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Nigeria History

August 3 in Nigerian History: ‘Dream Team’ 1996 Olympic Gold, Okonjo-Iweala Resignation

Last updated: August 3, 2026 11:05 am
Sodiq Lawal Chocomilo
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Nigeria Stuns Argentina 3-2 to Win Africa’s First Olympic Football Gold

On August 4, 1996, Nigeria’s “Dream Team” defeated Argentina 3-2 to claim Africa’s first Olympic football gold.

Contents
  • Nigeria Stuns Argentina 3-2 to Win Africa’s First Olympic Football Gold
  • August 03, 2006: Okonjo-Iweala Quits As Foreign Minister

At a packed 90,000-capacity Sanford Stadium, Jo Bonfrere’s side came from behind twice.

Argentina took an early lead through their star trio of Ortega, Crespo and Lopez. Celestine Babayaro equalized, Daniel Amokachi restored Nigeria’s lead, and Argentina pulled level again.

Substitute Emmanuel Amunike, who came on the field at 72nd minute, scored in the 90th to seal it, sparking celebrations in Atlanta and Lagos.

Nigeria’s run included a 4-3 semifinal win over Brazil and a quarterfinal win over Mexico.

“This is not just for Nigeria,” said captain Nwankwo Kanu. “This is for Africa.”

The victory marked the first Olympic football gold for Africa, and made Nigeria only the second African nation to win an Olympic football medal.

August 03, 2006: Okonjo-Iweala Quits As Foreign Minister

On August 3, 2006, Ngozi Okonjo-Iweala resigned as Nigeria’s Foreign Minister.

The resignation came the same day President Olusegun Obasanjo removed her as head of the Economic Management Team.

She was 52. In her resignation note she cited “other challenges” and thanked Obasanjo for trusting her with two key roles. “Given recent developments, I believe it is in the best interest of the country for me to resign,” she wrote.

Insiders said the move stunned the cabinet. Okonjo-Iweala had led Nigeria’s reforms as Finance Minister from 2003 to 2006. After a June reshuffle she took Foreign Affairs but stayed in charge of the economy.

Observers saw it as part of pre-2007 election maneuvering.

Prof. Adebayo Olukoshi of CDD called her “the symbol of the administration’s reform agenda,” adding that losing her from the economic team “raises questions about the direction of those reforms.”

TAGGED:Africa's first Olympic goldAugust 3Dream TeamNigerian historyOkonjo-Iweala’s resignation
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BySodiq Lawal Chocomilo
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Lawal Sodiq Adewale aka CHOCOMILO is an award winning journalist. Mail me at Chocomilo@withinnigeria.com. See full profile on Within Nigeria's TEAM PAGE
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