A couple of months ago, some Nigerians in the homeland and in Diaspora applauded and celebrated the debt relief package from the Paris Club at the watchful eyes and guidance of Madam Finance Minister. A whopping 12 billion was criminally transferred to the – European financial entity called—Paris Club. This repayment arrangement according to reports was to be carried out on phase-by-phase benchmark. It is hoped that the balance of this figure—35 billion dollars allegedly borrowed by Nigeria will be remitted to the former as the latter meets other stringent conditionalities including buying out bonds owed by the same entity as collateral.  

In the meantime, in a country called Nigeria, at no time did her trained accountants question the credibility of Parish Club, question its financial balance-sheets when its financial records are comparatively placed side-by-side with those of Nigerian financial balance sheet[s].  Conversely, some financial think-tanks and critics against this arrangement believe that Nigeria has long paid off its debt believed owed Paris Club and as such remittance of an additional nickel to this entity is deemed as account irresponsibility by default.  By default because we refused to ask hard questions—default because Nigerians do not care about Nigeria anymore. Nigerians care more about foreigners. Oh! Recent report shows that Theophilus Danjuma just sold his looted oil bloc to a Chinese firm at a staggering amount of 2.5 billion dollars. The idea/philosophy is loot: place it on sale before it is late. Time is running out—and, because the crack is everywhere. It is fallen! Who is doing the bidding/accounting for the failed state? Guess who: Foreigners. Who is to blame? Easy question: blame my grandma in the village—east of the Niger.

This writer supports the foregoing dispositions. However, I have problems with Nigerian trained accountants and its economists alike in this matter. I pose my question to the Nigerian accountants: from Governor—Central Bank of Nigeria, to Feds Auditors, Auditor Generals, fed Account Director Generals, Nigerian private financial think tanks actors for keeping moot and ineffective while our funds disappears. What accounting method did the Accountants employ in finding out if Nigeria really owed this debt? Did they deploy all their financial capacities using all computing proficiencies to review the alleged debt or did the-so called accountants just go along by what the Paris Club said we owe?

It is annoying. Did experts in Nigerian financial sector use its skills to its fullness in other to seriously criss-cross Nigerian financial-balance sheets with those of the Paris Club balance sheets? If yes what were your findings? Tell us. And if no, of what relevance are you to the nation—called Nigeria? If checks and balances exist and were deployed in the said negotiations that led to this illegal transfer of 12 billion dollars to the Paris Club, this writer demands that it is the duty and responsibility of the negotiators to publish and or post these information notice sites and other sites including Ministry of Finance and other relevant sites for Nigerians to review and study. Nigerians deserve the right to seek-out, and ask that such financial documentations be de-classified for public accessibility.

The truth of the matter is that Nigeria does not owe Parish Club a nickel. But unfortunately, due to inefficiency on the side of Nigerian Accountants predicated on a single fact: self-aggrandizement. The key here is that of disservice and misrepresentations of our accounting by purported representatives, whose intents and purposes are bested in bettering the interest of the western collaborators rather than better the interest of republic. They have either by omission or commission, ineptitudes or the lack there of have demonstrated that they are partners in crime against the suffering Nigerian masses, masses who live under less than a dollar a day. It is important to remind you that you swore under oath to represent the interest of the public, never to collaborate with enemy and aliens to defraud its citizenry.  

To back up that disposition, just recently, Chinua Achebe Foundation had an interview with General Mohammed Buhari. In that interview, Mr. Buhari stated that Nigeria had already paid 27 billon dollars of the debt irrespective of the fact that the initial principal of the said debt was 9 billion dollars. My question to you Nigerian Accountants is how come the accruing interests of the 9 billion dollars have grown fatter and larger than the principal itself?

For Nigerian Accountants out there, it is time for fiscal responsibility, transparency and accountability.  If you are an accountant at the fed, Governor Central of Bank of Nigeria, feds Auditor Generals, feds Accountant Generals’ et al, what role did you play as a son or a daughter of Nigeria to make sure that Nigeria was not paying capital or fund that it did not owe the Paris Club? Did you protest this refund and if so by what means? We want to know. Please post for all to see such, protest letter that indicated account responsibility. You may want to post it the various sites, including gamji.com, kwenu.com, NVS.com, Nigeriaworld.com and other sites as you deem fit.

It is disheartening to know that Obasanjo administration moved irresponsibly without regard to the law, without due process, without allowing needed deliberations on this matter let alone approval by the National Assembly before it handed-over 12 billion dollars to Paris Club.  This is the grossest irresponsibility to say the least. 

It is unthinkable to imagine that there are accountants and accountability in Nigeria financial district or its institutions today—a country that has unfortunately become home to mediocrity and bump leadership. I stand to be contradicted in my analysis in this matter. I am not an accountant. But I do know that all mathematical indices do not necessary compute for the same outcome especially if there are no verifications to collaborate any findings. Additionally, such outcome also depends on who is doing the computation for what purpose, who is presiding over the analytical factors or hypothesis, which makes the final decisions and uses. Fellow countrymen, one plus one [1 + 1] does not equal two always. One plus one [1 +1] at today’s financial marketplace with its manipulative sophistications and tendencies could hypothetically be projected to eleven [11] if alertness and account shrewdness are void.

According to insiders’ reports, our repayment indicators show that Nigerian has already paid 27 billion dollars. So what in the world is it the enterprise under this administration uncharacteristically made out yet another staggering 12 billion dollars to Paris Club at the detriment of poverty ridden citizenry?

This writer challenge you Nigerian Accountants, Governor Central Bank of Nigeria, Auditor Generals and Directors of fed financial handlers to tell Nigerians the world how you came up with that number and how come everybody was put to sleep while Europeans duped Nigeria for yet another time through this irresponsible accounting?

We thought you were trained financial experts. We thought you were trained to protect Nigerian interests and not those of foreign interests. How come you let the Paris Club stole from Nigeria funds. Funds that could have been invested in distressed sectors like: education, industries, science, employment, refurbishment of infrastructures and others?  Tell us, one is curious as to what role our homeland financial practitioners played in this disaster debt relief joke. What role did you play as a western gatekeepers and collaborators of Paris Club in this fraudulent deal? We are waiting for your strong but yet a convincing detailed response.

 In an interview organized by Chinua Achebe Foundation: the Buhari/Idiagbon administration reported that Nigeria had already paid 27 billion of its external debt; do you have explanations for Nigerians why Nigeria paid another 12 billion without the approval of the legislature – the National Assembly?  

Here in the United States, irresponsible accounting frauds are monitored by both public and private auditing financial institutions like Anderson Inc. Even, on event of questionable characters engage in financial auditing practices, other financial watch dogs will hesitate to dig in and monitors auditors from Anderson Inc., and if the former and its auditors engage in account frauds she is penalized. It is called checks and balances by all.

WorldCom, Enron and others defrauded American public but they were held accountable. Whopping billions of dollars belonging to American public, some of which are funds meant for retirement of seniors and all popularly known as 401k were shredded into debris—some how some of these funds find its way into personal accounts and building of private mansions; just as some of Nigerian funds went into foreign accounts, Minna Mansion and Otta Farm.

Anyways, back to US, some of these actors subsequently declared their financial institutions in the Wall Streets financial district and elsewhere bankruptcy. On the other hand, panels of investigations by fed and private actors were set up to find out and report to American people. Through its outcome, some of the players in this account irresponsible were arrested and prosecuted. Meanwhile, its Presidents and Chief Executives are currently serving jail terms while others are still facing investigations. Nigeria auditors can learn from it.

Nigeria auditors in private and public can do the same by establishing monitoring body for the same purpose especially in regard to the 12 billion Paris Club debt relief project.

It is this writer’s view that Nigeria corporate Accountants and Auditors should by now organize themselves today to establish independent financial investigating panels to find out what happened to funds meant for to Nigerian public that illegally find its way to the Paris Club. This illegality is indeed very disturbing and shocking, especially when records show that Nigeria repaid this loan long ago. There is definitely something wrong that Nigerian population does not know about with respect to the deal.

Finally, it is important that Nigerian accountants, Governor—Central Bank of Nigeria [CBN], Nigerian private and public auditors, Nigerian expertise in financial balancing sheets [FBS] and other financial related matters develop with immediacy new and sustainable capacities that would create a climate to monitor and record account data/statistics, account irresponsibility or misappropriations in its financial balance sheets and report back to the Nigerians for assessment. The time is come to tell Nigerians what happen to their funds. Again, Nigerians should remain vigilant, alert, as we await the outcome[s] of this investigation. It is the duty of Nigerians/Nigeria to find out what happened to its 12 billion dollars. It is called public duty and public responsibility. The time is come to show Nigerians that there are still crisp accountants with vision, purpose, transparency and accountability in its financial district.

Carlisle U.O. Umunnah Is Freelance writer; he lives in New York

Contact: cuu1_liberties@yahoo.com

Robot  # 1 | 14.01.2006 22:40

A couple of months ago, some Nigerians in the homeland and in Diaspora applauded and celebrated the debt relief package from the Paris Club at the watchful eyes and guidance of Madam Finance Minister. A whopping 12 billion was criminally transferred to the – European financial entity called—Paris Club. This repayment arrangement according to reports was to be carried out on phase-by-phase benchmark. It is hoped that the balance of this figure—35 billion dollars allegedly borrowed by ...Read the full article.

unregistered  # 2 | 14.01.2006 23:05

Dear Mr. Umunna - thank you very much you said it all about how our foolish leaders stole our funds and end up giving away 12 billion to Paris Club on in Banana Republic. Also see Elendu report on th is matter for additional information. It is amazing how these thieves are dividing and looting the country dry. Really Danjuma sold his oil bloc for 2.5 billion dollars? that's interesting. Whatelse will they not do against our peoples. Stay well and keep fighting through your pen we are with you accordingly.

unregistered  # 3 | 14.01.2006 23:11

Dear villagers and commentators - I thought you will like this additional information on debt relief and irresponsible accounting in Nigeria. "Debt Relief: Nigeria Pays $100,000 Monthly to Consultants Written by Jonathan Elendu and Prince CHarles Dickson Friday, 13 January 2006 Late last year, there were agitations by the members of the Nigerian Senate about the issue of debt payment to the members of the Paris Club. There had been speculations that Nigeria had paid over six billion dollars to the creditor institution without approval from the Senate. On November 16th, 2005, the Finance Minister, Ngozi Okonjo-Iweala, met with the Senators and denied it. She explained that about $6.4B had been transferred to an escrow account for eventual payment to the Paris Club." yeah, we pay 100,000 monthly to foreign consultants to work our invisible debt.

Nna-men  # 4 | 14.01.2006 23:43

Umunna you no go leave Ngozi alone ... she was only trying to help you country. No so so blame una dey blamam . I begi leave her alone. You and EFCC should go catch IBB master of account irresponsible. Abi he dey Minna Nnamen

Accountability-Chikena !  # 5 | 14.01.2006 23:56

Dear villagers - Maryam Abacha is part of accountability crusade. What has each of you commentator given to Nigerian hospital including this writer Mr. Umunna? it is called leadership by example. "Former first lady Hajiya Dr. Maryam Sani Abacha has donated laparoscopic equipment worth about N25m to the Aminu Kano Teaching Hospital (AKTH), Kano. Former first lady Hajiya Dr. Maryam Sani Abacha has donated laparoscopic equipment worth about N25m to the Aminu Kano Teaching Hospital (AKTH), Kano. Hajiya Maryam Sani Abacha said that the donation was meant for use by the people of Kano State to enhance their health status. The former first lady, who was represented by her son, Alhaji Mohammed Sani Abacha at the formal presentation of the machine, expressed optimism that the equipment would be judiciously used. Earlier in a statement signed by the press and public relations officer of the family and made available to Daily Trust at the AKTH, Hajiya Maryam Abacha stated that the donation was aimed at salvaging women and children in need of medical attention. The statement said that the former first lady believed that there was also the need to further enlighten women to take precautionary measures against ailments that torment them in their communities. Hajiya Abacha noted that the necessary authorities should explain to women the importance of getting medical attention in early stages to avoid complications or prolonged treatment. She therefore called on non-governmental organizations to play an effective role in salvaging the plight of women and children nationwide. Responding, the chief medical director (CMD) of AKTH, Dr. Abdulhameed Isa Dutse, expressed gratitude to the Abacha family for the laparoscopic equipment, stressing that the machine is used for ?key hole surgery?, unlike the conventional open surgery where the patient was cut open. Dr. Dutse explained that the procedure involves the pumping of air into patients? stomachs to separate the intestines from the stomach wall through specialized surgical equipment: then surgeons can locate the focal point and then operate upon, adding that the donations would bring AKTH to the world map as the new concept had began in other parts of the world since the 80s. In his own comment, the board chairman of AKTH, Alhaji Ahmed G. Hassan, stated that Hajiya Maryam Abacha had not only donated the machine to AKTH, but to humanity." Chikena

Shoko Loko Bangoshe  # 6 | 15.01.2006 06:26

Carlisle, The reality is that nobody knows precisely how much Nigeria owes. But take a situation where I lend money to someone. If I keep records of my loan but that person doesn't do the same, then people are always going to be more likely to believe what I say the person owes me than what he says because I have records to back up my assertion. So don't blame accountants in today's government in this matter, because accountants still need records to look at in order to verify financial figures. Instead blame accountants of past government who failed to keep records when their governments were borrowing left right and centre and have left Nigeria in the unenviable situation where it has to agree to figures quoted by its lenders as to how much it owes. And by the way, when you say the following: The truth of the matter is that Nigeria does not owe Parish (sic) Club a nickel. According to insiders’ reports, our repayment indicators show that Nigerian has already paid 27 billion dollars. you do realise that you are committing the same 'sin' that you accuse the Paris Club of; quoting figures without providing evidence.

Naija for life  # 7 | 15.01.2006 07:45

Umunnah, I feel your article embodies the spirit of the problem inherent in the relationship between Africa and the west. Herewith I include some facts we should realize about our relationship with the all powerful, always racist west. 1. Europe and the US are not concerned about the well being of Africans. If they offer you any sudjestions for revamping your economy, do the opposite. They only intend to maintain you in poverty, to expiate the sins of slavery and to satisfy their racist urges. 2. Europe and the US will perpetrate any lies and distortions neccessary to enforce the illusion that Africa is a bottomless pit that squanders aid freely extended to her. In reality, the US gives no real aid to Africa, and just collected hundreds of millions from Nigeria. Likewise, the UK just collected 1.7 billion pounds from our impoverished country. 3. Any transactions, financial or diplomatic inimical to Africa will never be reported in European and American newspapers. I challenge any of you to find any publication, major or minor, that reported the above transfers that were made to the UK and the US. 4. Africa will never advance until we extirpate this debilitating inferiority complex, until we realize that we haven't attained our crowning achievements just because a bunch of white people invite us to dinner so that they can sell us attractively packaged slavery. 5. That indigenes of the west must think that black people are dumber than horse manure. What else is anyone to think of people who took a loan, promptly diverted the money to European banks and are now saddled with the yoke of repaying it. In order words, they gave us a loan that never left their countries and we now have to repay them for money we never received. 6. We Nigerians should start dying en masse for our country otherwise we will be doomed to a life of impotent prognostications. Our leaders took this loan and draped this milestone around our necks against our wishes. Our country will never amount to anything until we storm the fortresses of power, death and disability be damned. Maryam Abacha is full of more **** than a latrine. She has'nt donated a frigging thing! She merely transfered money her wretched husband stole from the Niger delta to northerners. And that hospital is not intended for humanity. It is intended for northern muslims period! I'd sooner repose my trust in a lion licking its chops than in that unrepentant flim flammer.

Shoko Loko Bangoshe  # 8 | 15.01.2006 08:48

Whenever I hear "The West Is Evil!!!!" usually, the speaker implies that the West considers Africa such a serious threat to the West's well-being that it has to actively conspire to keep it down. And that's the flaw in the argument. Africa right now is not a serious enough player on the world stage to merit the West attention. Why would the West want to waste time keeping Africa down when African governments are doing a splendid job themselves? What would be the point? No - I believe that the West's attitude to Africa is largely one of indifference rather than racist hatred. If the paths of Africa and the West intersect, in most cases the West will do what it can to benefit from the intersection without worrying too much whether Africa benefits as well. But this is different from an active persecution of Africa.

TASLIM  # 9 | 15.01.2006 09:33

I HAVE ALWAYS WONDERED HOW WE EXPECT CHANGES IN OUR SOCIETY WHEN SOME OF US IN THIS VILLAGESQUARE DO NOT DEMONSTRATE OR SHOW THE EASIEST OF EXAMPLES IN THIS REGARD. FIRSTLY, THE FACT THAT YOU ARE ACCUSSING SOMEBODY OR A GROUP OF PEOPLE (IN THIS CASE ACCOUNTANTS) DOES NOT IMPLY OR GIVE YOU THE RIGHT TO CONDEMN THEM. BUT YOU HAVE EVERY RIGHT TO COMPLAIN OR ACCUSE. SECONDLY, AND WHICH IS MOST WORRISOME IS THAT YOU WERE OPERATING FROM A POSITION OF IGNORANCE WHEN YOU WROTE "What accounting method did the Accountants employ in finding out if Nigeria really owed this debt? Did they deploy all their financial capacities using all computing proficiencies to review the alleged debt or did the-so called accountants just go along by what the Paris Club said we owe?" YET IN THE NEXT PARAGRAPH YOU WERE CASTING ASPERSIONS ON ACCOUNTANTS. I WOULD HAVE EXPECTED A WISE PERSON TO ASK COMPLAIN AND THEN ASK QUESTIONS, SINCE HE HIMSELF IS NOT IN THE KNOWLEDGE OF WHAT TRANSPIRED. AT THIS STAGE IF YOU CONCLUDE OR CAST ASPERSIONS YOU WILL NOT GET ANY REPLY BECAUSE YOU HAVE ALREADY CONCLUDED. YOU WERE THE ACCUSSER, THE JUDGE, THE WITNESS JURY ETC ETC. I AM NOT HOLDING BRIEF FOR ACCOUNTANTS OR ANYONE. BUT THE TRUTH IS THAT IF YOU CARED SO MUCH TO KNOW YOU COULD HAVE DIRECTED YOUR ENQUIRIES TO THE DEBT MANAGEMENT OFFICE OR GO TO THEIR SITE. COLLECT INFORMATION, REVIEW THE INTEREST CALCULATIONS AND CHARGES FOR DEFAULTS ETC. REVIEW THE BASES OF CALCULATION AND THE INTEREST ACCRUALS. IT IS ONLY WHEN YOU FIND FAULTS THAT YOU CAN COMPLAIN BUT TO SIT DOWN AND THINK THE WAY A GARRI SELLER WOULD THINK ABOUT DEBT SERVICING AND USING STRONG LANGUAGE AGAINST PEOPLE , ESPECIALLY THOSE WHO ARE NOT DIRECTLY INVOLVED IS TO SAY THE LEAST UNFORTUNATE. PLEASE BE ANGRY WITH PEOPLE WHO DO WRONG BUT DO NOT CREATE WRONG DOERS IN YOUR IMAGINATIONS OR FROM A POSITION OF IGNORANCE. THANK YOU TASLIM

TASLIM  # 10 | 15.01.2006 09:42

YOU WROTE "It is annoying. Did experts in Nigerian financial sector use its skills to its fullness in other to seriously criss-cross Nigerian financial-balance sheets with those of the Paris Club balance sheets? If yes what were your findings? Tell us. And if no, of what relevance are you to the nation—called Nigeria? If checks and balances exist and were deployed in the said negotiations that led to this illegal transfer of 12 billion dollars to the Paris Club, this writer demands that it is the duty and responsibility of the negotiators to publish and or post these information notice sites and other sites including Ministry of Finance and other relevant sites for Nigerians to review and study. Nigerians deserve the right to seek-out, and ask that such financial documentations be de-classified for public accessibility. " YOU ARE ANNOYED OVER WHAT YOU ARE ASKING QUESTIONS ABOUT WITHOUT WAITING OR SEEKING FOR ANSWERS OR SUPPLYING CONTRARY INFORMATION IN YOUR POSSESSION. THIS IS A BIGGER DISASTER. I DONT WORK IN OR FOR GOVERNMENT, THOUGH I AM AN ACCOUNTANT . AND AS AN ACCOUNTANT I WONT EVEN ANSWER YOUR ANGER. THE NIGERIAN NEWSPAPERS WERE AWASH WITH ARTICLES BOTH FROM GOVERNMENT AND THE EXPERTS ON THIS ISSUE. YOU MAY WANT TO EDUCATE YOURSELF . I CAN EASILY RECOLLECT THE ONE WRITTEN BY SIMEON KOLAWOLE AND MY REJOINDER WHICH WAS PUBLISHED BY NIGERIAVILLAGESQUARE. SO EDUCATE YOURSELF FIRST BEFORE YOU GET ANGRY - THAT IS THE PATH OF FREEDOM FROM MENTAL SLAVERY TASLIM

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