By Michael Egbejumi-David
demdem@hotmail.co.uk / Twitter: demdemdem1
Sometime in 2014, the governor of Edo State, Adams Oshiomhole, secured a loan from the World Bank. Also, he secured three further loan facilities from two local commercial banks. One of the loans, N13.2 billion, through Ecobank, was to allow the governor pay contractors owed. The other two loans of N1.03 billion and N1.14 billion, through Fidelity Bank and Ecobank respectively, were intended to enable the governor meet its Edo State Basic Universal Education 50% counterpart-funding obligation. Governor Oshiomhole was very happy. His Commissioners were equally happy.
To cross the very last hurdle, Oshiomhole had to obtain the formal consent of the federal government. He needed the Ministry of Finance to issue him a ‘Letter Of No Objection’ to enable the various monies to be released to him. And so, happily, on December 9 2014, Oshiomhole dispatched a letter to the Finance Ministry asking it to do the needful. He assured the ministry that the loans will be paid back through the World Bank disbursement.
The Finance Ministry declined Oshiomhole’s request. The rejection letter was signed by one Dr Ngozi Okonjo-Iweala.
Ngozi Okonjo-Iweala Adams Oshiomhole
Ngozi Okonjo-Iweala Adams Oshiomhole
In that rejection letter, the ex-Finance Minister stated that Edo State was already dancing too close to the edge financially. Okonjo-Iweala, a former Vice President of the World Bank then compounded matters by giving the governor a short lecture in finance. First, she informed Oshiomhole that World Bank’s rules forbid the use of its disbursements and other facilities to be used to offset commercial loans. Then she pointed out to the governor that using a concessionary facility (as that from the World Bank was) of 25 years with a 5 year grace period at 1.25% interest to pay for commercial loans of 23 months at 18% interest rate is dumb.
Well, brother Oshiomhole’s ego was well and truly bruised; his pride wounded and prostrate like the Greek economy. This is perhaps why the governor has been hugging the news, singing the blues. To him, the name Njozi Okonjo-Iweala has become mud.
When the opportunity presented itself, Oshiomhole ensured he got himself unto President Buhari’s little committee to look into the Excess Crude Account matter. But it is only Oshiomhole’s voice that you hear and that voice has been strident and venomous.
Okonjo-Iweala as the immediate past Finance Minister in truth is one of the logical persons to address some of the issues about funds and misappropriations. But, to my mind, this has got to be done within the confines of a formal, official investigative process. Oshiomhole has however opted for the popular media to do his thing. He has become completely obsessed. He harangues with the fervour of a newly ordained, half-tutored evangelist. His charges against, and attacks on Okonjo-Iweala steadily became invidious and personal.
I haven’t been keeping a diligent scorecard, but by my last count, Oshiomhole has accused Okonjo-Iweala of skiving off with $20 billion, then $30 billion, then $10 billion, then $2.1 billion. At one time, he threw in N720 billion. For good measure, he later claimed that Okonjo-Iweala took $1 billion from the Excess Crude Account to fund ex-President Jonathan’s failed campaign.
On his return from the USA as part of Buhari’s entourage, Oshiomhole was back to his old bone. Without any prompting, he declared that American officials told him that a former Minister stole $6 billion. Six billion dollars! It even hurts my fingers just typing that sum of money.
Before the spit could dry off Oshiomhole’s lips however, the Americans denied his claim. On 29 July 2015, through its State Department spokesperson, the Americans said nobody held a discussion with brother Oshiomhole not to talk of telling him that a Minister stole $6 billion. He was asked to name his source. The Americans further advised that Oshiomhole should not drag the USA into Nigerian petty politics.
Since then, Oshiomhole has recoiled somewhat. What has happened instead was that on 13 August 2015, Oshiomhole was rewarded for his hatchet job. Because we still don’t have a Finance Minister, Buhari asked the National Assembly to approve a World Bank loan of a whopping $75 million for Edo State. The National Assembly duly complied. Mission accomplished. The governor is smiling again.
But nobody seems to care what this kind of huge debt does to the future of a largely non-productive State like Edo. Even Oshiomhole admitted that he couldn’t raise any worthwhile revenue internally because there are not enough taxable entities in his domain. He blamed it on Okonjo-Iweala of course. And when asked why he borrowed so much money, he said it’s because Okonjo-Iweala and the PDP looted the federal treasury. Breaks your heart, doesn’t it?
It would appear Oshiomhole has been rewarded for his role in a grand strategy to whip up ugly sentiments in the land. I say this because there seems to be an orchestrated effort to demonise some folks and turn the population and public opinion against them. It is akin to giving a dog a bad name before its extirpation.
Some people seem to be working overtime preparing the ground for the unfurling of a yet unclear agenda. Just a few days ago in River State, the boss of the State Security Service, Musa Daura, effected the arrest of the State’s Resident Electoral Commissioner. As this was being done, Mr Daura vowed to “clamp down on saboteurs.” Eh? Saboteurs? Meanwhile, the River State election matter is still in court!
Well, dark clouds are gathering overhead again. The brightness, the gaiety, the positive energy and the promise that hitherto prevailed are being gradually sucked out of Nigeria. These days, it’s all negative news, negative insinuations, menacing pontifications, hysterics, uncertainty and dire foreboding. If you close your eyes, you would think that we are back to the military era.