Jonathan’s works minister withdrew N140bn from SWF, Oshiomhole insists

Adams Oshiomhole, governor of Edo state, insists that Mike Onolememen, who was minister of works during the Goodluck Jonathan administration, withdrew $700 million (N139 billion) from the nation’s sovereign wealth fund (SWF).

Oshiomhole’s accusation comes two days after ministers who served under Jonathan issued a statement to complain about their “media trial” and the attempt to appropriate achievements recorded under the former president by the current government.

The statement, which was signed by Abubakar Suleiman, former minister, National Planning Commission (NPC), on behalf of the former ministers, described the “vilification” of Jonathan as “ill-intentioned, unduly partisan and in bad faith”.

But Oshiomole has called on Onolememen to explain how the depleted funds have helped in the construction of the second Niger bridge.

Speaking through his chief press secretary, Peter Okhiria, he said: “They told our committee that about $700m dollars were taken from the Sovereign Wealth Fund for the Second Niger Bridge project.

“Rather than crucify Oshiomhole for the disclosure, former minister of works should direct his energy and explanation to the managers of the sovereign wealth fund who have depleted the savings on the explanation that it was meant for the 2nd Niger Bridge.

“Fully aware that not much has been achieved on that project, Onolememen and the managers of the sovereign wealth funds should explain to Nigerians what really transpired instead of asking Comrade Oshiomhole to apologise to Nigerians.”

He urged the former minister to apologise to Nigerians for the “many sins” of the past administration and explain how funds were spent.

“The real people, who should apologise to Nigerians for their many sins against the country are those who expended so much of our resources without any corresponding achievements to show for it.

“Aside from being death traps, they represent, in graphic terms, the poor performance of the last regime in terms of road construction and rehabilitation. Rather than hide his head in shame, Onolemhemen is still oozing out diatribe against Nigerians. We deserve explanation and no amount of blackmail can stop us from speaking out about the fate of our country.”

Onolemhemen had earlier said “the second Niger bridge project was procured as a Public Private Partnership project under the Design, Build, Finance, Operate and Transfer (DBFOT) model,” adding that Oshiomole was misleading Nigerians and repelling international investors.

“This implies that the successful concessionaire, JB-NSIA Consortium has responsibility for the Design, Finance and Construction of the project, as well as its operation and maintenance for a concessionary period of 25 years.

“The total project cost is N108 billion (excluding Duties and Value Added Tax) with a completion period of about 48 months. This cost was arrived at, after BPP’S review of the Concessionaire’s submitted cost of N138billion.”

The SWF was instituted under the last administration with three components – Future Generation Fund, Nigeria Infrastructure Fund and Stabilisation Fund ─ managed by the Nigeria Sovereign Investment Authority.