As Nigerians groan over fuel subsidy removal, one of the proponents and architect of the controversial policy, Ngozi Okonjo-Iweala has just purchased a massive home in Maitama, Abuja for a whooping N1.2 Billion, pointblanknews.com investigation has revealed.
The Finance minister allegedly paid for the property located at No 3 Nwaora close, off Gana Street, Abuja in November 2011, according to a source at the Property Management office.
Okonjo-Iweala through a United States based company owned by her brother Chi-Chi Okonjo-GeorgeTown Consultancy, allegedly pocketed about $2 Billion in commission in the last debt buy back deal under the President Olusegun Obasanjo's administration.
Pointblanknews.com sources hinted that Okonjo-Iweala forced her brother's firm, down the throats of the Finance Ministry, and even the Federal Capital Territory (FCT), under Mallam Naisr El-Rufai when she was minister under Obasanjo.
On that Nwaora close, off Gana Street, Maitama, Abuja, are five massive properties with price tag between N1.25 Billion and N1.4 Billion.
"We still have other properties worth N1.25 Billion, N1.3 Billion and N1.4 Billion. The one we sold to madam was for N1.2 Billion," an Estate agent with EFAB Properties confided in Pointblanknews.com.
Dr. Ngozi Okonjo-Iweala was a Managing Director of the World Bank.
From June to August 2006, she was Minister of Foreign Affairs of Nigeria, overseeing Nigeria's External Relations. From July 2003 to June 2006 she served as Minister of Finance and Economy of Nigeria and Head of Nigeria's much-acclaimed Presidential Economic team responsible for implementing a comprehensive home grown economic reform program.
``J'' level employees, or vice presidents of the World Bank earn about $289,540. Senior vice presidents and managing directors who have made it to the ``K'' class received as much as $311,000. The president's pay, when you include expenses, lands in the mid-$400,000 range.
The Coordinating minister's mansion, is a 7 bedrooms duplex with boys quarters and a swimming pool, a massive Masters Bedroom with an adjacent bedroom dubbed " Madam's Bedroom. The mansion, which is still unfurnished, could wear a tag of over N2 billion after furnishing. It has a red clay roof
The property is complete with top shelf marble imported from Italy, gold trimmings and chandeliers in the living rooms, bedrooms and a very expansive kitchen.
Sources told pointblanknews.com that the property was built by a popular Abuja estate mogul, and owner of EFAB Properties Limited, Fabian Nwaora.
A source at the EFAB Properties who referred Dr. Iweala as "Madam", told Pointblanknews.com that the mansion was the first to be purchased among several others in the estate.
"Madam paid for the property long before others were even completed and so that one is out of the market. We only have the ones on No.1, No. 2, No. 4 available."
That deal led to her sack by the Obasanjo's administration, when he discovered that Okonjo-Iweala made tons of cash from the deal at the expense of Nigeria. She was removed from the economic team, and redeployed to the Foreign Affairs ministry.
Aside from Chi-Chi Okonjo who gets multi-million dollar contracts in Nigeria without due process, through his sister, Ngozi, another very close friend of the finance minister who gets patronage is Bimbo Ogunseitan.
In 2004, She sent a letter dated March 18, 2004, HMF/FMF/003, addressed to Mallam Nasir Ahmed el-Rufai, OFR, Minister of the Federal capital Territory, saying:
"I am in receipt of your letter dated 15th March 2004 requesting an approval for a RUNNING OPEARTIONAL REVIEW ROR) on the Ministry of the Federal Capital Territory's Operations.
In your letter you stated that a consultant would be hired to review the internal organization processes of the FCT and the day to day finances of the FCT.
2. Please accept this letter as an approval for the Running Operational Review on the request indicated above.
3. Do accept the assurances of my continued highest regard.
Yours Sincerely, (Signed) Dr. Ngozi Okonjo-Iweala, Minister of Finance."
Pointblanknews.com learnt that the minister As Minister of Finance under the government of Olusegun Obasanjo, Okonjo-Iweala, steered public contracts to her brother worth up to $50 million, with the help of the Minister of the Federal Capital Territory, Mr. Nasir El-Rufai, yet another WikiLeaks US cable issued in 2006 says.
The contracts were said to have been awarded to the man, identified only as "JonJon," for consulting work for the ministry.
Previously, she pursued a 21-year career as a development economist at the World Bank, where she held the post of Vice President and Corporate Secretary. This included two tours of duty (six years) working in the East Asia Region, the last tour (1997-2000) as Country Director Malaysia, Mongolia, Laos and Cambodia during the East Asian financial crisis; two duty tours in the Middle East Region, the last (2000-2003) as Director, Operations (deputy vice-president) of the region. Dr Okonjo-Iweala also served as Director of Institutional Change and Strategy (1995-1997). In this post she assisted with the implementation of the Bank's reform agenda. From 1989 to 1991 she was Special assistant to the Senior Vice President, Operations, an assignment that enabled participation in high level policy formulation and discussions for countries as diverse as China and Burkina Faso.
Interesting. More revelation please.
ReplyDeleteOkonjo is ole!!!
ReplyDeleteWhat does this hv ton do with the sistuation , let group up.. and face reality stop beaten round the bush...
ReplyDeleteShe cannot be Ole for goodness sake! She's a Career woman.. no emotions attached. That she bought a home does not make her bad. Let Nigerians learn not to be sentimental Please! The issue is: How do we make the economy better?
ReplyDeleteAnonymous, You are right that it is not a crome that she own home but it is a crime if she cant account for how she get the money to buy it. Thats one of disparities that we are trying to discuss about. Believe me that just a tip of an iceberg. You will soon hear more about it. The time of buying the house is even wrong.This is the time when hungry people are angry. Yet she turned deaf ears to the voice of people. I am sure that God almighty Allah is there to judge them with their did. That money alone can put one refinery on track or be used to carry out massive projet out of the ones she mentioned when conducting interview with Al-Jezeera. The pen rubbers are even more dangerous than armed rubbers. Just keep watching. They have laid their proboscis on our blood and keep sucking until it dries out. Allah Kareem. Chineke wey your face Nigeria don turn to another thingo make you come salvage us
ReplyDeleteWill she revive a refinery with her personal money. Think it thru, pls.
DeleteThey should task themselves from the money they have stolen from the govt. to meet fuel subsidy
ReplyDeleteHOW TO REMOVE FUEL SUBSIDY A LA IRAN ( An excerpt from Boomberg http://www.businessweek.com/news/2012-01-11/for-global-gasaholics-ending-subsidies-is-the-first-step-view.html
ReplyDeleteHere’s where Iran comes in. Whatever the conduct of President Mahmoud
Ahmadinejad’s government in other realms, its fuel-subsidy reforms in
late 2010 make it something of a role model. Legislative debate began
almost two years before the changes went into effect; officials,
academics and community leaders led an extensive public-awareness
campaign that included sending households mock bills showing the true
cost of their electricity. More important, the reforms included a
clear benefit to Iranians: direct cash payments to more than 80
percent of the population, paid out before the changes took effect. In
the case of the poorest of the poor, the sums amounted to more than
half their monthly cash income, which helped to insulate the program
from political criticism.
The administration of Nigerian President Goodluck Jonathan took a
different path. It released its proposal a mere two months before it
was to go into effect. Cash payments are to be directed only to small
subsets of the poor (mainly pregnant women). Others will receive
menial jobs, with pay low enough to “ensure the self-selection of only
the poor.” The government says the cost savings will be recycled to
the poor through building roads, railways, and irrigation projects.
That doesn’t seem likely in one of the world’s most corrupt countries.
No wonder Nigerians have taken to the streets.