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Christopher Odetunde, Ph.D.


Dr. Ngozi Okonjo-Iweala was truly an ...Read the full article.

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We should not be emotional or carried away by this article. There are many well educated Nigerians who unfortunately have used their knowledge only to milk Nigeria dry or sell its economic interests for peanuts. Iweala's role in the debt negotiation will always be controversial especially for those of us who are well versed in Financial mathematics and economics in general. I have already written an article on this issue titled "Empowering Nigerian professionals in turning around the economy." (nigeriansinamerica.com) Below is an excerpt from the article concerning Iweala.


"...It was reported in the news that the finance ministry employed the service of a foreign consulting firm to negotiate our debts, and paid $100,000 a month for more than 12 months. In my opinion, these consulting companies including the one used by the federal government are parts of the networks; mentioned in Perkin's book, set up by foreign companies to exploit developing countries. Debt reduction negotiations is the prerogative of the finance ministry to carry out on its own.

The ministry should have searched for Nigerians well versed in this field to carry out the assignment.

By so doing, these Nigerian specialists will not only be given the opportunity to upgrade or add to their professional experience but, sensitive information concerning the nation's economy will be protected, and most especially, negotiation tactics and strategies to achieve a desired result will be intact.

I have no doubts that in my mind that if the former finance minister had taken her time to search well, she would definitely have found some Nigerians who are well qualified enough to carry out this job. And needless to say that, the job would have been done at a much cheaper rate; and this would have saved enormous amount of the taxpayers' money.

May I please ask at this juncture then why the hell has the federal government paid the former financial minister more than $200,000, if she still had to invite consultants at a sky rocket price.

Personally, I believe that the appointment of the former finance minister was a 'technical mistake' on the part of the federal government. Inviting a V.P. from the World Bank to negotiate debts owned to The World Bank or its subsidiaries created conflict of interests, and in my opinion, was 'technically wrong.' Moreso, Uweala did not resign from The World Bank but took a leave of absence.

Moreover, paying the former minister monthly salary in dollars - that was much more than other ministers was immoral. It was like saying that she and her job were more important than other ministers - which I strongly disagree with. In my opinion, every ministry is important. I don't think that Uweala's job was more important than that of Prof. Dora Akunyili, who has escaped two assasination attempts and is risking her life every second in her battle to keep our country out of fake drugs. Her performance is overwhelming and she has saved millions of lives in her uncompromised war.

With my knowledge in finance, I really don't think that Uweala did something extra ordinary for Nigeria. She did not take part in wealth creation. All she did was to take the accumulated money from the oil reserve and transferred it to the accounts of our creditors.

The debt reduction too could be explained. Our creditors had made enough profit from the debts on the accrued percentage we paid in the past that even with the debt reduction, it was still a very profitable deal for them. Moreover, they understood too that if they don't collect their money now when we had it and OBJ is in power, they may never have such an opportunity again. After all, half bread is better than none. Thus, by giving us a debt reduction, our creditors were equally acting in their own interest.

I am convinced that there are a number of Nigerian professionals who are capable of achieving the same result like Uweala; and even better, but for the same pay like other ministers..."

NO PRAISE SINGING PLEASE.

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In addition, suffice to say that The World Bank in a way is a subsidiary of the International Monetary Fund. They are like brother and sister; or cousins. IMF is always headed by an European and The World Bank by an American. They work "hand in hand" to continue the exploitation of developing countries It is important to note hear that all the policies of these financial bodies have always worsened the economic conditions of developing economies. They prefer to continue giving us fish instead of teaching us how to fish by ourselves. Moreover, most of the so called aids or loans to developing countries "automatically" go back to the developed countries. Practically all those loans given to developing countries come with "very strict" and unfavourable conditions attached. For example, the credits issued must be used in procurement of very expensive western/American products. You are not allowed to use them to buy cheaper products/equipments from other countries! At least half of the so called loans go back to western consulting companies as payment for their very expensive consultation. I know personally a Nigerian in diaspora, a NIDO executive who works/worked for one of these western consulting companies. And the consultation is part of the conditions given in order to get the loan.

We should also not be carried away with the fact that Iweala studied in Harvard and MIT. Yes they are ranked among the best in the world. Nevertheless, they don't have monopoly to knowlege. Neither does Iweala have a monopoly to knowledge when it comes to "Regional development."Iweala is not the first and will not be the last Nigerian to study at Harvard or/and MIT. Many successful Nigerian professionals working in America studied in Nigerian Universities and not in Harvard nor MIT.

For your information, some of the best software developers in the Silicon Valley are Russians and they never studied in Harvard nor MIT. Russia is ahead of America in space technology, ballistic missiles and defense weapons. It is important to note that none of the Russian scientists that designed all these weapons, space ships, missiles studied in Harvard nor MIT. Russia has a large number of Nobe laureates in different fields of science. None of them studied in Harvard nor MIT. In order to be a good specialist, you don't necessaryly have to study in America or Harvard/MIT. So what is the big deal about Harvard and MIT? I am ready to challenge Iweala to a debate anywhere and anytime, in order to prove or argue that she has done a "disservice" to Nigeria with her debt agreement with The World Bank.

Do you know the country with the biggest debt in the world? AMERICA! Nevertheless, nobody is troubling them to pay back. And this fact does not affect the American economy in any way. You don't necessarily have to study in any of these citadels of learning in order to be a good specialist. We mustn't be carried away or allow ourselves to be fooled with these top ranked appointments and "attachments" like "Professor."

KOffi Annan was UN Secretary for many years. Did he do anything significant for Africa?If we are to be honest with ourselves, his impact was not felt.

What many of us fail to understand is the fact that The World Bank is a highly politicised institution. They give loans not for development but for "preventing catastrophies." The World Bank is like a doctor that does not consult you on how to keep fit but comes to you when you are already dying or running mad. But he comes not to save your life but "sweeten" your suffering. When Asian countries and Latin America approached The World Bank for billions of dollars in aid in order to cushion the financial crises they went through in the late 90's, only the Asian countries: Taiwan, South Korea, Japan e.t.c. were bailed out - but not completely. The Latin American countries were abandoned and left to die in agony. If time permits, I will devote a special article to this topic. Meanwhile, I want to implore us not to loose our guard and head while jubilation.

Let's watch out for the next step Iweala and her Colonial Masters will take as regards to Africa and Nigeria in particular

NO PRAISE SINGING PLEASE!!!

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Can we really distinguish a PhD holder from a praise singer here ?

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Bode Eluyera or whatever you call yourself.

Your statements and opinions on this matter are crap. If you ignominously refuse to acknowledge the good in your own people, others in the world would. There is no gainsaying on the excellence and pride Mrs Okonjo-Iweala has brought to the Nigerian nation.

Why should she hire Nigerians that she does not know? What is wrong in working with experts that you know towards resolving such a thorny problem that the whole world acknowledged?

If you refuse to change your myopic opinion, we can only leave you to your delusion because our nation would continue to make progress by the efforts of "Nigerians" not "Ibo, Yoruba, Hausa, Urhobo etc" as was aptly noted in the original article.

We owe it a duty to the generations coming after us because all this mess in not their fault and we need more in the mould of Mrs Ngozi Okonjo-Iweala to make this happen.

I really hope you repent and change your mindset.

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=Bode Eluyera;209176477>In addition, suffice to say that The World Bank in a way is a subsidiary of the International Monetary Fund. They are like brother and sister; or cousins. IMF is always headed by an European and The World Bank by an American. They work "hand in hand" to continue the exploitation of developing countries It is important to note hear that all the policies of these financial bodies have always worsened the economic conditions of developing economies. They prefer to continue giving us fish instead of teaching us how to fish by ourselves. Moreover, most of the so called aids or loans to developing countries "automatically" go back to the developed countries. Practically all those loans given to developing countries come with "very strict" and unfavourable conditions attached. For example, the credits issued must be used in procurement of very expensive western/American products. You are not allowed to use them to buy cheaper products/equipments from other countries! At least half of the so called loans go back to western consulting companies as payment for their very expensive consultation. I know personally a Nigerian in diaspora, a NIDO executive who works/worked for one of these western consulting companies. And the consultation is part of the conditions given in order to get the loan.

We should also not be carried away with the fact that Iweala studied in Harvard and MIT. Yes they are ranked among the best in the world. Nevertheless, they don't have monopoly to knowlege. Neither does Iweala have a monopoly to knowledge when it comes to "Regional development."Iweala is not the first and will not be the last Nigerian to study at Harvard or/and MIT. Many successful Nigerian professionals working in America studied in Nigerian Universities and not in Harvard nor MIT.

For your information, some of the best software developers in the Silicon Valley are Russians and they never studied in Harvard nor MIT. Russia is ahead of America in space technology, ballistic missiles and defense weapons. It is important to note that none of the Russian scientists that designed all these weapons, space ships, missiles studied in Harvard nor MIT. Russia has a large number of Nobe laureates in different fields of science. None of them studied in Harvard nor MIT. In order to be a good specialist, you don't necessaryly have to study in America or Harvard/MIT. So what is the big deal about Harvard and MIT? I am ready to challenge Iweala to a debate (NOT YOU BROS,YOU AIN"T CAPABLE OF DOING THISanywhere and anytime, in order to prove or argue that she has done a "disservice" to Nigeria with her debt agreement with The World Bank(SHE IS A TRAITOR).

Do you know the country with the biggest debt in the world? AMERICA! Nevertheless, nobody is troubling them to pay back. And this fact does not affect the American economy in any way. You don't necessarily have to study in any of these citadels of learning in order to be a good specialist. We mustn't be carried away or allow ourselves to be fooled with these top ranked appointments and "attachments" like "Professor."

KOffi Annan was UN Secretary for many years. Did he do anything significant for Africa?If we are to be honest with ourselves, his impact was not felt.

What many of us fail to understand is the fact that The World Bank is a highly politicised institution. They give loans not for development but for "preventing catastrophies." The World Bank is like a doctor that does not consult you on how to keep fit but comes to you when you are already dying or running mad. But he comes not to save your life but "sweeten" your suffering. When Asian countries and Latin America approached The World Bank for billions of dollars in aid in order to cushion the financial crises they went through in the late 90's, only the Asian countries: Taiwan, South Korea, Japan e.t.c. were bailed out - but not completely. The Latin American countries were abandoned and left to die in agony. If time permits, I will devote a special article to this topic. Meanwhile, I want to implore us not to loose our guard and head while jubilation.

Let's watch out for the next step Iweala and her Colonial Masters will take as regards to Africa and Nigeria in particular

NO PRAISE SINGING PLEASE!!!

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MR ELUYERA,

I do not see you anywhere near debating with IWEALA, NEVER NO !!!NO,!!! you will kill our debate,From all you have posted on this site, you just don't have the KNOW-HOW, you are damn too low on the intelligence ladder to put together an articulate position. BUT then i give it to you and i re-echo you assertion that IWEALA HAS DONE MORE DISSERVICE TO NIGERIA. She is only being compensated. Its all a vicious circle into which she had been recruited long ago, He who pays the piper, dictates the tune!!! Bode please steer clear of this, cos you will do our cause of painting "IWEALA for a TRAITOR that she IS" more harm than good.

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=Omovudu;209176780>Bode Eluyera or whatever you call yourself.

Your statements and opinions on this matter are crap. If you ignominously refuse to acknowledge the good in your own people, others in the world would. There is no gainsaying on the excellence and pride Mrs Okonjo-Iweala has brought to the Nigerian nation.

Why should she hire Nigerians that she does not know? What is wrong in working with experts that you know towards resolving such a thorny problem that the whole world acknowledged?

If you refuse to change your myopic opinion, we can only leave you to your delusion because our nation would continue to make progress by the efforts of "Nigerians" not "Ibo, Yoruba, Hausa, Urhobo etc" as was aptly noted in the original article.

We owe it a duty to the generations coming after us because all this mess in not their fault and we need more in the mould of Mrs Ngozi Okonjo-Iweala to make this happen.

I really hope you repent and change your mindset.

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I rather be with a an AFRICAN DICTATOR than a STOOGE of the western world which is what IWEALA represent.

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Osibinaebi,

"I rather be with a an AFRICAN DICTATOR than a STOOGE of the western world which is what IWEALA represent"

It is people like you that have made Africa the "scorn" of the world that it is today. People who cannot wish progress for their country irrespective of where it is coming from but would rather stick to insipid nepotism and support Idi-Amin, Abacha etc because he is my brother.

Please change in line with the meaning you have attached to your name.

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PRONACO-US faults Okonjo-Iweala’s new appointment

By Agency Reporter

The United States chapter of the Pro-National Conference has criticised the appointment of the former Minister of Finance, Dr. Ngozi Okonjo-Iweala, as World Bank Managing Director.



According to Empowered Newswire report on Tuesday, the Chairman of PRONACO-US, Dr. Baba Adam, said Okonjo-Iweala’s new job ‘looks like a payback.’

Adam, a US-based university administrator, who said the appointment of any Nigerian to an exalted position was a welcome development, however, criticised what he termed as ‘revolving door appointments.’

According to the PRONACO-US leader, “This looks like a payback and we believe there may be conflict of interest.

“This appointment may violate privy important national economic and fiscal information and other non-disclosure agreements.”

He likened the appointment to the Economic Hit-Men concept. Economic Hit-Men are considered to be paid professionals who cheat countries around the world and funnel money from the World Bank, USAID and other foreign aid donors into coffers of huge corporations and the pockets of a few wealthy families who control the world’s natural resources.

Adam added, “They use fraudulent financial reports, rigged elections, payoffs, among others to achieve their objectives. The concept was developed by an American author, John Perkins.”

According to the Executive Intelligence Review, Perkins is a scion of a well-known family of the American East Coast Establishment, and his book ”tells the secrets, in his just-published Confessions of an economic hit-man, of the ”tool-box” of the international financial oligarchy.

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Mr Bode abi wetin call, so you actually believe this putrid bile that you've wasted your time posting in this intelligent arena? What for heavens sake can anyone do to satisfy your voracious ignorance? For how long has Nigeria been groaning under the yoke of immense foreign debt, and how many of past leaderships had actually attempted to resolve this burden before the emergence of Iweala? Think man, please think before you proceed to vomit this type of venom in public for want of anything tangible to write. I bet my last '50 cents' that only a very minute and myopic few will actually share your unintelligent sentiment and bias. For what it's worth, Nkonjo Iweala was and is still a reverberating relevance and success in her endeavours with particular reference to our nation building. 'She came, she saw and she indeed conquered'. Do not belittle her immense contribution towards our economic emancipation. Dr Nkonjo Iweala was and is still a breathe of fresh air in Nigerian political and economic history.