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Home Featured

Read About Nigeria’s Former Minister, OPEC President, Alli Monguno Who Borrow Money to Build His Only House

by NationalInsight
January 6, 2024
in Featured, News
Reading Time: 2min read
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Shetiima Ali Monguno

Shetiima Ali Monguno

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Late Dr Shetiima Ali Monguno is one of the prominent Nigerians from the Borno state who served the nation in various capacity as a politician and technocrat.

During his lifetime , Shettima Ali Monguno, PhD, was, Minister for Air Force 1965-1966,Minister of Mines and Power, Minister of Petroleum & Energy 1972 – 1975,Fed Commissioner Trade 1967-1971, President of OPEC 1972-73
Leader of Nigerian delegation to UNCAD II, New Delhi in 1968, Member of Nigerian delegation to United Nations for over 10 years, Pro-chancellor University of Calabar 1978-80, Pro-chancellor University of Nigeria 1980-84, National honors Ethiopian Empire, Republic of Egypt, Sudan and Cameroon 1970, Trustee Girl Guides Association of Nigeria 1970-90, Deputy National Chairman National Party of Nigeria December 1980-84, Chairman Maiduguri Metropolitan Council 1977–78, Member Constituent Assembly 1977-78.

He was Conferred National Honor – Commander of the Order of the Federal Republic CFR 1982, he becamee Director Nigbel Bank Nigeria ltd 1988 Chairman Borno Education Endowment Fund 1986 among others

He received keys to the cities of New York City , Louisville, Kentucky , USA; Quito, Ecuador; and Lima , Peru

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Despite his position he lived a simple life and died with only one house, a house he obtained through loan of N40,000 (Instalmental payments)

In 1974 he wanted to build House in Maiduguri, he applied for N40,000 bank loan , the bank wanted a guarantor.

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He approached his boss, General Yakubu Gowon, Head of State and Commander-in-Chief, for a letter to this effect. Gowon refused, saying that it would amount to abuse of office for him to allow him take a loan to build the house .

Shettima mulled his options.
Julius Berger was already well established then. He approached them to build the house for him.
They agreed on one condition,
Julius Berger would build the house and then rent it out for the number of years it would take to recover the N40,000 from his Salary .

Shettima agreed. That was how he built his bungalow in Maiduguri.

He could only do it via a BOOT (Build, Own, Operate and Transfer) arrangement with Julius Berger .

He attended Monguno primary school , Teacher’s College Bauchi and Katsina , college of arts, science and technology Zaria, Moray House college of education and the University of Edinburgh

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