₦airaland Forum

After Obasanjo's recent comments on the mismanagement of the ECA/SWF funds, I read with dismay, how some political alleluia boys gathered en masse to heap the blame for the depletion and perpetual hibernation of the Excess Crude Account and Sovereign Wealth Fund to Goodluck Ebele Jonathan.

Thankfully, Ngozi Okonjo Iweala detailed the actions of then- Governors who consistently brayed and fought dirty, turning every NEF meetings to rowdy sessions until the funds were shared among them governors.

Here's an excerpt from Ngozi Okonjo Iweala's book, Fighting Corruption. Pay close attention to the names of the governors who fought against the savings and the political party they pitch their tent with as we speak: Akpabio, Oshiomole, Aregbesola, Fashola, and Amaechi as mentioned by Ngozi Okonjo Iweala.

It took the insistence of Namadi Sambo to stop the abuse the governor heaped on her, in their haste to get the money shared to fund 'bogus projects'.

It may be worth noting who Ngozi mentioned as a Governor who spoke in favour of leaving the funds in the ECA/SWF intact and focusing on growing it instead. That governor is Peter Obi.

Okay.

So Grievingory Obi told Jonathan to leave ECA alone but he didn't listen.

This one na matter between the 2 gods of same set of people, so let them trash it out among themselves.

Finally ehh
Make I no sha talk wetin Dey my mind…
A new Nigeria is POssible 🤍

As if we didn't know the reason the governors were against the ECA in the first place.

1. The ECA was an illegal account as it had no Legal backing and as such was not supposed to exist in the first place. The FG Opened it without the input of the governors and also did not even discuss it with them. How do you open open a group fund account which will include the monies of sub national governments without their approval or knowledge?

2. The FG was taking money out of the ECA without approval or telling the Governors and LG chairmen who were part owners. The FG in 2014 scandalously told the country it was using the ECA to fund subsidy which the governors refuted and fought against then told them to divest the funds.


Let NOI not rewrite history as we remember the drama of the ECA

Mynd44:
As if we didn't know the reason the governors were against the ECA in the first place.

1. The ECA was an illegal account as it had no Legal backing and as such was not supposed to exist in the first place. The FG Opened it without the input of the governors and also did not even discuss it with them. How do you open open a group fund account which will include the monies of sub national governments without their approval or knowledge?

2. The FG was taking money out of the ECA without approval or telling the Governors and LG chairmen who were part owners. The FG in 2014 scandalously told the country it was using the ECA to fund subsidy which the governors refuted and fought against then told them to divest the funds.


Let NOI not rewrite history as we remember the drama of the ECA

Quick question: Have you read the book, Fighting Corruption by Ngozi Okonjo Iweala?

It is interesting to see you have already formed an opinion off it. But that's fine. I can't help but notice you also avoided mentioning the SWF, which incidentally, was established to usurp the ECA in 2011 by the same NEC. The governors were not fighting for the ECA funds to be transferred to SWF. They were haggling for it then be shared!

The ECA is still in existence until today. All successive governments since it was created have deferred to it at one point or the other. The question on its legality therefore, lacks merit if every civilian government we have had deemed it fit to keep it as is without further governors whines now that it has been severely depleted.

Let's forget Ngozi for a while. Rev. Tunde Lemo who was also present at those sessions aired his view on it as well. He confirmed the reason of the opposition was more for spending than constitutional: www.vanguardngr.com/2016/07/govs-opposed-excess-crude-savings-ex-cbn-dep-gov

In the governors' opinions, why save when the rainy days are here already 🤦🏾‍♂️

Mynd44:
As if we didn't know the reason the governors were against the ECA in the first place.

1. The ECA was an illegal account as it had no Legal backing and as such was not supposed to exist in the first place. The FG Opened it without the input of the governors and also did not even discuss it with them. How do you open open a group fund account which will include the monies of sub national governments without their approval or knowledge?

2. The FG was taking money out of the ECA without approval or telling the Governors and LG chairmen who were part owners. The FG in 2014 scandalously told the country it was using the ECA to fund subsidy which the governors refuted and fought against then told them to divest the funds.


Let NOI not rewrite history as we remember the drama of the ECA

You will live long bro

DesChyko:
Quick question: Have you read the book, Fighting Corruption by Ngozi Okonjo Iweala?

It is interesting to see you have already formed an opinion off it. But that's fine. I can't help but notice you also avoided mentioning the SWF, which incidentally, was established to usurp the ECA in 2011 by the same NEC. The governors were not fighting for the ECA funds to be transferred to SWF. They were haggling for it then be shared!

The ECA is still in existence until today. All successive governments since it was created have deferred to it at one point or the other. The question on its legality therefore, lacks merit if every civilian government we have had deemed it fit to keep it as is without further governors whines now that it has been severely depleted.

Let's forget Ngozi for a while. Rev. Tunde Lemo who was also present at those sessions aired his view on it as well. He confirmed the reason of the opposition was more for spending than constitutional: www.vanguardngr.com/2016/07/govs-opposed-excess-crude-savings-ex-cbn-dep-gov

In the governors' opinions, why save when the rainy days are here already 🤦🏾‍♂️

Bia Chike we all know that the main purpose of opening this thread is to worship your Lord and Saviour Peter Obi. But, biko, do it with dignity. Don't rewrite history for us.

Too bad

Bad

DesChyko:
Quick question: Have you read the book, Fighting Corruption by Ngozi Okonjo Iweala?

It is interesting to see you have already formed an opinion off it. But that's fine. I can't help but notice you also avoided mentioning the SWF, which incidentally, was established to usurp the ECA in 2011 by the same NEC. The governors were not fighting for the ECA funds to be transferred to SWF. They were haggling for it then be shared!

I hope you realize the governors actually sued the FG on this matter and won. The FG was acting outside the constitution and everyone knew it. You have to govern accord to throws of the land else, it is all a waste.

The ECA is still in existence until today. All successive governments since it was created have deferred to it at one point or the other. The question on its legality therefore, lacks merit if every civilian government we have had deemed it fit to keep it as is without further governors whines now that it has been severely depleted

This line of argument is lazy. Was the ECA Account illegal or not? It doesnt matter if every government have used it, it remains the illegal creation of Obasanjo. You must govern by the laws.
You also fail to dispute that the FG was beginning to spend the money without informing the governors and asking their approval. This was why Amaechi was particularly pissed. How can 37 people put money together then one starts spending at as though it is his personal piggy bank.

Do not rewrite history, some of us actually know what happened.

Let's forget Ngozi for a while. Rev. Tunde Lemo who was also present at those sessions aired his view on it as well. He confirmed the reason of the opposition was more for spending than constitutional: www.vanguardngr.com/2016/07/govs-opposed-excess-crude-savings-ex-cbn-dep-gov

In the governors' opinions, why save when the rainy days are here already 🤦🏾‍♂️

The FG was spending it on their raining day and what keeping a grip on the states funds. Sounds like fraud and abuse of power don't you think?

Okoroawusa:
Bia Chike we all know that the main purpose of opening this thread is to worship your Lord and Saviour Peter Obi. But, biko, do it with dignity. Don't rewrite history for us.

I actuay don't care who he praises, if he likes he should praise has ancestral gods.

But you see that rewriting of history? No way, it won't work

Richtaiwo:
Okay.

So Grievingory Obi told Jonathan to leave ECA alone but he didn't listen.

This one na matter between the 2 gods of same set of people, so let them trash it out among themselves.

ECA doesn't belong to the FG alone

Mynd44:
I hope you realize the governors actually sued the FG on this matter and won. The FG was acting outside the constitution and everyone knew it. You have to govern accord to throws of the land else, it is all a waste.



This line of argument is lazy. Was the ECA Account illegal or not? It doesnt matter if every government have used it, it remains the illegal creation of Obasanjo. You must govern by the laws.
You also fail to dispute that the FG was beginning to spend the money without informing the governors and asking their approval. This was why Amaechi was particularly pissed. How can 37 people put money together then one starts spending at as though it is his personal piggy bank.

Do not rewrite history, some of us actually know what happened.


The FG was spending it on their raining day and what keeping a grip on the states funds. Sounds like fraud and abuse of power don't you think?

Firstly, The money was not put there by 37 people, it was money made from selling excess crude oil, that is why it called ECA(excess crude oil account), how does that translate to contributions from 36 states and the FCT...

It is not tax revenue, that's how you people lie anyhow...

Secondly if the account was illegal and the FG was drawing money out of it without the notice of the governors, was the best decision to share it ?

Couldn't they have requested to tranfer it to the foreign reserves account where they will be able to monitor it?

Must they share it for immediate eating? I'm not surprised though, most of the people who requested to share it are those in power now and we can see how the country is...

And yet you are here justifying rubbish...

Because what you are actually supporting here is since the FG was eating from the money the governors forced the FG to share the money to have their own share of the money...

Only one governor opposed it and that was Peter Obi and yet you are here trying to justify nonsense that since the FG was eating it without record then the Governors decided to share it and have their own like there was no option to transfer it to the foreign reserve, no wonder you support the nonsense the same leaders are doing in office today....

Okoroawusa:
Bia Chike we all know that the main purpose of opening this thread is to worship your Lord and Saviour Peter Obi. But, biko, do it with dignity. Don't rewrite history for us.

don't mind him, can he compare the level of development in state of the said governors who opposed keeping it and been squandered by the presidency and Anambra under Obi. Fashola, Ameachi, Oshiomole and Akpabio were the best governors at that era. You save and nothing on ground. Soludo has proved to be better governor than Obi. Onitsha that I always use to port harcourt was an eyesore under Obi. Awka the state capital wasn't befiting under same Obi.

Okoroawusa:
Bia Chike we all know that the main purpose of opening this thread is to worship your Lord and Saviour Peter Obi. But, biko, do it with dignity. Don't rewrite history for us.

Normally, it is sane to align with people of integrity and I absolutely do not mind lauding such persons whenever the opportunity arises. It is how it should be, not what is largely obtainable in Nigerian political landscape today where questionable humans accrue golden crowns and thrones by all means. Aru gbaa afo, o buru omenala.

kedeojo:
don't mind him, can he compare the level of development in state of the said governors who opposed keeping it and been squandered by the presidency and Anambra under Obi. Fashola, Ameachi, Oshiomole and Akpabio were the best governors at that era. You save and nothing on ground. Soludo has proved to be better governor than Obi. Onitsha that I always use to port harcourt was an eyesore under Obi. Awka the state capital wasn't befiting under same Obi.

...

Brendaniel:
Firstly, The money was not put there by 37 people, it was money made from selling excess crude oil, that is why it called ECA(excess crude oil account), how does that translate to contributions from 36 states and the FCT...

It is not tax revenue, that's how you people lie anyhow...

Secondly if the account was illegal and the FG was drawing money out of it without the notice of the governors, was the best decision to share it ?

Couldn't they have requested to tranfer it to the foreign reserves account where they will be able to monitor it?

Must they share it for immediate eating? I'm not surprised though, most of the people who requested to share it are those in power now and we can see how the country is...

And yet you are here justifying rubbish...

Because what you are actually supporting here is since the FG was eating from the money the governors forced the FG to share the money to have their own share of the money...

Only one governor opposed it and that was Peter Obi and yet you are here trying to justify nonsense that since the FG was eating it without record then the Governors decided to share it and have their own like there was no option to transfer it to the foreign reserve, no wonder you support the nonsense the same leaders are doing in office today....

You have said it all cos Jonathan was taking from the money without the knowledge of the governors. You can't compare the development withness in the state of the governors that opposed it to Anambra under Obi.

kedeojo:
You have said it all cos Jonathan was taking from the money without the knowledge of the governors. You can't compare the development withness in the state of the governors that opposed it to Anambra under Obi.

In case you didn't see it the first time...

Mynd44:
I hope you realize the governors actually sued the FG on this matter and won. The FG was acting outside the constitution and everyone knew it. You have to govern accord to throws of the land else, it is all a waste.

Please assist with a copy of the Supreme Court judgement that ruled the ECA illegal. I missed that before, my bad. It's an arsenal to counter those political Alleluia boys now accusing Jonathan of rendering the ECA/SWF empty when records show it's their principals who brayed for sharing, and kept withdrawing and withdrawing till date.

How can 37 people put money together then one starts spending at as though it is his personal piggy bank.

By this line, do you accept that 37 people were a party to putting money together? If there was this agreement, where then is the ignorance of the existence of the ECA/SWF, which still exists until today and is still being used by ALL successive governments since its creation.

Mynd44:
I hope you realize the governors actually sued the FG on this matter and won. The FG was acting outside the constitution and everyone knew it. You have to govern accord to throws of the land else, it is all a waste.



This line of argument is lazy. Was the ECA Account illegal or not? It doesnt matter if every government have used it, it remains the illegal creation of Obasanjo. You must govern by the laws.
You also fail to dispute that the FG was beginning to spend the money without informing the governors and asking their approval. This was why Amaechi was particularly pissed. How can 37 people put money together then one starts spending at as though it is his personal piggy bank.

Do not rewrite history, some of us actually know what happened.


The FG was spending it on their raining day and what keeping a grip on the states funds. Sounds like fraud and abuse of power don't you think?

You contradict yourself.

At first, you argue that the ECA is illegal. Then, at the @emboldened part, you admit that 37 people (the governors and the FG right?) agreed to the arrangement. If the account was illegal, how did those same governors participate in setting it up and later sue the FG for operating it and won? Who exactly did they win against— themselves?

One moment you claim the issue is about the ECA’s illegality, and the next you shift the argument to fairness and misuse. If the problem was fairness, the legality wouldn’t even matter. So which is it?

You can't just defend this government without making a fool of yourself

DesChyko:
Quick question: Have you read the book, Fighting Corruption by Ngozi Okonjo Iweala?

It is interesting to see you have already formed an opinion off it. But that's fine. I can't help but notice you also avoided mentioning the SWF, which incidentally, was established to usurp the ECA in 2011 by the same NEC. The governors were not fighting for the ECA funds to be transferred to SWF. They were haggling for it then be shared!

The ECA is still in existence until today. All successive governments since it was created have deferred to it at one point or the other. The question on its legality therefore, lacks merit if every civilian government we have had deemed it fit to keep it as is without further governors whines now that it has been severely depleted.

Let's forget Ngozi for a while. Rev. Tunde Lemo who was also present at those sessions aired his view on it as well. He confirmed the reason of the opposition was more for spending than constitutional: www.vanguardngr.com/2016/07/govs-opposed-excess-crude-savings-ex-cbn-dep-gov

In the governors' opinions, why save when the rainy days are here already 🤦🏾‍♂️

You replied a bigot.

Watch am now. He go ban me. He doesn't like the truth.

Tallesty1:
You contradict yourself.

At first, you argue that the ECA is illegal. Then, at the @emboldened part, you admit that 37 people (the governors and the FG right?) agreed to the arrangement. If the account was illegal, how did those same governors participate in setting it up and later sue the FG for operating it and won? Who exactly did they win against— themselves?

One moment you claim the issue is about the ECA’s illegality, and the next you shift the argument to fairness and misuse. If the problem was fairness, the legality wouldn’t even matter. So which is it?

You can't just defend this government without making a fool of yourself

No dey engage that guy of a mod. Na dem be our "darling daddy" crew, while the country was raped.

Mynd44:
As if we didn't know the reason the governors were against the ECA in the first place.

1. The ECA was an illegal account as it had no Legal backing and as such was not supposed to exist in the first place. The FG Opened it without the input of the governors and also did not even discuss it with them. How do you open open a group fund account which will include the monies of sub national governments without their approval or knowledge?

2. The FG was taking money out of the ECA without approval or telling the Governors and LG chairmen who were part owners. The FG in 2014 scandalously told the country it was using the ECA to fund subsidy which the governors refuted and fought against then told them to divest the funds.


Let NOI not rewrite history as we remember the drama of the ECA

Why didn't the governors complain that it was an illegal account when Obasanjo or Yaradua were president? What did the so called governors do with the money, when it was finally shared?

Mynd44:
I hope you realize the governors actually sued the FG on this matter and won. The FG was acting outside the constitution and everyone knew it. You have to govern accord to throws of the land else, it is all a waste.



This line of argument is lazy. Was the ECA Account illegal or not? It doesnt matter if every government have used it, it remains the illegal creation of Obasanjo. You must govern by the laws.
You also fail to dispute that the FG was beginning to spend the money without informing the governors and asking their approval. This was why Amaechi was particularly pissed. How can 37 people put money together then one starts spending at as though it is his personal piggy bank.

Do not rewrite history, some of us actually know what happened.


The FG was spending it on their raining day and what keeping a grip on the states funds. Sounds like fraud and abuse of power don't you think?

How you always derive joy in supporting rubbish beat my imagination, a grown man with thinking faculty.


So if you a married man decide to open a bank account to save excess income the family business makes to protect your kids from starving tomorrow if the business stops making profit like its making today, and once in a while you as the head of the family takes money from that account without informing your wife and kids, and your wife and kids got to know and during a family meeting, your wife and kids suggested the account be closed and the money shared to every member of the family to use as they like, and in that meeting one of your children suggested that the account should not be closed but retained and more saved into it for rainy days, yet you don't see such a child as a child worthy of commendation?


Instead you are here saying your wife and some of your kids that forced you to share the money to them which they squandered on meaningless projects did the right thing because you didn't inform them when you opened the family account to save money for the family to protect the family from a rainy day?


If they truly cared about the future of the family but worried that allowing you alone to be a sole signatory to the account is wrong, why didn't they press for the money to be moved to a family account that nobody can single handedly withdraw without the consent of all the family members, why did they suggest that the money must be shared among family members?


Was this not what the popular Prodigal son in the Bible did that made him a prodigal son?


Please stop supporting rubbish in the name of politics or tribe or whatever that motivates you, it doesn't speak well of you, once in a while stand for the truth you wont die

Mynd44:
As if we didn't know the reason the governors were against the ECA in the first place.

1. The ECA was an illegal account as it had no Legal backing and as such was not supposed to exist in the first place. The FG Opened it without the input of the governors and also did not even discuss it with them. How do you open open a group fund account which will include the monies of sub national governments without their approval or knowledge?

2. The FG was taking money out of the ECA without approval or telling the Governors and LG chairmen who were part owners. The FG in 2014 scandalously told the country it was using the ECA to fund subsidy which the governors refuted and fought against then told them to divest the funds.


Let NOI not rewrite history as we remember the drama of the ECA

The states and FG are not equals. One created the other and assigned tasks to the other. What is the job of the states. What the state are entitled to is their share of FAAC. Why is there no excess gold or solid mineral account? Why crude alone?
How did the excess crude account come about? It was concieved to avoid bloating of budget as a result of surge in crude oyel earnings. The governors were ready to waste even future earnings even as opposition governors didnt trust the ruling party to do a good job in sharing the money. Remeber how Ameachi's Rivers state was not reimbursed for projects done on behalf of FG until Wike who was in PDP good books had secured the gubernatorial?
It was being abused at federal level but that doesnt mean govs shouldnt be held accountable.

Mynd44:
I hope you realize the governors actually sued the FG on this matter and won. The FG was acting outside the constitution and everyone knew it. You have to govern accord to throws of the land else, it is all a waste.



This line of argument is lazy. Was the ECA Account illegal or not? It doesnt matter if every government have used it, it remains the illegal creation of Obasanjo. You must govern by the laws.
You also fail to dispute that the FG was beginning to spend the money without informing the governors and asking their approval. This was why Amaechi was particularly pissed. How can 37 people put money together then one starts spending at as though it is his personal piggy bank.

Do not rewrite history, some of us actually know what happened.


The FG was spending it on their raining day and what keeping a grip on the states funds. Sounds like fraud and abuse of power don't you think?

PDP was excluding opposition controlled states and that pissed ameachi who as a governor in one of the six major oil states contributing to excess crude funds saw the evil in that. Crude is from few states and not the 36 states. There was some kind of general bias from the ND people towards the PDP partiality because a son of the ND was in power and to them, it opened a gateway for them to enjoy the excess of their God given natural resources. I dont blame either side(FG or States) but hold them responsible for wasting what they got out of the excess earning. The useless govt of GEJ could have built 3 Dangote refinery and petrochemical plants from those savings. He choose to be be paying non-existent subsidy.
Before you reply, remember how dollar rate crashed after PDP primaries o. They were spending the excess money freely. They shared $2.1 arms money like chocolate bars. They jerked up defwnce budget and refused to tame insecurity.
The governors were only right to push for access into the ECA because of the useless structure we run in Nigeria that basically makes them a spend-as-you-like entity.
Remeber how Aregbesola was borrowing and yet paying 13th month saary to dormant civil workers. He was trying to spend the future earnings in the present and still impress the people. The money was that much.

DesChyko:
Normally, it is sane to align with people of integrity and I absolutely do not mind lauding such persons whenever the opportunity arises. It is how it should be, not what is largely obtainable in Nigerian political landscape today where questionable humans accrue golden crowns and thrones by all means. Aru gbaa afo, o buru omenala.

No need for the proverb, he's not Igbo.

kedeojo:
You have said it all cos Jonathan was taking from the money without the knowledge of the governors. You can't compare the development withness in the state of the governors that opposed it to Anambra under Obi.

What are the developments in Edo and Osun?

Richtaiwo:
Okay.

So Grievingory Obi told Jonathan to leave ECA alone but he didn't listen.

This one na matter between the 2 gods of same set of people, so let them trash it out among themselves.

of a truth some people are born stupid.