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Adams Oshiomhole Accuses Okonjo-Iweala of Spending $1 Billion of Nigeria’s Money on Jonathan’s Election Campaign | She Denies Allegations




Edo State governor, Adams Oshiomhole, has accused the former Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala, of illegally withdrawing $1 billion from the Federation Account to execute former president Goodluck Jonathan‘s re-election campaign. However, she has denied the allegations.

Speaking at a seminar organised by the Edo State Government for Permanent Secretaries, Directors and Deputy Directors, here is what he stated, as reported by ThisDay:

“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 President Jonathan, with the then coordinating minister for the economy liked to blame “governors” for wasteful spending, for not saving for the rainy day, for not investing properly, the truth is that 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’m sure you will soon begin to hear when all the numbers are published. Last week, I complained aloud that Edo State lost about N10 billion 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 $2.1 billion 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 $2.1 billion based on the revenue allocation formula, Edo State got about N2.27 billion. 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 $4.1 billion that was in the ECA 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 $2 billion. Which means $2.1 billion disappeared. If you listened and followed the conversation, when I made this allegation after the National Economic Council meeting that Okonjo-Iweala took $2.1 billion without approval and spent it in a manner that was never accounted for, she replied that I lied and said it was the commissioners and herself who agreed to distribute that money to the three tiers of government and that FAAC is the most visible expression of our true federalism. And that we shouldn’t claim that FAAC is unknown to us. That FAAC is a creation of law and so on and so forth.

I’m going into this because as public servants, you need to understand not just the finances of Edo State but also the finances of Nigeria, particularly as they affect our state.

Now the Commissioners of Finance met and they looked at themselves and they looked at Okonjo-Iweala and they submitted to Okonjo-Iweala that ‘madam, you lied, not Oshiomhole, because in truth, we have no powers to decide withdrawals from the ECA and that that power is vested in the state governors at the level of the National Economic Council.’ But whether vested or not, we never, resolved to share money from that account.

Now, Okonjo-Iweala, confronted with these hard facts, shifted the argument that ‘oh no it is not FAAC that approved it, it was the former President Jonathan that approved it.

President Jonathan as far as the law of Nigeria is concerned, or any president, his approval is limited to funds of the federal government, not funds of the federation. Funds of the federation can only be approved by governors and representative of the president as reflected in the composition of the National Economic Council, which is made up by governors and chaired by the vice-president, with the Central Bank of Nigeria (CBN) Governor and Minister of Finance and others as members. But there’s so much confusion now that Okonjo-Iweala can say one thing in the morning and tomorrow she will say I never said so. If she were a witness in a court of law, she would be declared a pathological liar whose evidence is of no value.

So governments have lost a lot of money and the $2.1 billion, Edo State’s share of that, because that would have included derivation, and we would have made about N2.6 billion which we have lost now to Okonjo-Iweala.

Now that she claimed she used it, between herself and the former president, they agreed to take the money to pay oil marketers. But if you talk to those oil marketers, they will tell you that within that period, they were paid $1 billion not $2.1 billion. So in truth, about $1 billion was taken for election purposes and Edo State’s share of that should have been about N4.6 billion from that $2.1 billion that Okonjo Iweala, the former Minister of Finance illegally took from ECA.

For clarity, that is not the only money they have so illegally taken. If you look at the total number at a point, the excess crude account peaked at $10 billion and we now heard it dropped to $4.1 billion. This means at some point, another $6 billion was taken. So we are hopeful that by the time we carry out some forensic analysis, we will be able to show clearly how much of the funds accruing to the three tiers of government were unilaterally and illegally spent by the federal government under the former minister of finance.”

See Okonjo-Iweala’s response (press statement), as reported by Daily Post:

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 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.

To say the obvious, the accusations are totally lacking in 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.


  1. chy

    July 14, 2015 at 10:24 am

    catch her red handed,give her video footage,monitor her through monitoring mirror,she will still deny so no need accusing her

    • nene+

      July 14, 2015 at 12:07 pm

      Oshiomole shut it already! How much did you withdraw to marry your gold digger from cape verde?
      How much of Edo people’s money went into your marriage and little girls from Colleges?

      How much was intercepted in your flight to Ekiti State to rig elections for Fayemi?

      I hate all these criminal crying wovles like Oshiomole and El rufai! When it come to integrity and who have stuff at stake Ngozi has a lot for her name sake and not Adams who smoke bribe! Adams you know I know you too well that I am not one of those gullible Nigerians so take NOI to court than rant!

      Adams please go and put your bail out fund into good use! Ordinary 18k you can’t pay workers! ranting without control. Mtcheeeew

    • Wole Soyinka

      July 14, 2015 at 3:10 pm

      That lady, Okonjo-Iweala.Truly, If she did something like this; she is cruel. She has worked with The World Bank yet could get it to fitted it this such bad art of cruelty.

      It is fine that she is corrupt already and everyone sees now. Because, she had said ”Nigeria should await her dead end”- She said nigeria will suffer. For she had said that easily, she mightn’t hesitate to doing corrupt act like this. She is indeed a stupid woman.

    • kikiki

      July 15, 2015 at 8:36 am

      You are a criminal! Why are you impersonating the erudite scholar?

  2. EllesarisEllendil

    July 14, 2015 at 10:36 am

    Attention!! Everybody!

    Governor Adams Oshiomole owes me $2.1bn, how do I contact him for his denial???

    This is getting tiresome, arrest her and go to court already.

    • La Jeffa

      July 14, 2015 at 2:22 pm

      But dearie, there are many things wrong here and we should listen to him and understand.

      1. The ECA or Nigerian Sovereign Wealth Fund (NSWF) as it is no legally referred to is “owned” by the 3 tiers of government. Any withdrawal from it has to be SHARED by the 3 tiers. So GEJ and NOI were VERY WRONG to take from it to pay a bill owed (to oil marketers) by the federal government alone! It smacks of impunity.

      2. Go back and check the press reports in Q1 this year. According to NOI in the press reports, FGN paid ~N200 billion to oil marketers. This is ~ $1 billion. So what happened to the balance of $1 billion? It should be fairly easy for NOI to clarify and make Oshiomole look extremely stupid!

      The problem with Nigeria is that instead of people actually clearing the air, they obfuscate and try to confuse the story. NOI should show us the smart woman she is and address it from a technical standpoint. She should stop all these claims that it is persecution. She should prove him an idiot once and for all (if that is the case)!

  3. Truth

    July 14, 2015 at 10:36 am

    The trueth should be spoken, if the this picture for Adams Oshiomhole for this days, he look very good and young to marry a young lady just like he did. or is it the young blood that make him young too…..

    I salute you governer!

  4. Scared Homosapien

    July 14, 2015 at 10:58 am

    This man, Oshiomole, has been lately obsessed with Ngozi. It seems he only dreams of her in the night. His new wife should be worried.

  5. Reverse

    July 14, 2015 at 11:33 am

    Oshiomole please stop ranting and exposing your foolishness… choose a figure and stick to it! All ye hypocrites who collect security votes unaccounted for and have mouth to criticise others. You’ve spent Edo state money marrying ‘tokunbo’, now we won’t hear word. Keep ranting after NOI, na Yaba left get you…

  6. yellow sissy

    July 14, 2015 at 12:05 pm

    One day bush meat go catch the hunter!

  7. Mohammed Lawal

    July 14, 2015 at 1:01 pm

    It is obvious Governor Oshiomole has a personal grouse with the former minister and if this is the case, he should be matured enough to handle it privately and not wash dirty linens in the public. He’s been levelling false accusations against her for a while now, which makes me conclude there has to be more to this.

  8. ben

    July 14, 2015 at 1:10 pm

    this governor has gone crazy! in all his statements there is always Dr. Ngozi Okonjo-Iweala

  9. nnenne

    July 14, 2015 at 1:39 pm

    Oshimole quit using NOI to create relevance to yourself.
    I hate people who must use others for popularity. The woman is known around the world, for good and by sticking your name close to hers, you hope to be heard.
    Work hard and trust me. the world will know you too.
    Perhaps, you are doing this to impress your young wife and family.
    Go to court if you have evidence or shut the hell up.
    Enough, already!

  10. Cyril

    July 15, 2015 at 2:00 pm

    Oshiomole seems to lack strategy or new thinking for his new administration. That is why he is all over the media blaming the previous government and giving lame excuses for why things are not going on well in Edo state.

  11. Don Desmond

    July 15, 2015 at 3:23 pm

    Oshiomhole is simply a bloody lier trying to fight back on the reason that Dr Ngozi Okonjo-Iweala refused to give approval to his demand for a lump sum of N15.37bn loans. Oshiomhole should have it at the back of his mind that he is taking the onslaught too far.

  12. Ayo Babu

    July 15, 2015 at 4:37 pm

    If I start praying for this woman from now till the end of today, I think it is worth it. The Nigerian economy is today the largest in Africa and the fastest growing-economy in the world thanks to Okonjo-Iweala. Please I need the resume of anyone with a better resume for my perusal including those of Adams Oshiomhole. We need to be so frank sometimes. If not some elements amongst us will perpetually take us for granted. I rest my case!

  13. Ayo Ologbenla

    July 15, 2015 at 4:40 pm

    We need to appreciate the fact that former President Jonathan is human hence not perfect.
    The fact that he had the freedom to choose his own cabinet particularly his economic team headed by Dr. Mrs Okonjo-Iweala is a good step in the right direction. We must appreciate this fact. The fact that the hitherto retched economy is now the most buoyant in Africa is something we must appreciate. Miserable elments like Oshiomhole are only looking for attention. If the APC needs the services of Madam Okonjo-Iweala they can be humble enough to apply for that rather than this crude and puerile method seeking attention.

  14. Bayo Adegoke

    July 15, 2015 at 4:43 pm

    Cluelessness is when you gladly call someone else clueless when you are in fact the clueless one personified. Whoever Okonjo-Iweala has not done well as minister has no clue at all about the economic performance of the present administration under the able leadership of the Coordinating Minister for the Economy, Dr Mrs Ngozi Okonjo-Iweala. This woman has been a blessing to us as a nation

  15. Bayo Adegoke

    July 15, 2015 at 4:45 pm

    It is time people begin to ask critical questions about the states. Before she became minister how many states in Nigeria are economically viable? If you remove federal allocation today how many states will survive? It is understandable if critics like the poor performing Governors like Adams Oshiomhiole comes out to run his mouth like a tap criticizing OKonjo-Iweala..

  16. Michael

    July 15, 2015 at 5:00 pm

    Immunity is the reason why governors like Oshiomhole wouldn’t concentrate on their primary assignments. He keeps changing the cooked-up figures, from his four figure table; he should be arrested with immediate effect. Dr. Okonjo-Iweala must be vindicated from the snare of Mr. Fowler-Oshiomhole.

  17. Afeez

    July 15, 2015 at 5:00 pm

    Oshiomhole, are you not tired of your disappearing acts? Today, you are crying for 10kobo, tomorrow, it is milk you are asking for. Madam Okonjo-Iweala is not your mother. If you cherish her attention that much, why not use other means. Moreover you just got married, concentrate on your latest discovery.

  18. Rukayat

    July 15, 2015 at 5:01 pm

    EFCC should be on Oshiomhole’s case, he seems to know who stole what, and the purpose for it. He needs to be thoroughly checked, before his situation deteriorates, this is a psychological defect. It is clear you are all out to tarnish Madam Okonjo-Iweala, your mission has ended before it began!

  19. Fikayo

    July 15, 2015 at 5:02 pm

    Mr. President should put a check on this Oshiomhole, his rants have become mechanical and absurd. He is fast becoming a broken record, and if not checked, he will infect everyone around him. For the love of humanity, Dr. Okonjo-Iweala is not your toy, she is a rare gift to the people of Nigeria.

  20. Garba

    July 15, 2015 at 5:13 pm

    Will somebody please tell Oshiomole to exert his energy on satisfying his new wife instead of wasting precious time of governance on being obsessed with Okonjo Iweala?

  21. Garba

    July 15, 2015 at 5:14 pm

    Oshiomole is a clown for always picking on Okonjo Iweala. i

  22. Great Anunobi

    July 15, 2015 at 5:41 pm

    Oshomole, I wonder where you got all these info from. It is so clear that you want to create confusion.

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