$700M Missing From Sovereign Wealth Fund Account –Oshiomhole | Independent Newspapers Limited
Newsletter subscribe

News, Slider

$700M Missing From Sovereign Wealth Fund Account –Oshiomhole

Posted: Sep 19, 2015 at 12:40 am   /   by   /   comments (1)

By Chesa Chesa,


Edo State governor, Adams Oshiomhole, has again raised the alarm over some funds missing or misappropriated under the Goodluck Jonathan presidency, this time, the whereabouts of $700million from the Sovereign Wealth Fund (SWF).

The SWF was created by the Jonathan administration as savings and investment tool for the excess earnings made from then  rising crude oil prices in the global market; and was started with a seed money of $1b.

Governor Adam Oshiomhole of Edo State

Governor Adam Oshiomhole of Edo State

But Oshiomhole, a member of the committee mandated by the National Economic Council (NEC) to pry into cases of missing remittances into government coffers by some government agencies, told newsmen at the Presidential Villa that the SWF has been deplted to only $300m.

Emerging from a meeting with Vice-President Yemi Osinbajo, on Thursday night, the Edo governor said explanation given by former Finance Minister, Ngozi Okonjo-Iweala, on the whereabouts of the balance was not tenable.

He said: “I reported to the media that the Sovereign Wealth Fund 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.

“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 rail.”

Oshiomhole challenged the media to build a capacity for challenging public officer when they recant on what they had publicly admitted.

According to him: “You media need to develop your own library and have your record so that when people speak from both sides of their mouths, you can replay back.

“Sometimes it hurts me when political leaders and technocrats say one thing in the morning and they change the language the following day.”

He also argued that although he was standing on the side of truth, he should not be put at the centre of the whole saga of missing funds as he was merely the spokesman of a committee.

“Don’t make me the issue, I am not. The only difference is that there is beauty in standing by the truth. And ultimately, it will set you free”, he added.

Comments (1)

  • Sep 19, 2015 at 9:44 am chiemex

    Oshi-omo ole’s brains have been missing ever since he found his beautiful wife

Comments are closed.