of discussion

Soyinka did not campaign for buhari,
channel tv before election. Mope asked him who we should vote for, since he said no better candidate btw Gej and buhari, soyinka replied and said. We have other political parties and both of them are not the only ones contesting. Channel team said those ones are not popular.

My bro. Dont get ur fact in politics by what u read in new papers

huangcheng:
A lot of other tribes live and do business in the SW especially Ogun and Lagos so that accounts for the votes GEJ got from the SW. 2015 election wasn't any different so stop with the nonsense statistics, you're not talking to kids here. Nobody voted for GEJ because he was their brother, we voted for GEJ because we saw his policy as unprecedented, we also saw the gang-up against a minority tribe and like true Igbos who hates oppression we stood by our SS brothers. We will do the same for anyone irrespective of his/her tribe.

I'm just wondering why all of a sudden Yorubas fell in love with Buhari, the same man they rejected in 2003,2007 and 2011. The same man they threw parties to celebrate when he was overthrown by IBB. Like i said, learn to stand by your decisions and stop playing on our intelligence.

2003. Adefarati from ondo state was the flag bearer of AC. Then AC is controlled only in lagos state.
2011. ACN has 6states. And Ribadu was the flag bearer.

Buhari was only campaigning in north then. But in 2015, he joined force with some powerful politicians in SW, and that sold him to SW.

I did not vote, cos I was still serving then. But if I was to vote. I'll vote APC.

U said people from diaspora are in SW and that was why GEJ got 40% in each state.

They can count the igbos in ekiti, osun, oyo..

Lagos is a free state bro. The company I work for now is owned by an edo man. The company indirectly support bahari.

The late Ooni of ife endorse Gej

The guy sef wan bi senator na.

U think say na only u eh dey sweet?

AIT na govt or private abeg?

huangcheng:
Stop lying bros. You guys didn't abuse his ministers, you guys poured your venom on him alone. You and your people called him unprintable names and used your media to hound him out of office. Everything GEJ did was bad to Yorubas, you guys threw everything at him. The only thing Yorubas didn't throw at him was an attempt on his life, even the kitchen sink was throw at him. While the North strapped bombs on their children just to make his administration seem incompetent, the South West used their media machinery to portray him as a clueless man who wakes up every morning, drinks his ogogoro and passes out.

I hate Yorubas' 2 faced personality. Why can't yorubas stand up for what they believe in? Your tribe need to learn to stand their ground and accept whatever consequences their action/inaction brings. Just stop portraying yourselves as a better people when it suits you already, it is an insult to our collective intelligence.

Igbos for example are proud of voting against Buhari cos we are no cowards. We stand by our decision and if the election was conducted again, we will vote GEJ once more. For once stop being a coward and take responsibility. Be proud of denigrating the office of the President under Jonathan, be proud of criticizing everything he did for Nigeria, from:

Railway (Old locomotive) to
Agriculture (Invisible agricultural product) to
Airport refurbishing (Cosmetic project) to
Automobile (Protested the ban on Tokumbo vehicles) to
Subsidy Removal (Occupy Nigeria) to
IPPIS (Another mode for looting) to
SureP and YouWin (Nonsense program)
.....even the way he walks, stand or kiss his wife was subjected to harsh criticism. On his birthday, your leaders even wished him death. Carry yourself commot for my front make i see road abeg.

Nonsense!!

Same yoruba vote Gej in 2011.
We have 6states in south west and gej got more than 40% in each state. U can compare to voting of north central and south west. Both parties wan with more than 40%.

Gej won in ekiti state.

I was an ad hoc corper in cross river. They vote gej cos they see him as their brother, I can't blame average yoruba for voting osibanjo as VP.

I picture the guy to be the next usain bolt

Yes we have desperate ladies.
Mine happened when I got posted to cross-river for my NYSC.
My older sister advised me not to eat camp food. That she paid a woman at maami market during her camp days, and the woman was responsible for her meal although her stay.

When I got to obubra camp, I went straight to maami, I spot a nice indomie joint. I negotiate with the young married lady, I paid her 15k for 3weeks which will cover 2meals/per day.

I like going to the spot mostly at night cos u will see the big boy/girls and bad boys/girls.
I was always on my own cos I was planning redeploying back to lagos but it did not work.

I got posted to a broadcasting corporation, I came with my team to cover batchB POP. I met the lady again, she was so excited, we exchange numbers.

She called me she's coming to pay me visit. As a Lagos boy, I could read the line but again she's married. Thats a no go area for me. I told her no wahala. That I'm always free on weekends. Then she picked Saturday. Lo and behold she came with her things to spend the weekend, she's older than me, married with a kid.
I asked her about the hubby, she said the guy is in abj, story plus story. Ladies story na.

I told her I have roomate and she can't stay over. We parted ways at the eatery.

When I got to my room, see bashing. Guys killed me that I missed a free pu**y. Even ladies criticize me that I'm always forming DON. And I missed a free p.

Some ladies are just crazy