General News
Oshiomhole, Okonjo-Iweala in War of Words over $1Bn for Jonathan’s Re-Election
Adams Oshiomhole, Edo State Governor, has accused Dr. Ngozi Okonjo-Iweala, former minister of Finance and coordinating minister of the Economy, of tampering with $1 billion from the Federation Account, which he claimed was used “for election purposes.”
Okonjo-Iweala, in a swift reaction stated that Oshiomhole is suffering numerical diarrhoea.
But Oshiomhole, at a seminar organised by Edo state government for permanent secretaries, directors and deputy directors on enhancing internally generated revenue in the state on Monday, challenged the former minister to tell Nigerians how the Excess Crude Account was drawn down to $4.1bn from the peak of $10bn, when no approval was given by the National Economic Council for any withdrawals.
He also called for a forensic audit to determine the true amount which he said was illegally spent from the Federation Account under her watch as a minister.
The governor said, “The truth is, many things went wrong even at the federal level. As you might have read in the papers while the Federal Government, under Goodluck Jonathan, with the then Coordinating Minister of the Economy liked to blame ‘governors’ for wasteful spending; for not saving for the rainy day; for not investing properly, the truth is the real weakness in the Nigerian federal chain has been the Federal Government.
“Our hope is that with the new President, given his pedigree, we will break from the past. As I am sure you will soon begin to hear when all the numbers are published. Last week, I complained aloud that Edo State lost about N10bn over a four-year period from only one source – the NLNG remittance to the Federation Account.
“How did I arrive at the figure? I used my Four-Figure Table and I asked myself at $2.1bn remitted by NLNG, as taxes, and Shell. And by the way, Shell is not the only oil operative; we have Chevron and several others. They shared the $2.1bn based on the revenue allocation formula, Edo State got about N2.27bn. So I said, thank God this money came after the departure of Okonjo-Iweala and President Jonathan. If the PDP were still in charge in Abuja, this money would have been taken.
“That is not the only money Edo State Government has lost. You have heard of the last instalment of $4.1bn that was in the Excess Crude Account as of November, 2014, and from that time till today, we have not, when I say we– federal, states and local governments have not touched that money. We have not agreed to take anything out of it, and yet it has been drawn down to about $2bn, which means $2.1bn disappeared.
“But if you talk to those oil marketers, they will tell you that within that period, they were paid $1bn, not $2.1b. So in truth, about $1bn was taken for election purposes and Edo State’s share of that should have been about N4.6bn from that $2.1bn that Dr. Ngozi Okonjo-Iweala, the former Minister of Finance illegally took from Excess Crude account.
Oshiomhole added, “Governments have lost a lot of money and the $2.1bn, that is Edo State’s share of that, because that would have included derivation, we would have made about N2.6bn. That, we have lost now to Okonjo-Iweala. Now that she claimed she used it, between herself and the last President, they agreed to take the money to pay oil marketers.”
Rea ting to the statement, Okonjo-Iweala, described Oshiomhole’s accusations as “another false, baseless allegation against Okonjo-Iweala.
In statement issued by Paul C Nwabuikwu, media adviser Okonjo-Iweala said that “The allegation by Governor Adams Oshiomhole of Edo State that former Minister of Finance Dr Ngozi Okonjo-Iweala spent $1 billion out of the Excess Crude Account to fund the re-election bid of former President Jonathan is the kind of ludicrously false statement that has unfortunately become a trademark of the Governor in his public campaign of falsehood against Dr Okonjo-Iweala,” the statement said.
“The statement is just another example of the numerical diarrhea that seems to have afflicted His Excellency in recent times in his effort to damage the reputation of the former Minister.
“He has, within the last few months, asked Dr Okonjo-Iweala to explain all kinds of totally wild and unsubstantiated figures, ranging from $30 billion, $20 billion, $2.1 billion, N720 billion and now $1 billion.”
Okonjo-Iweala then stated that Oshiomhole’s accusations totally lack any credibility. ” Governor Oshiomhole’s published comments also contain other falsehoods. For instance, he quoted Dr Okonjo-Iweala as saying that she and the Finance Commissioners of the 36 states approved the spending of $2.1 billion out of the Excess Crude Account, adding that the Commissioners had disowned the statement. This is also a complete distortion.
“Dr Okonjo-Iweala never said the Federation Accounts Allocation Committee (FAAC) approved spending out of the ECA. Rather as the Commissioners themselves stated, the former Minister of State Finance informed them that former President Jonathan approved the expenditure to end the debilitating fuel queues across the country.
“As Nigerians know, the Finance Ministry under Okonjo-Iweala regularly published details of revenue allocations from the ECA in national media. So Oshiomhole’s tortured “calculations” based on his “four figure tables” are mere political numbers conjured to achieve a political purpose. Nigerians can see through the elaborate antics.
“Governor Oshiomhole’s latest statement, like earlier ones, labours to give the impression that the entire FAAC process which involves the Federal Government and the 36 states of the Federation is a personal monopoly of Dr Okonjo-Iweala.
“This is, of course not true. FAAC is a long standing national platform for allocating revenues chaired by the Minister of State Finance. The governor’s insistence on pushing this clearly fictional narrative underscores his desperation.
“It is instructive that Governor Oshiomhole is a key member of the committee set up by the National Economic Council to investigate the ECA spending. His continuing attacks against Dr Okonjo-Iweala seem to suggest that he has lost confidence in this platform which he deployed to make some of his initial false and baseless allegations. The Governor does not seem to appreciate that he is undermining the very credibility of the committee.
“Once again, we ask: why are Oshiomhole and his cohorts so ready to sacrifice truth, precedent and decency in this political witch hunt against Dr Okonjo-Iweala? We are confident that they will fail because truth will triumph,” the statement read.
Office of the Surveyor General of the Federation (OSGOF) and the National Space Research and Development Agency (NASRDA) have pledged to deepen collaboration in key national development areas, including geospatial data infrastructure, satellite technology, communication sector regulation, and population census operations.
This was the outcome of a high-level meeting held on Tuesday at the headquarters of OSGOF in Abuja, where Abudulganiyu Adeyemi Adebomehin, surveyor General of the Federation, received Dr. Matthew Adepoju, director general of NASRDA, and his management team.
This was disclosed in a statement issued on Wednesday by Henry David, head, Information and Public Relations, Office of the Surveyor General of the Federation, titled ‘SGOF Pledges To Support NASRDA For Optimal Performance.’
According to the statement, the discussions at the meeting focused on the impact of upstream and downstream operations in Nigeria’s communication sector, challenges of mast proliferation near residential areas, and the broader implications for public health. Both agencies expressed concern over the unregulated installation of communication infrastructure and its potential link to rising cancer rates.
“The downstream sector of communication companies involves placing signal-receiving stations within living communities, which poses significant health risks due to radiation,” the two agencies said in a joint position. “Co-location of infrastructure, as practised in developed countries like the UK and US, should be adopted here to reduce radiation exposure.”
The two agencies called for stronger regulation of telecommunication operators, noting that television and radio signal disruptions—commonplace in Nigeria—are largely due to a lack of oversight, a situation that does not persist in countries with stringent telecom regulations.
Addressing issues of national data management, the agencies stressed the critical need for collaboration with the National Population Commission (NPC) in the upcoming national census. “Without the input of NASRDA and OSGOF, the census will remain speculative,” they jointly noted.
On geospatial data, both parties resolved to work together to strengthen the National Geospatial Data Infrastructure, which they described as vital for national planning and development.
In his remarks, Surveyor General Adebomehin expressed firm support for NASRDA’s initiatives. “I will defend NASRDA to the best of my ability. If you need software engineers, we have capable hands here,” he said. “Keep encouraging your staff. Behind every successful organisation in the world, you will find Nigerians. We are in full support of your mission.”
Adebomehin urged NASRDA to engage the Presidency directly in acquiring high-precision satellite systems. “You need a satellite that can deliver accuracy of less than 10 centimetres,” he said. “This will reduce the government’s losses from MDAs sourcing satellite services externally.”
Duniya Magaji Joseph, director of Geodesy at OSGOF, called for improved inter-agency collaboration, especially with the military. “Anytime the military collaborates with OSGOF, the outcome is always better,” he said. “We need to overcome the tendency to work in silos driven by funding concerns and instead focus on joint advantages.”
NASRDA’s DG, Dr. Matthew Adepoju, said his agency is working with the Ministry of Steel Development on mineral exploration projects, including the identification of new sites for raw materials such as steel and limestone. He stressed the importance of OSGOF’s technical input in these initiatives.
“We’ve agreed to support the Ministry of Steel Development in identifying new resource locations,” Adepoju said. “But I don’t want NASRDA to go it alone. We want OSGOF fully involved so that roles are clearly defined, and the synergy is more impactful.”
To mark the visit, NASRDA presented symbolic gifts, including a plaque and a vest, to the Surveyor General in appreciation of OSGOF’s commitment to partnership.
The meeting, held in Abuja, concluded with both agencies reaffirming their shared mandate to support national development through technology, data integration, and inter-agency cooperation.
The Securities and Exchange Commission (SEC) has warned investors that Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, remains banned in Nigeria, insisting that it has not been registered by the commission.
SEC’s position followed reports that traders on the controversial CBEX platform are now back and able to access their accounts and trade, with renewed assurance after the digital platform abruptly shut down in April, thereby trapping investors’ funds in excess of N1 trillion.
In a public notice issued on Wednesday, SEC advised the public to refrain from patronising or transacting any investment-related business with CBEX.
However, the commission was silent on what steps it would take against the trading platform and its promoters, having earlier declared that CBEX was not registered or authorised by it to embark on offer investment-related services to the Nigerian public.
The notice read: “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.
“According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000, and $100 from those with less than $1,000 balances before withdrawals can be processed.”
The commission stated unequivocally that neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with it or authorized to offer investment-related services to the Nigerian public.
“As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorized investment activities and the commission is collaborating with relevant law enforcement agencies to properly investigate CBEX/ST Technologies International Ltd and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.
“The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX /ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,” it said.
It, therefore, advised the public to verify the registration status of investment platforms via the commission’s dedicated portal before transacting, adding that it remains committed to protecting investors and maintaining market integrity.
Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
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