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As Petroleum Minister, he borrowed a ₦40,000 bank loan in the 1970s to build his house — that was Shettima Ali Monguno, Nigeria’s first Minister of Petroleum, appointed in 1972.
He took the loan to build his house in Maiduguri.
late Shettima Ali Monguno, PhD, was:
~ President of OPEC 1972-73
~ Minister for Air Force 1965-1966,
~ Minister of Mines and Power,
~ Petroleum & Energy 1972 – 1975,
~ Fed Comissioner Trade 1967-1971
~ 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
~ Conferred National Honor – Commander of the Order of the Federal Republic CFR 1982
~Director Nigbel Bank Nigeria ltd 1988
~ Chairman Borno Education Endowment Fund 1986.
Yet, he 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. 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.
He received keys to the cities of New York City , Louisville, Kentucky , USA; Quito, Ecuador; and Lima , Peru. Copied.
SB E-news.
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