$700m Stolen From Sovereign Wealth Fund- Oshiomhole

Edo State Governor, Adams Oshiomhole has raised alarm that Sovereign Wealth Fund which the management said had $1 billion has been depleted to $300 million.  The Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Uche Orji had after leading a delegation to brief President Muhammadu Buhari  disclosed to newsmen that the $1 billion initial sovereign fund contributed by the government was intact and has generated N15.7 billion profit last year.

But Oshiomhole who is also the Chairman of the National Economic Council (NEC) Ad-Hoc Committee on the management of the Excess Crude Account and related Federation Account issues, told State House correspondent after meeting Vice President Yemi Osinbajo at the State House on Thursday night, that the claim was false.  The governor said evidence available to the committee prove that there were false claims that the fund was invested on projects that were already funded from other sources.

According to him, “I reported to the media that the Sovereign Wealth people in their report to us, which I have in black and white, showed clearly that they have only $300 million left in the Sovereign Wealth Fund account. We have it in black and white and I can publish it if anybody wants to deny that because it was not submitted to me secretly. It was submitted at plenary of the committee.

“And then we asked, because I knew that the fund was $1 billion, what was done with $700 million. And they said they have made some investments. We asked them what they invested in and they said the second Niger bridge and partially in Kaduna-Abuja rail. That is what they said and I was not alone there. We were about five governors and it was a full plenary. But we know that the Kaduna-Abuja rail was funded with Chinese loan, which even Mrs. Okonjo-Iweala spoke about, when they said the loan from China was not used for Lagos, she said it was for Kaduna-Abuja.

“You media need to develop your own library and have your record so that when people speak from both sides of their mouths, you can replay back. Because sometimes it hurts me when political leaders and technocrats say one thing in the morning and they change the language the following day. Don’t make me the issue, I’m not. The only difference is that there is beauty in standing by the truth. And ultimately, it will set you free”

Oshiomhole also said that professional international auditors were engaged to ensure confidence, and value-for-money audit in the ongoing forensic audit of all federal government’s revenue generating agencies in the country.