The Blame Game: Okonjo-Iweala Guilty As Charged By Oshiomole?

This debate is getting ridiculous! The likes of "Buska," Pastor Joe, would want an outstanding Governor Aragbesola of Osun state to be punished for the "sins" of ex-president Jonathan and his marauding, itchy-fingered PDP acolytes, who clearly stole the country blind; but in a twisted logic, breaching all "common sense" and all tenets of Justice and Economic, they want us to shut up and don't hold the "supervising Finance minister," and indeed "Coordinating ( GEJ is ever clueless so abdicates responsibility for managing the Nigeria economy, for which he claims he had the mandate of Nigerians to so act, to Ngozi Okonjo-Iweala) Minister of the Nigerian Economy, to question for the unprecedented looting of the economy during the Jonathanian years.

Whilst I can forgive the cavaliar Vin Modebelu and Buska, whom I hardly know of their Economics and General Accounting backgrounds for being so dumb as to excuse NOI from culpability, I cannot say same of Pastor Joe Attueyi who was my university colleague in the Faculty of Business Administration, between 1980 and 1984- he majoring in Accounting, and I in Finance. Pastor Joe is also an ICAN qualified Accountant, so ought to know one or two things about Financial reporting principles ( also called Accounting Concepts )- the ones of concern which NNPC repeatedly breached in their Cash receipt and Accounting and Reporting were:

A) The Separate Valuation Principles- which requires that NNPC reports "all individual items of receipts must be reported, before the totals are shown. But it is strictly forbidden to deduct expenditure item from a revenue/receipt before reporting the "net result." Mr Uchendu, himself an ACCA holder who taught us Accounting 101, in our first year, Joe, likened "netting-off" to Financial reporting murder. What that does is that it can reduce both your Trial Balance and Balance sheets to Zero or even negative values, therefore it breaches other Accounting principles like;

B) Substance over form,
C) Prudence concept,
D) Going Concern concept, and
E) Accrual Concept- which states that Relevant Revenues must be matched against Relevant Expenduture and accrued to the financial year (period) they rightly belong, so that the Financial statement can reflect a true and fair view of the affairs of the organisation in the period under review.

Pastor Joe ought to know these, as not just a BSc Accounting graduate, but more importantly a Chartered Acciuntant. So why does he think Rauf Aregbosola- the Osun state governor is to be blamed for the dwindling cash allocations, occasioned by GEJ and PDP gangsters "free for all looting of the National treasury," and the lady in Glass, who supervised the grand scale loot, is unblemished and should be left alone?

Okonji Iweala is either dumb or co-conspirator in the looting spree that saw the depletion of the left over Excess Crude Account (ECA) Foreign Reserve by the Obasanjo and Yar Adua regimes, plus the huge boarish Oil and Tax Revenue Earnings in the Five year period ending 30th September, 2015. My UK APC Strategy Committee estimated that in that 5 year period of boom, under Goodluck Jonathan's watch, Nigeria- in constant dollar terms- earned twice or more what IBB(1985-1993), Abacha (1993-1998), Abdusalami Abubarkar (1998-1999), Obasanjo's 2nd Democratic stint(1999-2007), late President Yar Adua(2007-2009) all put together.

So what happened to all these humongous cash, under lucky Jo Goodluck?"

Can Aremu( Buska), pastor Joe and co offer an answer, based on facts and empirical evidence? Every National Budget under her watch for the past 5 years were heavily padded- that's where the loot starts. In 2011 alone, N350Billion was illicitly budgeted as "Fuel Subsidy." That amount itself is outlandish as no way should Nigeria spend more than N100B in Fuel subsidy at them times. But wait fir this: Actual amount spent on "Fuel subsidy" for that year was N2.4Trillion, some whooping N2Trillion above Budgeted figures for that Expenditure item. Some Oil marketing scammers just went to Oluwole in Lagos to print fake invoices, some running into hundreds of Billiins of Naira, without a single barge of oil at Apapa or any Nigerian port- not even in Timbuctu or Acapulco was there a gallon of petrol, Kerosine or Aviation fuel, yet NOI authorized their payment and the grand rape of the Nigerian people were completed under NOI's watch. Remember GEJ had already abdicated responsibility by transferring "Economic coordination" of his government to Lady Ngozi!

Again NOI is either dumb/clueless or complicit in the dry looting of the huge dispossession of Nigerians in the Jonathan years if the locust, the effects of which we are now seeing- crippling Fuel scarcity, no power, disinvestment (including a struggling stock market) and the inability of the states and Local governments to pay their staff their monthly wage bill. Instead Joe wants helpless Rauf to bear the brunt of the offenses of GEJ, Deziani Mudueke and "Adanne" Ngozi Iweala. No, Joe, justice must be served and at the right time NOI and co will be called to account for the mess they created for the APC government of PMB to clear.

Wishing us all a very successful working week ahead,

Anthony Ishiekwene
"The truth shall set you free"

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Articles by Tony Ishiekwene