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Tag: Okonjo Iweala

  • South African economic council consults Okonjo-Iweala

    South African economic council consults Okonjo-Iweala

    Nigeria’s former Finance Minister and international development expert, Dr Ngozi Okonjo-Iweala met on Friday with South African President Cyril Ramaphosa and the country’s Economic Advisory Council to discuss “growth for the South African economy”.

     

    South Africa is currently experiencing an economic downturn, having entered its second recession in two years, with multiple sectors of the country’s economy adversely affected by power cuts.

    Dr Okonjo-Iweala met with President Ramaphosa and members of the Presidential Economic Advisory Council in Pretoria as an adviser discussing sources of growth for the South African economy and other “win-win economic interactions with the continent.”

    She took to her official verified Twitter page on Saturday to make the announcement.

     

     

  • Harvard names Ngozi Okonjo-Iweala Global Public Leaders Fellow

    Harvard names Ngozi Okonjo-Iweala Global Public Leaders Fellow

    Dr. Ngozi Okonjo-Iweala, a former finance minister of Nigeria and former managing director of the World Bank, has been named the next Angelopoulos Global Public Leaders Fellow at Harvard Kennedy School.

    The announcement was made on Monday by Harvard Kennedy School Dean Douglas Elmendorf, revealing Okonjo-Iweala begins her fellowship this month.

    “Ngozi Okonjo-Iweala will bring to the Kennedy School a wealth of practical experience and insights into the development challenges and achievements in Africa and across the developing world.

    “As the longest-serving finance minister in Nigeria and a leader at the World Bank for more than two decades, she engineered successful new approaches to fostering sustained and inclusive growth in developing countries.

    She will enrich our campus conversation on the public policy choices needed for effective governance that serves societies,” Elmendorf said.

    In October 2019, Okonjo-Iweala delivered the Robert S. McNamara Lecture on War and Peace in the John F. Kennedy Jr. Forum at the Kennedy School.

    “I am honored to be able to return to the Kennedy School as the Angelopoulos Fellow, and to work with students and faculty who are wrestling every day with the world’s most complex development problems,” she said.

    Okonjo-Iweala was the longest-serving finance minister in Nigeria and the first woman to hold that position. She was also the first female foreign minister.

    Okonjo-Iweala drove systemic financial reforms and strengthened fiscal transparency to fight corruption, tripling the country’s growth rate. She also negotiated a $30 billion reduction in Nigeria’s external debt.

    In her 25-year career at the World Bank, she rose to the No. 2 position of managing director of operations and oversaw the development portfolio for South Asia, Africa, Europe, and Central Asia.

    A magna cum laude graduate of Harvard University (1976), Okonjo-Iweala earned her doctorate from MIT and has been awarded 15 honorary degrees.

    She was recognized as one of the 100 most powerful women in the world by Forbes magazine for four years in a row, and by Time magazine as one of the 100 most influential people in the world.

    She was elected to the American Academy of Arts and Sciences in 2019. Currently, Okonjo-Iweala is chair of the Board of Gavi, the Vaccine Alliance, which has immunized 760 million children in the developing world against infectious diseases.

    She is also co-chair of the Global Commission on the Economy and Climate.

    The Angelopoulos Global Public Leaders Program was established with support from Gianna Angelopoulos-Daskalaki, president of the Athens 2004 Olympics, former ambassador of Greece, lawyer, and recently appointed committee chair of “Greece 2021.”

    The program provides opportunities for high-profile public leaders who are transitioning from office or other leadership roles to spend time in residence at Harvard Kennedy School reflecting, teaching, learning, and conducting research.

    During her time at the Kennedy School, Okonjo-Iweala will meet with students and scholars as well as lecture, write, and participate in public discussions and forums.

    Okonjo-Iweala becomes the fifth Angelopoulos Global Public Leaders Fellow since the program’s inception in 2011. Previous fellows are Juan Manuel Santos, former president of Colombia; Ban Ki-moon, former secretary-general of the United Nations; Tarja Halonen, former president of Finland; and Felipe Calderon, former president of Mexico.

  • Okonjo-Iweala eyes World Bank Presidency

    Okonjo-Iweala eyes World Bank Presidency

    Nigeria’s former Minister of Finance, Mrs. Ngozi Okonjo- Iweala, has declared her intentions to gun for the presidency of the World Bank.

    Okonjo-Iweala, who disclosed this in a media interview yesterday in Davos, Switzerland, said: “I know that, because I contested the last time in 2012, and many people were asking that question.

    She said: “It is a shareholder’s decision and they have to decide how they want it. Someone has to nominate.

    If the right persons were to nominate, and if the circumstances are right and people feel I can do the job, yes!” She also explained her interest in the coveted position in the apex financial body. She said: “No I have not declared my candidacy, you asked a hypothetical question and I answered it fairly.

    I’m very happy right now, and I just want you to know that I’m enjoying life for a change for a portfolio of what I like.” Okonjo-Iweala, an economist, author and entrepreneur, was Nigeria’s first female Finance Minister and the first female Foreign Affairs Minister.

    She was also the first female black candidate to contest for the presidency of the World Bank Group in 2012.

  • Why Jonathan government didn’t save despite oil boom – Fmr. Minister

    Why Jonathan government didn’t save despite oil boom – Fmr. Minister

    A former Minister of Finance, Dr Ngozi Okonjo-Iweala, has linked the failure of former President Goodluck Jonathan’s administration to save for the rainy day, despite oil boom, to the insistence of state governors that funds in the Excess Crude Account must be shared.

    According to Okonjo-Iweala, as finance minister, with the backing of Jonathan and ex-Vice-President Namadi Sambo, she had a running battle with state governors, who insisted that there was no need to save despite that crude oil was selling at $86 per barrel.

    The former minister said this in her book, “Fighting Corruption Is Dangerous: The Story Behind the Headlines,” published recently.

    President Muhammadu Buhari who succeeded Jonathan has been blaming his inability to deliver on his critical campaign promises on the shortage of funds.

    Buhari had lamented that the government was broke due to the failure of the previous administration to save when oil price was high.

    The country went into an economic recession in 2016.

    But Okonjo-Iweala, who doubled as Coordinating Minister for the Economy under Jonathan, identified the Minister of Transportation, Rotimi Amaechi, who was then Rivers State Governor and Chairman of the Nigeria Governors’ Forum; the National Chairman of the APC, Adams Oshiomhole, then Edo State Governor; and Governor Rauf Aregbesola of Osun State, as the most strident voices against the proposition to retain funds in the ECA for the rainy day.

    According to Okonjo-Iweala, the National Economic Council meetings used to turn stormy whenever the debate about sharing what was in the ECA came up, noting that only a few governors, such as then Governor Peter Obi of Anambra State, supported the argument for saving but their voices were drowned by the majority who insisted that the country was already experiencing the rainy day and the money should be shared.

    Okonjo-Iweala, who had her first stint as finance minister between 2003 and 2006 under former President Olusegun Obasanjo, noted that Obasanjo’s administration created the ECA to solve the problem of Nigeria’s volatile revenue.

    “The idea was that during good times, when the price of oil was high in the international markets, Nigeria could budget domestically at a lower price, save the difference and then have these resources available during bad times when international oil prices were low. In this way, the budget could help smooth out government expenditures and consumption,” she said.

    The ex-finance minister noted that between 2004 and 2007, Obasanjo’s administration was able to save $22bn, which the late former President Umaru Yar’Adua’s administration fell back on, to prevent the country from slipping into an economic recession during the global financial and economic crisis that occurred between 2008 and 2009.

  • Corruption: NASS arm-twisted us to pay N17bn before passing 2015 budget – Okonjo-Iweala

    Corruption: NASS arm-twisted us to pay N17bn before passing 2015 budget – Okonjo-Iweala

    Former Finance Minister, Dr. Ngozi Okonjo-Iweala has revealed that the president Goodluck Jonathan-led administration had to pay a whooping N17 billion to get the 2015 budget passed by the 7th National Assembly.

    Okonjo-Iweala who made the revelations in her book, entitled “Fighting Corruption is Dangerous: The Story Behind the Headlines,” stressed that the N17 billion became the price to pay to have the 2015 budget passed.

    Her words: “By the we presented the budget on December 16, 2014,oil prices had fallen further to $58 per barrel. We were prepared and knew we had to trigger the additional expenditure and revenue measures in 2015 to make the budget work. This would be tough given that we had an election year. Indeed, legislators initially refused to accept any cuts to their regular N150 billion budget, despite dwindling revenues. But eventually they agreed to a 13 percent cut against backdrop of ministers accepting a voluntary 50 percent cut to their basic salaries.

    “In a tough session with the national Assembly’s ad hoc committee on the budget (made up of chairs of the Finance Committee and Appropriation Committee of both chambers and other leaders of National Assembly), an additional N20 billion was reintroduced as election as election expenses for National Assembly members. We insisted the amount be dropped because it nullified the 13% cut made to their statutory budget, but managed to reduce the N20bn figure by N3 billion to N17 billion. This became the price to pay to have the 2015 budget passed.”

    Meanwhile, the Director, Strategic Communications of President Buhari 2019 Presidential Campaign (2019), Festus Keyamo has taken a swipe at the Peoples Democratic Party leadership, describing the previous administration as lacking the nerve to fight corruption.

    Keyamo who cited the former economy minister’s book in a his post on his official Twitter account said, “Okonjo-Iweala’s account shows how the previous govt caved in to corruption. It had no nerve to fight it. These are the same people now seeking alliances here & there to return in 2019 & continue these old ways of doing things.”

  • Okonjo-Iweala advocates massive education of Nigeria’s insurance policymakers for deep penetration

    Former Nigeria’s Minister of Finance, Dr Ngozi Okonjo-Iweala, has called for a massive education of insurance policy makers in the country to achieve deep insurance penetration among the populace.

    Okonjo-Iweala told the News Agency of Nigeria (NAN) on Friday in Busan, South Korea, on the sideline of the Annual Meetings of the African Development Bank (AfDB), that insurance penetration in Africa and Nigeria in particular was very low.

    “”As the world is experiencing so much uncertainties and a lot of volatility in the economy, people really need to think more deeply about insurance and how they can help protect themselves and their families, even their countries against these risks.”

    She said insurance penetration in Africa was as low as three per cent of Gross Domestic Product (GDP) and about 0.3 per cent of GDP in Nigeria, stressing the need for proper enlightenment and education of the populace.

    “”We really need to move forward ; there is a lot of opportunities, so we need massive education and insurance companies must take some responsibilities by working with government in this direction.

    “”We should set ourselves some targets; we were begining to do that earlier on when we were in government; to see if we could really, by 2020, 2025, 2030, set targets of having insurance penetrate deeply, ” she said

    Okonjo-Iweala, who is the Chairperson of the Board of African Risk Capacity (ARC) initiative, congratulated Nigeria for signing the ARC Memorandum of Understanding because it was another form of weather-based insurance.

    She said the pact was good and formed part of the framework for moving the country in the right direction, “”so massive education of the population of policy makers on insurance is what we need to do”.

  • EFCC invites Okonjo-Iweala over withdrawal of $500m Abacha loot

    EFCC invites Okonjo-Iweala over withdrawal of $500m Abacha loot

    Indications emerged that the Economic and Financial Crimes Commission (EFCC) have invited former Finance and coordinating Minister of the economy under the Goodluck Jonathan administration, Mrs. Ngozi Okonjo-Iweala to explain how $250million of the $500million recovered from the family of the late Head of State, Gen.Sani Abacha, was withdrawn.

    According to a report by The Nation, the cash was released to the Office of National Security Adviser(ONSA) without appropriation.

    About $36,155,000 (N13,015,800 billion) out of the $250million was also withdrawn in cash “without any purpose” on March 2nd, 9th, 16th and 18th of 2015.

    The Acting Chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has approved Okonjo-Iweala’s invitation. A letter of invitation has been sent to her.

    According to a fact-sheet obtained last night, detectives probing the whereabouts of the $500million have recommended that the ex-minister be interrogated.

    A top source within the agency said: “Following preliminary findings, a strong recommendation was made to the Acting EFCC chairman for an interactive session with Dr. Ngozi Okonjo-Iweala.

    “Magu has approved the invitation of the ex-minister. We have dispatched a letter of invitation to her. We are hopeful that she will respond.

    “Her presence is necessary because there were issues about the $250million released especially why $36,155,000(N13,015,800billion) was withdrawn in cash.

    “She needs to assist the EFCC team on what became of the balance of $250million which was yet to be traced.

    “She has to explain why some of the funds were diverted to extraneous matters including media services, opinion polls and personal matters.”

    In another position of the fact-sheet, the Office of the National Security Adviser in a memo on January 12, 2015, requested the former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala to transfer $300million.

    The memo said: “Please refer to our meeting on recovered funds. You are please requested to remit the sum of $300m and £5.5m to the following account being ONSA share as agreed.

    In response, Okonjo-Iweala via a memo to ex-President Goodluck Jonathan requested for the release of $300m from Abacha loot to the former National Security Adviser(NSA).

    But only $250million was released to the ex-NSA.

    The memo explained that this is to enable the NSA’s office to purchase ammunition, security and other intelligence equipment for the security agencies in order to enable them confront the ongoing Boko Haram threat.

    “This request is sequel to the meeting you chaired with the committee on use of recovered funds where decision was made that recovered Abacha funds would be split 50-50 between urgent security needs to confront Boko Haram and development needs (including a portion for the Future Generations window of Sovereign Wealth Fund).

    “This letter is to seek your approval to borrow these funds, for now, to disburse to the NSA. These funds form part of projected FG Independent Revenue to be appropriated.

    “In light of this and for accountability, given the peculiar nature of security and intelligence transactions, we would expect the NSA to account to your Excellency for the utilization of the funds.”

    On January 29, 2015, the ex-President responded to the ex-Minister as follows: “CME/HMF, approved.”

    But Okonjo-Iweala had in 2015 insisted that she had no case to answer.

    She said: Former President Jonathan set up a Committee comprising of the former Minister of Justice, former NSA and the former Minister of Finance to determine how best to use both the returned and expected funds for development.

    • The NSA made a case for using the returned funds for urgent security operations since, he noted, there cannot be any development without peace and security. Based on this, a decision was taken to deploy about $322m for the military operations, while the expected $700m would be applied for development programmes as originally conceived.
    • Following the discussions and based on the urgency of the NSA’s memo, Dr Okonjo-Iweala requested the President to approve the transfer of the requested amount to the NSA’s Office for the specified purposes.
    • But, as captured in the memo, she insisted on three conditions: a. only a part, not the entire Abacha funds would be spent on the arms; the rest would be invested in developmental projects as originally conceived b. the money was to be treated as borrowed funds which would be paid back as soon as possible c. the NSA’s office was to account for the spending to the President who was the Commander in Chief, given the fact that the Minister of Finance is not part of the security architecture and does not participate in the Security Council.
    • The attempt to link the former Minister’s name to any misuse of these funds for any purpose other than security as far as she understood it is totally false and cannot stand.”

    A former Chairman of the EFCC, Mallam Nuhu Ribadu had claimed that Abacha “took over $6 billion from Nigeria.” He also said $2 billion was recovered when he was in charge of the anti-graft agency.

     

  • Reps summon Maina, Okonjo Iweala, others over alleged pension fraud

    Reps summon Maina, Okonjo Iweala, others over alleged pension fraud

    A House of Representatives panel has summoned the former chairman of the Presidential Task Force on Pension Reforms, Abdulrasheed Maina, and former Minister of Finance, Oknonjo Iweala, over alleged fraud.

    The panel also summoned the head of civil service of the federation, Winifred Oyo-Ita, the central bank governor, Godwin Emiefele, chairman of the Economic and Financial Crimes Commission Ibrahim Magu, the Inspector General of Police, Ibrahim Idris, and the Independent and Corrupt Practices Commission and all members of the Presidential Task Force on Pension Reforms.

    Others are the former Head of Civil Service, Steve Orosanye, and the Minister of Justice and Attorney General of the federation, Abubakar Malami.

    They were invited over allegations of diversion of pension funds by the presidential task force on pension reforms from 2010.

    The panel invited the individuals to appear before it during its next siting on Monday, to explain their roles in the alleged diversion of pension fund.

    Earlier during her presentation, Sharon Ikeazor, Executive secretary of Pension Transitional Administration Directorate (PTAD), said the directorate did not receive any document from the task force when it was established.

    According to her, “only the liabilities were handed over to the directorate.”

    Anayo Nnebe, the chairman of the committee, said the committee’s work cannot be concluded without hearing from the parties involved.

    “We cannot conclude this investigation without hearing from the persons involved. We must bring all the culprits to book,” he said.

  • Jonathan, Okojo-Iweala, CJN, Fayemi, Fayose, others under EFCC’s probe

    The Economic and Financial Crimes Commission has listed Former President, Goodluck Jonathan;the Chief Justice of Nigeria, Justice Walter Onnoghen; Governor Ayodele Fayose of Ekiti State; his predecessor and the current Minister of Solid Minerals Development, Dr. Kayode Fayemi; and the immediate past Minister of Finance, Dr. Ngozi Okonjo-Iweala, among high-profile personalities currently under its investigation.

    “The names are contained in the list of high-profile cases involving over 100 politically-exposed persons and top-ranking public officers still being investigated by the EFCC as of August 2017″ The PUNCH said it reliably learnt on Monday.”

    The list was recently sent by the anti-graft agency to the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), based on request.

    “The list was actually sent in August to the then Acting President Yemi Osinbajo and copied the AGF,” another EFCC source said on Tuesday.

    The list, sighted earlier on Monday, listed 106 cases under investigation and several others pending in court but either stalled or moving slowly.

    It did not disclose the details of the cases under investigation.

    It however stated the date each of the over 100 cases was “referred”, the challenges being encountered in the investigation and the source of information leading to the commencement of the probe.

    Sources of such information for the cases were listed against each of the cases.

    They include intelligence, whistle-blowers and petitions from government agencies and private citizens.

    Among other notable names on the list are the incumbent Governor of Kogi State, Yahaya Bello, and his predecessor, Captain Idris Wada.

    Other former governors on the list include Godswill Akpabio of Akwa Ibom State, who is currently the Senate’s Minority Leader; Jonah Jang of Plateau State, currently serving as Senator representing Plateau North; Ali Modu Sherriff of Borno State, who recently had a controversial stint as the National Chairman of the Peoples Democratic Party; and Chief Lucky Igbinedion of Edo State.

    Also listed are the names of Dame Patience Jonathan, the wife of former President Goodluck Jonathan; and some ministers who served under the Jonathan administration.

    Apart from Okonjo-Iweala, former ministers on the list include the immediate past Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke; the immediate past Attorney General of the Federation and Minister of Justice, Mr. Mohammed Adoke (SAN); a former Minister of the Federal Capital Territory, Bala Mohammed; ex-Minister of Aviation, Mrs. Stella Oduah, who is currently the Senator representing Anambra North; and a former Minister of Niger Delta Affairs, Godsday Orubebe.

    Alison-Madueke’s husband’s name, Rear Admiral Alison Madueke (retd.), was also listed.

    Also sighted on the list are the names of two men who simultaneously served as media aides to Jonathan – ex-Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, and a former Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe.

    Other prominent high-profile persons on the list are a former Comptroller-General of the Nigeria Customs Service, Abdullahi Dikko; a former acting Chairman of the PDP, Uche Secondus; Col. Bello Fadile (retd.), who served under the immediate past National Security Adviser, Sambo Dasuki; the incoming Chief Judge of the Federal High Court, Justice Abdu Kafarati; and Justice Mohammed Tsamiya, who was recently retired compulsorily by the National Judicial Council.

    The EFCC stated in the document that it was investigating the CJN based on intelligence referred to it on October 12, 2016. The document indicated that the commission was investigating Okonjo-Iweala based on a petition referred to it on January 28, 2016.

  • Okonjo-Iweala named director at UK bank

    Nigeria’s former minister of finance, Dr Ngozi Okonjo-Iweala, has been named an independent non-executive director at Standard Chartered PLC.

    Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England and with presence in 70 countries.

    According to a statement released by the company yesterday, her appointment is effective from November 1, 2017.

    The former minister will earn £130,000 per annum for her expertise in financial and development financing.

    José Viñals, group chairman said “Ngozi is a globally recognised African and international figure”.

    “She has significant geopolitical, economic, risk and development experience and expertise at a national governmental level and in international organisations, which will provide significant insight and value to the Board.

    “She also has deep knowledge of Africa as well as emerging and developing markets. I am delighted to welcome her to Standard Chartered.”