My sister Ngozi Okonjo Iweala came into the Obasanjo Government like a comet, blazing and fiery with knowledge and experience and integrity which is most unusual for political appointees in Nigeria.

She came across as a no-nonsense and professional lady who knows her onions. And she did make some “sacrifice” by leaving her “civil service” job at the World Bank to manage our economy. But I must tell her that no Nigerian or well-informed foreigner believes anyone makes a sacrifice by leaving a seemingly lack lustre World Bank job to be a Government minister in Nigeria. The available loot (mostly due to very weak & loose controls and no punishment for stealing) and lucre of a Nigerian Minister’s office is just too much!

In a nutshell, I was impressed by this daughter of Nigeria who has seen it all but is still proud to wear simple Ankara material and simple jewelry as a serving minister – a huge relief from the regular sight of “corruption induced” fashion associated with some of our first ladies and female political appointees.

The peak of my admiration came when she claimed credit for securing the debt relief exploiting her connections at the World Bank. And thereafter came the rancour between her and the Obasanjo Presidency. I guess her influence, intelligence was beginning to get on the Obasanjo Government. She became an “intellectual snob” (apologies to Pius Adesanmi & co.) and stepped on a few toes in her quest to maintain proper accounting of Government expenditure. In league with Oby Ezekwesili (Madame due Process), she became a blocker for the “normal” Nigerian way of spending Nigerian money. It came as no surprise when Obasanjo quietly moved her away from the Finance Ministry to the Foreign Affairs ministry which is very remote from the former position where she can monitor and regulate what happens to Nigeria’s monies. Expectedly, she got the message and resigned months later...or so we were told.

Nigerians missed her when she left office but I must admit the first chink in her armour of integrity came about when news broke that some unknown “facilitator” agency collected hundreds of millions of dollars for facilitating the debt relief. The news raised eyebrows and Obasanjo’s Government struggled to explain what happened. The House of Assembly took it up but till today nothing has been heard of it. In true Nigerian fashion, hundreds of millions of dollars has gone away largely unexplained and unaccounted for. That was when I began taking a second look at my sister Ngozi. What exactly did she know about the agency fees and its beneficiaries which are still shrouded in secrecy? As usual, our ever unpredictable and compliant Nigerian press/journalists let go the story. It has since died a natural death. And the National Assembly enquires? Your guess is as good as mine.

She did resign and that resignation did some good in wiping off the blemish on her armour of integrity. Nigerian political appointees hardly resign. Ask Abba Moro, Stella Oduah, etc. They simply hang on to the ledge until some magic happens either to pull them up or push them down. What happens really depends on many factors ranging from a frustrated public outcry and positive reviews of bribed journalists to visits by political godfathers/relevant community leaders to Aso Rock. The available loot and lucre of a Nigerian Minister’s office is just too much!

On her second missionary journey - when she was invited to serve by Jonathan Presidency - I recall feeling that Jonathan has made his best move yet. Yes, my sister Ngozi is back to put some sanity into the financial situation of Nigeria especially after the stock market crash and Sanusi’s style of regulating the banks which at times looks like being a bull in a china shop.

But events that rolled out ever since has shown a different Ngozi. Ngozi is now more of a typical Nigerian political appointee than a professional economist. No doubt she has learned the ropes of being a “successful” Nigerian political appointee from her first missionary journey in Obasanjo’s Government. Her lessons learned seems to be:

1) If you can’t beat them, join them. Never rock the boat.

2) As much as possible, avoid stepping on toes.


And therein lies her current travails. My sister Ngozi who railed and screamed when she suspected a fellow Government political appointee of stealing millions of Naira during Obasanjo’s regime is now silent and even dodgy when 20 billion dollars is announced missing by the CBN Governor. She has turned into an “intellectual non-snob”. Forced into a finance reconciliation meeting by pressures due to Sanusi’s stinging revelations, public outcry, Obasanjo’s open letter and National Assembly open hearing, she had no choice but to announce that 10.8 billion dollars is still unaccounted for and suggested an independent audit of NNPC’s accounts. In other words, my sister Ngozi has inadvertently admitted that the office she heads lacks the credibility required by the Nigerian people to look into the finances of Government and needs to have a face-saving measure. The question arises, at which point did Ngozi lose the trust of Nigerian citizens? At which point did she realise that her new principles and the bad company she keeps in Government has maligned her so much that she now needs a referee audit firm to do her job and save her face?

One nagging question is how come Ngozi did not investigate or speak out about the state of the Nation’s finances when the national income was dwindling (even after Sanusi’s signals before his letter to Jonathan was leaked)? Having access to critical economic data, how come she did not know there were discrepancies in the volume of crude oil sold and the money paid by NNPC? Is it due to incompetence, ignorance or is she tainted? I recall State Governors like Rotimi Amaechi claiming the Nigerian Federal Government is broke and Ngozi will counter by saying that all is well...the economy is fine...the national income is intact. If she made an “innocent” blunder by attempting to cover up the unremmitance of billions of dollars by NNPC to the National treasury coming on the heels of her support to remove fuel subsidy, then this is one blunder too many!

I think the start of her travails became apparent with the role she played in supporting the Government to remove fuel subsidy. I remember seeing her campaigning on TV to impose more hardship on Nigerians while a few members of a cabal (some with links to the ruling party) were milking the National treasury - she was supposed to supervise – fraudulently through bogus petroleum subsidy claims. When the high level corruption was uncovered and the Government-given reasons for removing subsidy unravelled, I looked forward to a simple apology for misleading Nigerians but Ngozi came out crying on TV that she is being blamed for spearheading the removal of subsidy whereas she came into Government after the decision has been taken and had no choice but to join the bandwagon. Ngozi missed the point. She failed to realise that Nigerians respected her integrity and expected so much from her in comparison to her fellow cabinet members. Nigerians were so disappointed that she was actually canvassing for more suffering for Nigerians despite all the counter arguments from knowledgeable persons like Tam David West that the reasons by the Government in support of subsidy removal is a mirage. No, her new principle of “if you can’t beat them, join them” held sway and she went against the Nigerian citizens. And the ongoing revelations in the national Assembly concerning the missing Police Pension funds is also not doing her reputation any good.

I have watched and listened with interest, some of her speeches in town hall sessions overseas. She always complains about being criticised and she will remind the audience how she left her “civil service job” at the World Bank to come to Nigeria as a huge sacrifice as if the audience will be impressed by the “huge sacrifice.” She will even challenge them to come home and contribute as if she has jobs for them. I can close my eyes and comfortably imagine one low-life Nigerian politician making the same speeches. Ngozi Okonjo Iweala is really not getting it. She is really out of touch about how the average Nigerian feels[i][/i].

Sanusi’s suspension was the last straw that seems to confirm Ngozi’s unenviable place in the financial history of Nigeria, for now. Sanusi was suddenly catapulted from being a bull in a china shop to the levels of heroism rarely seen in Nigeria while Ngozi’s reputation nose-dived. Sanusi has carved a niche for himself as the protector of the Nigerian people’s interests, the guardian of their hard earned money which is being looted. Ngozi is being regarded as “one of the people” covering up the looting of the National treasury.

I make bold to say that Sanusi can walk anywhere in the world and hold his head high. I cannot say same for Ngozi.

And this fact irks the Nigerian Government. Little wonder Sanusi is currently being branded a financier of terrorism (still expecting to see some evidence) after the charges of “financial recklessness” is failing to stick.

It will be a very difficult job to wipe of the huge stain on Ngozi’s armour of integrity but all hope is not lost. The only and sure way Ngozi can partially redeem her badly dented image is to explain to Nigerians what happened to the $10.8 billion she herself admitted is still missing/unaccounted for. She need not wait for any foreign accounting firm to do her dirty job. She needs to start querying the NNPC and Ministry of Petroleum Resources to get her answers ready for Nigerians. I will not go the full stretch by demanding for explanation for Sanusi’s claim of $20 billion. But going that full stretch and resigning afterwards will certainly help burnish her currently battered image.

But will her seemingly newly imbibed principles permit her?


Ndukaku Obiekwe

ndukakuobiekwe@yahoo.com

@ bolded, this is just it. Her theories, words and paper talk do not apply to the average Nigerian.

space booked

I'm glad I read this. Well constructed write up. She and GEJ just threw away the trust we gave them.

majekdom2:
@ bolded, this is just it. Her theories, words and paper talk do not apply to the average Nigerian.

Just few weeks back, Maddam Ngozi "HOUDINI" Iweala (the voodoo economist) gave us some "abracadabra " statistics on how our economy is growing and doing so fine. Now, we told to brace up for austerity. A juxtaposition of these two scenarios beat my imagination. The economy is fine but sorry be ready more hardship.

IN MADAM NGOZI'S WORLD THE ECONOMY ONLY GROWS ON PAPER,BECAUSE ORDINARY NIGERIANS DON'T FEEL THE EFFECT OF THE SO CALLED *GROWING ECONOMY*

IN MADAM NGOZI'S WORLD 20 BILLION DOLLARS CARRIES IT LEGS AND GOES MISSING AS IF IT IS A TINY INSECT

IN MADAM NGOZI'S WORLD WE SHOULD ALL BE GRATEFUL TO HER FOR LEAVING HER JOB AT THE WORLD BANK TO COME AND TORTURE US IN NIGERIA WITH HER *ABRACADABRA* ECONOMICS

IN MADAM NGOZI'S WORLD NIGERIANS SHOULD PREPARE FOR MORE HARDSHIP SIMPLY BECUZ SHE AND HER CRONIES&COHORTS ARE KLEPTOMANIACS



MADAM NGOZI'S WORLD MUST BE A WEIRD PLACE

majekdom2:
@ bolded, this is just it. Her theories, words and paper talk do not apply to the average Nigerian.

must you comment on any issue u obviously lack the knowledge of?

Anyi3:
I'm glad I read this. Well constructed write up. She and GEJ just threw away the trust we gave them.

supporter of APC as you lots were fondly called, did you remember when she brought up the SWF and your supporters of APC leaders like Amechi sued FG over that.. Now that we are in this kind of mess, you choose to blast Gej and NOI

jaymichael:
Just few weeks back, Maddam Ngozi "HOUDINI" Iweala (the voodoo economist) gave us some "abracadabra " statistics on how our economy is growing and doing so fine. Now, we told to brace up for austerity. A juxtaposition of these two scenarios beat my imagination. The economy is fine but sorry be ready more hardship.

voodoo economist right? I wonder when you and your mother will get to her level. typing poo behind laptop doesn't make you great,,,

incase

Ngozi Okonjo Iweala is the worst type of thief. She is a green snake slithering silently in green grass. NOI made BILLIONS of naira during the so-called debt write off, but continues to use her "modest" dressing to fool people. She did not leave the World Bank during OBJ era to help anybody, she came to help herself and some key members of OBJ's crew make serious cash.

The entire debt write off was a huge scam. OBJ did it because he realized he had no legacy to leave behind and felt that leaving the country "debt-free" would help him cover up. This is a man who was claiming that GSM was part of his legacy. You can imagine. Something that was started by Abacha. Iweala was only brought in to make people less suspicious. If a typical Nigerian minister was in charge, people would have looked at it more closely.

patrick89:
voodoo economist right? I wonder when you and your mother will get to her level. typing poo behind laptop doesn't make you great,,,

My guy. Do you ever criticise any politician? If so, are you at the politician's "level"? The fact is that NOI is a fraud and a thief. She made a killing during that debt write off scam and she is back because she decieved people into seeing her as a saint.

hope she handles the economy well in this time of fall in the price of crude oil.

which travails .. she is an Economic Hitman , In the words of John Perkins, a former respected member of the international banking community. In his book Confessions of an Economic Hit Man he describes how highly paid professionals like him, help the U.S. cheat poor countries around the globe out of trillions of dollars by lending them more money than they could possibly repay and then take over their economies.John Perkins describes himself as a former economic hit man–a highly paid professional who cheated countries around the globe out of trillions of dollars.

According to him, people like our coordinating minister of finance and the economy are recruited by the west to promote the world bank hidden ideology of sustaining developing Nations in poverty indefinitely.

Please note, this is not to defame the character of the honourable minister or castigate her for being igbo, but clearly she is acting out a script and practising some sort of pseudo economics and playing its ultimate goal to “alleviate poverty”, but if you notice the long term goal is to make Nigeria to be buried in debt, and also she has been a proponent of placing restrictions on how money can be spent. We all know that when money circulates and is being spent ,money would flow and it would put money in the hands of the middle class and lower class. We would all admit that there is no money, in the meantime it is only the super rich who have access to billions of naira, while our Super Rich Forbes list billionaires are buying more jets and the super rich are flaunting their wealth,something is wrong with the economy.

This same economist adviced that Nigeria pay out $35 billion cash to wipe off all our debt six years ago. Now under the management of this same "economist" Nigeria is currently owing a fresh $10 billion, not adding the $1 billion being newly wasted on the Boko Haram war. A real Igbo economist will never give out $35 billion cash as repayment for a bad debt. Not when $20 billion will build two world class refineries anywhere in the world which will earn upwards of $50 billion in five years.

She was trained by the world bank to impose the harsh austerity policies prescribed by the IMF and World Bank as “solutions” but in fact they squeeze every last drop of wealth and resources in Nigeria.

And she keeps concocting stories that our economy has been rebased, She keeps Globe-trotting all around the Globe from one Economic summit to another , blowing aloud trumpet, that our economy is doing just fine,meanwhile the ordinary man on the street is suffering ,
Even her igbo brothers are miffed that hithero in the past, there was money available to the lower classses, for them to purchase goods.

The only thing that we can say she does well is the projection of African culture in the clothes she wears which sadly to say may even be mostly Ghanaian not Nigerian made.

The rest newspaper antics are wash; what Fela calls government magic. Power is not improving yet the bills have been increased as an incentive to the politicians. The fall of the naira and reduction in crude prices will expose the reality of her imperialist economic policies.

I AM ON MY KNEES BEGGING ANYONE READING THIS THREAD WHO IS REALLY CLOSE TO THE PRESIDENT TO TELL GOODLUCK TO CONVENE A SECRET ECONOMIC COUNCIL OF WISE MEN MADE UP OF OLD BUSINESS MEN, HISTORIANS , OLD TIME ECONOMISTS, PROF TSM DAVID WEST, SOCIALIST ECONOMISTS ... OKONJO AND OUR IMPERIALIST ECONOMISTS SHOULD NOT NEAR THIS COUNCIL..

WE NEED TO CONVENE A NEW NIGERIAN ORDER ... NOT ACCEPT THE WESTERN IMPERIALIST PUPPETS.


SAME THING FOR AGRICULTURE .. FORGET THE HYPE THAT THE MINISTER IS HAVING.

WE ARE FACING THE PENDING IMPERIALIST DECAPITATION OF NIGERIA BY THE DRACO REPTILIAN ELITE .

THIS IS A SERIOUS ISSUE OH ...

9jawear:
which travails .. she is an Economic Hitman , In the words of John Perkins, a former respected member of the international banking community. In his book Confessions of an Economic Hit Man he describes how highly paid professionals like him, help the U.S. cheat poor countries around the globe out of trillions of dollars by lending them more money than they could possibly repay and then take over their economies.John Perkins describes himself as a former economic hit man–a highly paid professional who cheated countries around the globe out of trillions of dollars.

According to him, people like our coordinating minister of finance and the economy are recruited by the west to promote the world bank hidden ideology of sustaining developing Nations in poverty indefinitely.

Please note, this is not to defame the character of the honourable minister or castigate her for being igbo, but clearly she is acting out a script and practising some sort of pseudo economics and playing its ultimate goal to “alleviate poverty”, but if you notice the long term goal is to make Nigeria to be buried in debt, and also she has been a proponent of placing restrictions on how money can be spent. We all know that when money circulates and is being spent ,money would flow and it would put money in the hands of the middle class and lower class. We would all admit that there is no money, in the meantime it is only the super rich who have access to billions of naira, while our Super Rich Forbes list billionaires are buying more jets and the super rich are flaunting their wealth,something is wrong with the economy.

This same economist adviced that Nigeria pay out $35 billion cash to wipe off all our debt six years ago. Now under the management of this same "economist" Nigeria is currently owing a fresh $10 billion, not adding the $1 billion being newly wasted on the Boko Haram war. A real Igbo economist will never give out $35 billion cash as repayment for a bad debt. Not when $20 billion will build two world class refineries anywhere in the world which will earn upwards of $50 billion in five years.

She was trained by the world bank to impose the harsh austerity policies prescribed by the IMF and World Bank as “solutions” but in fact they squeeze every last drop of wealth and resources in Nigeria.

And she keeps concocting stories that our economy has been rebased, She keeps Globe-trotting all around the Globe from one Economic summit to another , blowing aloud trumpet, that our economy is doing just fine,meanwhile the ordinary man on the street is suffering ,
Even her igbo brothers are miffed that hithero in the past, there was money available to the lower classses, for them to purchase goods.

Honestly, Confessions of an Economic Hitman should be required reading for all students in Third World Countries. People don't know how far. One functional refinery in Akwa Ibom is all we need to provide fertilizers and fuel for domestic consumption. The second one will allow us to export refined products to all of the western African coast. But OBJ, that blind fool refused to see it. He too was sent to destroy us.

casualobserver1:


Honestly, Confessions of an Economic Hitman should be required reading for all students in Third World Countries. People don't know how far. One functional refinery in Akwa Ibom is all we need to provide fertilizers and fuel for domestic consumption. The second one will allow us to export refined products to all of the western African coast. But OBJ, that blind fool refused to see it. He too was sent to destroy us.

bros you are on point ... we shld also blame obj and ppl like ibb .. they were confirmed western boy boy
.
Always eager to please the west deliberately decapitating our economy .

Thats why i dont fall for all this harvard this, professor that bullshit ..

Dont we have secret economic societies in Nigeria sho secretly promote a countrys agenda

Hmmmmmmmmmmmm

casualobserver1:


Honestly, Confessions of an Economic Hitman should be required reading for all students in Third World Countries. People don't know how far. One functional refinery in Akwa Ibom is all we need to provide fertilizers and fuel for domestic consumption. The second one will allow us to export refined products to all of the western African coast. But OBJ, that blind fool refused to see it. He too was sent to destroy us.

Dangotes refinery will be ready in 2017

patrick89:
must you comment on any issue u obviously lack the knowledge of?

whats the lack of knowledge and what do you know about how the bus driver makes end meet with the increase in fuel price .... dont ever mention me if you have not got a good arguement.

patrick89:
voodoo economist right? I wonder when you and your mother will get to her level. typing poo behind laptop doesn't make you great,,,

argue maturely please.... Her mother don't need to get to that level to do the right things... Success is not measured by the position you attain , it is about how many lives you have touched in the position you find yourself. Have you had any positive impact in your life having as her MOF.... So because my mother is not MOF , I shouldn't say what I know is wrong and die... What kind of sick mentality is this?

casualobserver1:
Ngozi Okonjo Iweala is the worst type of thief. She is a green snake slithering silently in green grass. NOI made BILLIONS of naira during the so-called debt write off, but continues to use her "modest" dressing to fool people. She did not leave the World Bank during OBJ era to help anybody, she came to help herself and some key members of OBJ's crew make serious cash.

The entire debt write off was a huge scam. OBJ did it because he realized he had no legacy to leave behind and felt that leaving the country "debt-free" would help him cover up. This is a man who was claiming that GSM was part of his legacy. You can imagine. Something that was started by Abacha. Iweala was only brought in to make people less suspicious. If a typical Nigerian minister was in charge, people would have looked at it more closely.

do Nigerians read on past issues ... No . She cornered about 6 millions dollars for that debt relief. OBj didn't want to sack her to cause her shame that was why her port folio was changed.

gnykelly:
hope she handles the economy well in this time of fall in the price of crude oil.

she has never handled the economy right. What has been happening to the excess crude money . The bench mark price was $ 75 per barrel when oil sold as high $105 per barrel before now.

9jawear:
I AM ON MY KNEES BEGGING ANYONE READING THIS THREAD WHO IS REALLY CLOSE TO THE PRESIDENT TO TELL GOODLUCK TO CONVENE A SECRET ECONOMIC COUNCIL OF WISE MEN MADE UP OF OLD BUSINESS MEN, HISTORIANS , OLD TIME ECONOMISTS, PROF TSM DAVID WEST, SOCIALIST ECONOMISTS ... OKONJO AND OUR IMPERIALIST ECONOMISTS SHOULD NOT NEAR THIS COUNCIL..

WE NEED TO CONVENE A NEW NIGERIAN ORDER ... NOT ACCEPT THE WESTERN IMPERIALIST PUPPETS.


SAME THING FOR AGRICULTURE .. FORGET THE HYPE THAT THE MINISTER IS HAVING.

WE ARE FACING THE PENDING IMPERIALIST DECAPITATION OF NIGERIA BY THE DRACO REPTILIAN ELITE .

THIS IS A SERIOUS ISSUE OH ...

I am good some folks see that her policies can't just work in a Nigeria.

9jawear:


bros you are on point ... we shld also blame obj and ppl like ibb .. they were confirmed western boy boy
.
Always eager to please the west deliberately decapitating our economy .

Thats why i dont fall for all this harvard this, professor that bullshit ..

Dont we have secret economic societies in Nigeria sho secretly promote a countrys agenda

GEJ does not understand it is not by Harvard, Harvard has thought her how to manage the American economy not the Nigerian economy..... Perhaps we need some one who has lived and worked in our financial institutions here in Nigeria.

Unemadu:


Dangotes refinery will be ready in 2017

we don't need dangote's refinery. What is wrong operating our defunct refinery. Dangote will only be richer as you will have to buy fuel at whatever price he decides. We need competition in that line, not monopoly. Can't you see what's happening in the telecommunication industry, every other operator is struggling to get customers.

Iwaela case is a pathetic one. A flop she is and an economic dwarf with poor understanding of the Nigeria economic environment.

majekdom2:
do Nigerians read on past issues ... No . She cornered about 6 millions dollars for that debt relief. OBj didn't want to sack her to cause her shame that was why her port folio was changed.

And even fired her as Head of Nigeria's economic management team in 2006 aka Think-Tank

The scenario with Ngozi is that even if an angel mingle with Jonathan he will turn corrupt, Jonathan is a defiling agent.

patrick89:
supporter of APC as you lots were fondly called, did you remember when she brought up the SWF and your supporters of APC leaders like Amechi sued FG over that.. Now that we are in this kind of mess, you choose to blast Gej and NOI

My hommie it's not an APC thing. The way I feel is this administration has done woefully in a good number of things. Should we just carry on? Wetin concern SWF with this talk.
It's a matter of simple logic, the economy is down. Who's the so called "Coordinating Minister of the economy "? Why shouldn't we blame the person?
Please answer those questions and leave party alliances out of this