Breaking News: Ngozi Iweala removed as Finance Minister, moved to Foreign Affairs

Jun

2006

	By *Omoyele Sowore /Sahara Reporters* 21 June 2006

www.saharareporters.com

{mosimage}President Obasanjo removed Ngozi Okonjo Iweala as minister of finance today according to sources in Abuja. Ngozi Iweala has been finance minister since 2003 when president Obasanjo won a second term in office in an election tainted with fraud and serious irregularities. The president recently lost out in an attempt to change the constitution for him to remain in office for an extra four years, it is not clear if her removal was due to the failed "third term" project or the controversial shady deals involving unauthorized withdrawals from the nation'ss foreign reserve. The president might have moved her to douse the controversy, since the presidency seem to be speaking from both sides of their mouth regarding the withdrawals.

Recently Mrs. Okonjo Iweala has been under serious scrutiny from the local press and lawmakers over questionable withdrawals from Nigeria’s foreign reserve put at $34 billion dollars, it was believed that these withdrawals might have been used in funding the bribery of lawmakers in the national assembly to support the “third term” agenda of President Obasanjo. Also last week lawmakers raised alarm over the size of Nigeria’s foreign reserve which the Central Bank Governor, Charles Soludo and Mrs. Okonjo Iweala put at $34 billion, some of the lawmakers led by Senator Farouk Bello-Munza insisted that only $9 billion dollars was available in the foreign reserve accusing the minister of grand deception.

Just yesterday, the combative minister addressed the press about the current situation of the foreign reserve, but the issue did not die down as she had expected. Saharareporters called the minister to seek her opinion about what obviously was a downgrade of her position, a male voice who refused to be identified said she was too busy to speak to this reporter, insisting that she busy handing over to the new finance minister, Mrs. Usman who was her deputy in the ministry.

ABUJA (Reuters) - Nigerian President Olusegun Obasanjo on Wednesday named Finance Minister Ngozi Okonjo-Iweala as foreign minister, but said the former World Bank executive would remain in charge of the country's economic team. Okonjo-Iweala's deputy Nenadi Usman was promoted to the post of finance minister, while Foreign Minister Oluyemi Adeniji was moved to internal affairs.

"The former finance minister, Ngozi, will remain chairman of the economic team and carry out oversight functions with external financial institutions," Obasanjo said at a swearing-in ceremony in the capital Abuja.

Obasanjo's economic team designed an IMF-backed economic reform programme in 2003 that enabled the oil exporting nation to clinch an $18 billion debt write-off with the Paris Club of sovereign lenders last year.

As foreign minister, Okonjo-Iweala will supervise the withdrawal of Nigerian troops from the southeastern Bakassi Peninsula and the transfer of the disputed territory to Cameroon, expected to take place by August.

Two other reform team members have also been given wider powers with the reshuffle, which came ahead of general elections in April 2007.

Obi Ezekwisili, nicknamed "Madam Due Process" for her transparency drive, was moved to education from solid minerals, but will still supervise her former ministry for the time being. Federal Capital Territory minister Nasir el-Rufai is now also acting Commerce Minister.

Obasanjo and his cabinet will step down in landmark elections next year, which should mark the first time one elected president hands over to another since independence from Britain in 1960.

Analysts questioned Okonjo-Iweala's posting to foreign affairs and said it indicated the world's eighth largest oil exporter may have shifted its focus from economic reform to international diplomacy.

"It is too early to argue that the economy has turned the bend and does not need to be managed robustly. It appears the consolidation of economic gains is being deprioritised," said Bismarck Rewane of consultants Financial Derivatives Co.

"It would be curious to international financial analysts why a high-level economist is being saddled with the responsibility of international diplomacy."

The new finance minister, a lawyer, has served as Okonjo-Iweala's deputy since 2003, but she has no background in economics and financial management, analysts said.

Your Comments

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Robot

# 1 | 21.06.2006 12:30

	...Read the full article.

Grant. Grant. is online

# 2 | 21.06.2006 12:35

	Mrs. Usman, oh boy there goes the 9 billion already.

Robot

# 3 | 21.06.2006 12:35

	Cabinet Change: Okonjo - Iweala Moves To Exte...Read the full article.

planet1899 planet1899 is offline

# 4 | 21.06.2006 12:39

	Folks, this is very suspicion...how can she be moved in the last few months? The looting of Nigeria will begin with immediate effect with her removal. She had been the only stumbling block and now, she is gone. The story of Nigeria.

Auspicious Auspicious is offline

# 5 | 21.06.2006 12:41

	One statement STANDS OUT here: "It would be curious to international financial analysts why a high-level economist is being saddled with the responsibility of international diplomacy." We go dey here dey watch.

planet1899 planet1899 is offline

# 6 | 21.06.2006 12:42

	Auspicious, your point is very cogent...no one could have said it better. This is very curious and indeed an affront on all the work she has done for the nation. Great Nigeria indeed.

charles b charles b is online

# 7 | 21.06.2006 12:48

	This is typical of naija style.I think she has been doing very well and one wonders why she has to be removed to another ministry.The logical explanation is that those in charge are looking for a way to loot the country again and milk her to a point of death. That is naija for you.wonders shall never cease to happen.

ProofRead ProofRead is online

# 8 | 21.06.2006 12:56

	=Robot>Cabinet Change: Okonjo - Iweala Moves To Exte...Read the full article. If you weren't in such a hurry to put out breaking news, you might have taken the time to proof read your work as a true reporter should. Political upsurges and cabinet reshuffling isn't news as it's all part and parcel of Naija's brand of democracy. No surprises here!!!

busanga busanga is offline

# 9 | 21.06.2006 13:07

	to all the pessimists , I think this just a smart move by the woman to enable prepare her for exit next may. The foreign portfolio is less demanding and will allow make a smooth transition and allow her handle business on the homefront while conducting official business abroad. Me thinks that is the optimistic perspective. I also think her continued role as the leader of the reform team serves this purpose.

I Love Nigeria I Love Nigeria is offline

# 10 | 21.06.2006 13:21

	Dear All, I have personally witnessed Dr. Ngozi Okonjo-Iweala articulate Nigeria's purpose and Nigeria's national interests and I have also listened to her, debate the best journalists about issues Nigerian.... and I can tell you, nobody does it better! This lady has full/complete grasp of what Nigeria needs and deserves She has done a wonderfully remarkable job as the Finance Minister and leader of the economic team..... she lead that team around the world not long ago.... I met here in New York and she was terrific.... she spoke extempore and pointedly..... again, and again! She is supremely confident and self-assured.... and that is what Nigeria needs as a foreign affairs minister! I only wish, she has more time (May 2007?) as Nigeria's chief image maker! More accolades for President Obasanjo for the vision of her selection/appointment(s) She is a presidential material, that lady! I say congratulations to her, to our president and to Nigeria. Nigeria now has an able Foreign Affairs Minister.... watch out world, here comes Nigeia's Foreign Minister extraordinaire! mark my words

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