Energy

Okonjo-Iweala Recalls Nasty Experience with Vicious Fuel Subsidy Cabal (Video)

By Web News 1605

This isn’t the first time the idea of petrol subsidy removal would be mooted. The Jonathan administration under which the incumbent Director General of the World Trade Organization, WTO, Dr Ngozi Okonjo-Iweala, served as Minister of Finance and Coordinating Minister of the Economy also had its fair share of mention in the saga. In fact, former President Jonathan said at that time severally that fuel subsidy was unsustainable and tried unsuccessfully to remove it.

In a video that went viral last week, Okonjo-Iweala is seen narrating how she spearheaded efforts to scrap payment of questionable subsidies and how beneficiaries viciously fought back, culminating in her mother’s kidnapping and demand for her resignation.

“My second example has to do with a very specific one in my country, the clean-up of the fuel scarcity regime in 2012 during my second stay as Finance Minister”, she narrates in the video.

“Nigeria has a physically challenging force of fuel regime, the country exports crude oil and imports fuel because their refineries are in a very bad shape and provides a subsidy for the refined oil as support.

“At the end of 2011, a total of N1.73tr, US $11b equivalent, was submitted as claims for subsidy by 143 marketers, who were importing the product.

“These numbers seemed horrendously large compared to what I had last when I was in government in 2006, which was close to $2b in subsidy.

“So, we decided to study these claims. We audited about $8.4b worth of claims and we found out $2.5b worth of fraud. That is, many of these marketers were trying to claim $2.5b fraudulently.

“With the full backing of the President and the Economic Team, we decided that we were not going to entertain these claims or to pay.

“The pressure from affected marketers was tremendous…not only to say we would not pay but also to say we would clean up the whole mechanism for the subsidy claims and put in place something more transparent, something clearer.

“This did not go down well with them. “When we insisted on our position of non-payment and implementation of the new verification regime, these, and well-connected interests, were angered, and came to blame me personally for this. “There were personal consequences. My 83-year-old mother, a retired professor of sociology, was kidnapped by four young men and held for five days.

“She was totally terrified. She asked them why she had been kidnapped and they told her ‘Because your daughter, the Finance Minister, refused to pay oil marketers their dues’.

“The kidnappers, negotiating with my brother, demanded my resignation, publicly; that I should go on television, publicly and announce my resignation and depart from the country as a condition for my mother’s release.

“Needless to say these were some of the worst days of my life. Imagine when you are in a position, you want your parents, all of whom are here with you today, and your relatives to be proud of you. You want to be a source of good for your family.

“You can imagine how I felt, sitting there and thinking, just because of trying to do something right. To implement a policy that was good for the country, to lead to the taking of my mother’s life. These were some of the worst days of my life.

Watch video

Vanguard/Simeon Ugbodovon

Subscribe to our Telegram and YouTube Channels also join our Whatsapp

Lifestyle

Okonjo-Iweala Loses Dad

By Web News 785

Professor Chukuka Okonjo, The father of the World Trade Organisation’s Director-General, Dr Ngozi Okonjo-Iweala, is dead.

The WTO’s Director-General, made the announcement in a statement she issued on behalf of the family on Monday, said the immediate past Obi of Ogwashi-Uku, Delta State died at the age of 91.

On behalf of my siblings and relatives of the Umu Obi Obahai Royal Family of Ogwashi-Uku, I announce the passing of my father, Obi Professor Chukuka Okonjo, the immediate past Obi of Ogwashi-Uku, Delta State at the age of 91.

“He died in Lagos soon after he arrived from a trip to the United States of America and Ghana.

“We are immensely grateful that his last moments were peaceful and that he died the same way he lived his life – with quiet dignity,” he said in the statement.

Dr Okonjo-Iweala said her father was an accomplished man on so many levels, “a highly respected academic, international public servant, university administrator, intellectual and traditional ruler.”

 The late Obi held a BSc in Mathematics, London, UK; MSc in Mathematics, Erlangen, Germany; MSc in Economics, Erlangen, Germany and PhD in Mathematical Statistics, Cologne, Germany. In the course of his career, he served in many positions.

The Nation

Politics

President Buhari To Okonjo-Iweala: We’re Happy You MAde It, But You Also Earned It.

By Web News 528

President Muhammadu Buhari Monday hosted in audience Dr Ngozi Okonjo-Iweala, newly appointed Director General of the World Trade Organization (WTO), telling her that despite the robust support Nigeria gave to her candidacy for the position, “You also earned it. We are happy you made it, but you earned it with your record of performance both at home and abroad.”
The President said Dr Okonjo-Iweala was putting Nigeria more on the world map, “and I congratulate you, as well as the country. I know you will represent us so well.”
President Buhari lauded Nigerian women once again, pointing to key positions they hold like Minister of Finance, Budget and National Planning, Head of the Civil Service of the Federation, and many others. He said the same way, government would encourage the youths, “so that they can be ready for the challenges of the future.”
The new WTO DG thanked President Buhari for the pulsating support she received from her own country in the race for the position.
“You nominated me, you wrote hundreds of letters, called up hundreds of world leaders. Without your personal and direct intervention, it may not have worked. The people of Nigeria also supported me massively. The youths were wonderful, always encouraging, backing me up on social media.
“Mr President, the world recognizes what you have done. Since its establishment, only men have led the WTO. Now, a woman has emerged for the first time, and she’s a Nigerian. We are so honoured,” Dr Okonjo-Iweala said.
She apprised the President of the opportunities for Nigeria in the global organization, as well as the challenges, stressing that “WTO will do more to help Nigeria, but we need to add value to our products in order to trade more. We should exploit all the opportunities in front of us.”
She added that the support and leadership of President Buhari will help her a lot in her position as DG.
Dr Ngozi Okonjo-Iweala assumed office on March 1, 2021 as the first female DG of the World Trade Organization.

Femi Adesina
Special Adviser to the President
(Media and Publicity)
March 15, 2021

Economy

BREAKING: Buhari, Okonjo-Iweala Meet In Aso Rock

By Web News 545

President Muhammadu Buhari is currently meeting with the new Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, at the State House in Abuja.

The WTO Chief Executive Officer, who assumed office on March 1, 2021, is visiting Nigeria for the first time since she took office in Geneva, Switzerland.

She arrived at the Presidential Villa at about 2:45 pm and was accompanied by the Minister of Foreign Affairs, Geoffrey Onyeama, the Minister of Trade and Investment, Otunba Niyi Adebayo as well as the Minister of State for Trade and Investment, Ambassador Maryam Katagum.

Also on the delegation are some officials of the World Trade Organisation.

The WTO DG, Dr Okonjo-Iweala, who had served as the Minister of Finance and Supervising Minister of the Economy was received by the Chief of Staff to the President, Professor Ibrahim Gambari.

The Nation

Economy

WTO DG, Okonjo-Iweala Arrives Nigeria

By Web News 558

The Director General of the World Trade Organization, Dr Ngozi Okonjo-Iweala has arrived Nigeria on a one week visit.

She arrived the country at about 12pm via Ethiopian airways.

The Director General was received on arrival by the Permanent Secretary of the Ministry of Trade and Investment, Nasir Sani-Gwarzo.

She is to meet with the President, his Chief of staff as well as the Foreign affairs and finance ministers on Monday.

Dr Okonjo-Iweala will also hold talks with the presidential Task force on Covid19, the Central Bank Governor and captains of industry, during her stay.

FRCN Abuja

News Analysis

Setting Agenda For The World Trade Organisation Director General, Dr Ngozi Okonjo Iweala

By Web News 520 Post a comment

Last week, , the  66-year-old former Nigerian finance minister and world bank chief Dr. Ngozi Okonjo-Iweala, emerged as the seventh  Director-General  of the Global Trade Organisation and  endorsed by United States President, Joe Biden.

Dr. Okonjo-Iweala became the first woman and the first African to be chosen as Director-General of the World Trade Organisation. 

The WTO’S job is no new terrain for Dr Okonjo-Iweala going by her pedigree in economics and financial matters.

As a development economist and a former finance minister, Dr Okonjo-Iweala steered Nigeria through various reforms ranging from macroeconomic to trade, financial and real sector issues.

No doubt, Dr Okonjo Iweala’s appointment, is an achievement, and an opportunity for the country and her home state, delta to contribute significantly to the pursuit of a better trade deal for the world.

Dr. Okonjo-Iweala’s antecedents an technocratic background would help inject some confidence back into the world trade system.

In the light of this, the new will need to bring to bear her experience.

The world at the moment faces series of challenges, chief among these is the coronavirus pandemic.

It is imperative for her to hit the ground running as she takes on the job in the middle of a major global recession.

There is need to revive the ministerial conference on the organization decision.

This will give members equal opportunity to participate in the decision making process.

The WTO has made virtually no progress on major international trade agreements.

Thus, the NEW D.G has to reopen the trade talk to break the deadlock.

Fixing of the WTO dispute settlement system will go along way to strong organisation for optimal performance.

Dr. Okonjo-Iweala should focus more on her vision of a rejuvenated and strengthened the organization that will be confident to tackle effectively ongoing issues, as she told WTO members during a hearing in July.

Aside the aforementioned WTO DG should remember to support female participation in global trade, and greater efforts should be made to include women-owned enterprises in the formal sector

Above all, Dr. Okonjo-Iweala should ensure that trade flows as smoothly, predictably and freely as possible as WTO’S main function. 

 Olukemi Akintunde

Foreign

PMB, Prominent Nigerians Felicitate with Okonjo-Iweala

By Web News 563

President Muhammadu Buhari has felicitated with former Minister of Finance and Economy, Dr. Ngozi Okonjo-Iweala on her election as Director General of the World Trade Organisation, WTO. This was contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu in Abuja.

According to the statement, “As the Harvard-educated and renowned economist takes up another onerous task of service to the world and humanity, the President believes her track record of integrity, diligence and passion for development will continue to yield positive results and rewards to mankind. “President Buhari affirms that Dr Okonjo-Iweala, who over the years set major records of economic reforms in Nigeria as Minister of Finance, and later Minister of Foreign Affairs, will excel in her new position and validate the global mandate of repositioning and strengthening the multilateral institution for the greater good of all.”

Similarly, President of Senate, Ahmad Lawan, also congratulated the former Minister of Finance, Dr. Ngozi Okonjo-Iweala on her emergence as the first African and first female Director-General of the WTO.

The President of the Senate said, “I heartily rejoice with Dr Okonjo-Iweala on this well-deserved victory. “With her latest feat, the former Nigerian Minister of Finance and Managing Director of the World Bank has again brought honour to Nigeria, Africa and women everywhere. I join the rest of the world to congratulate our sister, Dr. Ngozi Okonjo-Iweala, on her well-deserved emergence as the DG of the WTO. This is a historic and momentous achievement, not only for Nigeria, but also for the entire Africa.”

In A Related Development, Speaker of the House of Representatives, Femi Gbaja-biamila has congratulated Dr Ngozi Okonjo-Iweala on her emergence as the Director-General of WTO.

The Speaker noted that the “former two-time Finance Minister of Nigeria comes to office with a wealth of experience that spans several decades, saying her track record speaks volumes.”

In the Same Vein, Delta State Governor, Senator Ifeanyi Okowa, said the appointment of Dr Ngozi Okonjo-Iweala as Director-General of WTO was a testament to her competence and experience as a renowned economist and international development expert. “Her appointment is indeed, a testament to your competence and experience as a renowned economist and international development expert. You went through a very rigorous and competitive process to emerge as the new head at the WTO. “On behalf of my family, the Government and people of Delta, I congratulate a worthy Ambassador of Delta and Nigeria, Dr Ngozi Okonjo-Iweala, on the recognition and appointment.”

Channels News

Foreign

Nigeria’s Okonjo-Iweala Becomes First Woman, African To Lead WTO

By Web News 598

Nigeria’s Ngozi Okonjo-Iweala was appointed Monday to head the leading international trade body as it seeks to resolve disagreements over how it decides cases involving billions in sales and thousands of jobs.

Okonjo-Iweala, 66, was appointed Director-General of the World Trade Organization by representatives of the 164 member countries, according to a statement from the body.

She said in a statement that her first priority would be to quickly address the economic and health consequences of the COVID-19 pandemic and to “implement the policy responses we need to get the global economy going again.”

“Our organization faces a great many challenges but working together we can collectively make the WTO stronger, more agile and better adapted to the realities of today,” she said.

The appointment came after new United States President Joe Biden endorsed her candidacy, which had been blocked by former President Donald Trump.

On Monday, the US delegate to the WTO said he was “eager” to work with Okonjo-Iweala.

“The United States is committed to working closely with Director General Okonjo-Iweala and she can count on the United States to be a constructive partner,” said Charge d’Affaires David Bisbee in remarks sent to Reuters news agency by the US diplomatic mission in Geneva.

Biden’s decision to support Okonjo-Iweala was part of his broader agenda to choose more cooperative approaches to international problems after Trump’s “America First” approach launched multiple trade disputes.

But unblocking Okonjo-Iweala’s appointment is only the start in dealing with trade disputes launched by Trump, and in resolving US concerns about the WTO that date to the administration of former President Barack Obama. The US had blocked the appointment of new judges to the WTO’s appellate body, essentially freezing its ability to resolve extended and complex trade disputes.

The US government has argued that the trade organisation is slow-moving and bureaucratic, ill-equipped to handle the problems posed by China’s state-dominated economy and unduly restrictive on US attempts to impose sanctions on countries that unfairly subsidise their companies or export at unusually low prices.

Earlier this month, the Biden administration reversed Trump’s opposition and expressed “strong support’’ for Okonjo-Iweala and said she “brings a wealth of knowledge in economics and international diplomacy”. She is the first African official and the first woman to hold the job.

Okonjo-Iweala, formerly Nigeria’s finance minister, had a 25-year career at the World Bank, where she rose to the number-two position of managing director. She holds both US and Nigerian citizenship.

South Korean trade minister Yoo Myung-hee had withdrawn her candidacy, leaving Okonjo-Iweala as the only choice. Her predecessor, Roberto Azevedo, stepped down on August 31, a year before his term expired.

Trump repeatedly accused the WTO of unfair treatment of the US, started a trade war with China in defiance of the WTO system, and threatened to pull the US out of the trade body altogether. Trump also imposed 25 percent steel tariffs that hit European allies on national security grounds, a justification that went beyond trade measures normally used within the WTO rules framework to address complaints about unfair trade.

So far, Biden has not said whether the US will unblock the appellate appointments, and he has not withdrawn the steel tariffs, which are backed by US steel industry and union groups.

The World Trade Organization is an international body that deals with the rules of trade between nations. At its heart are the WTO agreements, negotiated among the bulk of the world’s nations and ratified in their legislatures.

Aljazeera