PRESS #RELEASE By Hon. Femi Gbajabiamila Minority Leader,Nigeria House of Representatives,Abuja,Nigeria. QUESTIONS ON OUR SOVEREIGN WEALTH FUND AND PDP’S NON ANSWER. It was with bemused resignation that we read the PDP reaction to legitimate questions about the contracting out of Nigeria’s sovereign wealth to foreign firms. Though we were worried that a simple inquiry as to the proprietary of the transaction would evoke such vituperations and gutter language from the ruling Party, we felt it was vintage PDP. Even if we are proved to be wrong eventually, our questions remain legitimate and appropriate. However, their acerbic reaction only goes to further convince Nigerians that a Party that mouths transparency and accountability but neglects and refuses to answer questions from the people needs to be shown the exit. In its tirade, the PDP refused to address the questions. Perhaps the questions were not understood. We repeat, is it right for Nigeria’s SOVEREIGN wealth to be managed by foreign firms and is it ethical and constitutional that the MD of the Sovereign Wealth Investment Authority was a former employee of UBS, one of the 3 foreign firms? Or that the initiator of the Sovereign Wealth Fund, Minister Aganga Williams came from Goldman Sachs another one of the 3 firms? These are the questions that need to be answered and will not go away no matter the abusive and cavalier comments from an impervious and clueless bunch. We have not questioned the integrity of the MD of the SWIA, in fact we did say he comes with a sound financial pedigree. Neither did we assert that it was wrong to have a sovereign wealth fund. We are sure the Party is not that dyslexic! What we question is the proprietary of the transaction. Perhaps PDP needs to understand the rudiments of representative democracy and that an essential ingredient is checks and balances provided by a separate arm of government, in this case the legislative arm, most especially the opposition. To attempt to justify such questionable transaction by coming up with 3 other countries out of the over 50 countries that operate a sovereign wealth is beyond belief. Does their practice make it right? Do they operate the same constitution as Nigeria? Do they have the same complexities as Nigeria? Where are they on the corruption index or ladder? Do their people trust them with their common and sovereign wealth? Is 3 out of over 50 sufficient yardstick? Does PDP have such an inferiority complex? Is there a conflict of interest between the foreign firms that run their sovereign wealth and the managers of their sovereign wealth investment authority? Were these not the same firms that almost collapsed the world economy and created a run on banks a few years ago or are the funds insured? Do we not have Nigerian banks such as UBA, First Bank, GTB, Zenith and indeed the African Development Bank that operate abroad and can manage our sovereign wealth if need be? Questions abound and they cannot be wished away. We were called ignorant by the PDP for asking these questions. Yes we are ignorant but please humour us and our ignorance by answering our questions for the sake of the Nigerian people so we can put this baby to rest. We know that the PDP believes that Nigeria’s money belongs to it but we need to constantly remind them of the descriptive word “sovereign” and what it means. Once the Party understands this, it will not treat any question that touches on our sovereignty and collective wealth so condescendinglyand with such disdain. QED Femi Gbajabiamila Leader of the Opposition House of Representatives
Posted on: Wed, 23 Oct 2013 11:38:57 +0000
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