Okigbo Panel
Never Indicted Me, Says IBB

This Day (Lagos)

September 6, 2004
 

Joseph Ushigiale
Lagos

Former military president, General
Ibrahim Baban-gida yesterday reiterated his defence of what he said was the
misconception in the public domain regarding his alleged indictment by the late
Dr. Pius Okigbo Panel on the misapplication of over $12.4bn oil windfall. “I was
never indicted by the Okigbo report,” he said.

Babangida, in a televised programme
“The Sunday Interview” aired on the African Independent Television (AIT) also
dismissed the allegations that he corruptly enriched himself while in power.

While saying the allegation lacked
proof, he said, “I did challenge and still do for anyone who can come forward
and look me in the face and say I struck a deal with him to come forward with
proof.”

On the Okigbo report which purportedly
indicted him over his handling of the oil windfall, Babangida said “I am
comfortable with the Pius Okigbo report. May his soul rest in peace. I read it
and I know he was quoted out of context. Okigbo had a term of reference which
was specifically not on oil windfall but on the administration between June 1988
to 1994.”

country could have earned $12.4bn in a year. During my tenure, oil price
fluctuated between $8 to $10 and we never received that kind of money even with
the so-called windfall.”

simple as arithmetic. This misconception is a product of people who hate IBB
with a passion and would stop at nothing to bring him down. I want people to
still investigate.”

On the recent claim by a foreigner that
he had proof that Babangida had laundered over $20 billion while in government,
he said, “all these allegations have not gotten to the level of proof. Financial
transactions worldwide have changed drastically. You have an elite in the
society that is lazy. It should ask if one man can strike a deal for $3bn. Maybe
people do not realise what a billion is.”

would be chased around the world and investigated. But $20bn, there would be no
hiding place for such a man. Apart from lawyers and media people, who still
dwell on this falsehood, successive governments are aware of these monetary
circumstances. Why then do you pursue a non-issue?” he asked.

In justifying why his administration
adopted the Structural Adjustment Programme (SAP), he said, “the programme was
an homegrown economic policy which was adopted in the 80’s to introduce
fundamental structural economic changes that, even though hurt, was designed to
change our old habits. We are being vindicated today.”

He disagreed with the view that SAP
brought about the current hardship on people.”No. Any measure you put in place,
whether in government or elsewhere, there are unintended consequences that would
emanate from them when you start implementing.

trying to cushion the effects of SAP to help the low income groups. That is
normal in every government. In the 90’s the whole world economy was changing, in
Russia, we had the perestroika and glasnost. Government could not continue to be
the sole motivation of the economy. We adapted to current changes then,” he
explained On why he threw the International Monetary Fund (IMF) loan open to
public debate, Babangida said “in 1985 when we came in, there was a lot of
debate between 1982 to ‘84 on the desirability of collecting the loan or not.”

Muhammadu Buhari administration had it on its agenda, so we knew it was an
existing burning issue that could not be ignored and we threw it open to debate
to provide a forum for even market people to contribute.” Babangida rationalised
that the essence of the debate was that “we wanted to have the feelings of the
people. For one year, the debate raged on in different forms and when eventually
it was rounded up, I came and addressed the nation and the popular opinion was
that we should not take it and we did not.”

there would be sacrifices and we came up with our own homegrown economic
policies. We reduced our debt service ratio from 44 percent downwards, even
though people still said we were implementing IMF prescriptions.”

On why the naira started sliding during
his tenure, Babangida said “I left office with naira changing at $1 to N18. One
basic thing is that to strengthen the naira, we have to stimulate internal
production. It was not possible to do this because capacity utilisation was
low.”

He explained that the recurrence of
coups in the polity was as a result of frustration. “People give us legitimacy
for a coup to succeed. There must be frustration in the polity. In all the
interventions from 1966 to date, there was frustration and the people gave these
governments that emerged automatic legitimacy.”

On the state of the economy, Babangida
commended President Olusegun Obasanjo for the will power to continue with the
on-going reform programme. “This is a process we started and left and now we are
in the right direction,” he said. Babangida however said contrary to
misconceptions, “our administration never imported petroleum products even while
we were deregulating. It is on record that my administration completed and
commissioned one of the most sophisticated refineries in the history of this
country.”

best brains including Alhaji Rilwanu Lukman, Tam David-west, Jubril Aminu and S
P Chu Okongwu, we mapped out a programme for turn around maintenance for our
refineries and only imported products for bridging during the period. The
records are there.” On the critical position taken against his perceived 2007
ambition by Major General Ishola Williams (rtd), he said, “as a matter of
policy, I don’t join issues with my juniors. I joined the service before him and
retired as a four star general. He left as a two-star general. I don’t join
issues with my subordinates no matter how highly placed.”