By JUMI RHODES



Former Minister of Finance, Dr. Ngozi Okonjo-Iweala has given an insight into how corrupt leaders have looted Nigeria's treasury over the years. Okonjo-Iweala, who served in the last administration as Coordinating Minister of the Economy, revealed this in her book 'Reforming The Unreformable: Lessons from Nigeria'{originally published in 2012}. As excerpted from the book are 4 methods the former minister reveals leaders and public officials loot Nigeria's money:


CORRUPTION ON A GRAND SCALE: THEFT OF PUBLIC ASSETS BY HIGH PUBLIC OFFICIALS

"On September 15, 2005, Diepreye Alamieyeseigha(now deceased), (then) governor of the Nigerian state of Bayelsa, was who was arrested at London's Heathrow Airport and interrogated on allegations of money laundering by officers of the London Metropolitan Police's Specialist and Economic Crime Unit. From the airport he was taken to his home in the Paddington area of London. A search of the home resulted in the discovery of the equivalent of 920,000 pounds... In all, he was charged with laundering more than 1.8million pounds. He asserted his innocence. He was granted bail, pending trial. He then jumped bail and escaped from the UK disguised as a woman. He fled to Nigeria, where the constitution grants governors, presidents, and vice presidents immunity from prosecution while in office."



CORRUPTION FROM THE TOP: THEFT OF PUBLIC ASSETS BY A FORMER DICTATOR

"In August 2004, authorities in Switzerland accepted the argument of Nigeria's lawyers that an Abachar-run criminal organization existed whose purpose was to engaged in the looting and laundering of Nigerian public funds....In the five years of Abacha's rule, an estimated US$3billion to US$5billion of Nigeria's public assets were looted and sent abroad by Abacha, his family, and their associates. At the upper end of the range, the amount stolen is larger than the 2006 education and health federal budgets combined..


Of the amount stolen, more than US$2.2billion was carted away from the Central Bank of Nigeria in truckloads of cash in the form of foreign currency and travelers checks... Another classic method of corruption practiced by the Abacha criminal organization involved contract inflation. One particularly odious case was a Nigerian Family Support Program contract for Pasteur Merieux vaccines. The US$111 million contract was awarded to Morgan Procurement Ltd, a company belonging to the Abacha family. The true value of the vaccines was US$22.5million."



CORRUPTION FROM WITHIN: CORRUPTION BY FOREIGN COMPANIES AND THEIR DOMESTIC PARTNERS IN CRIME

"Nigeria is replete with accounts of such corrupt and corrupting behavior by foreign companies. Siemens, to its credit, admitted paying 10 million euros to Nigeria government officials between 2001 and 2004 to facilitate contract awards. Sometime in 1994, the TSKJ consortium made a bid to provide services to a US$12 billion LNG gas project in Nigeria. This initial bid was not accepted. ... In December 1995, TSKJ was awarded a US$2billion contract for the Nigerian LNG proect. Years later, evidence was produced that the TSKJ group had internally discussed making payments of about US$180million to various foreign accounts of Nigerian officials to help TSKJ obtain its lucrative contract."



CORRUPTION FROM THE BOTTOM: PRIVATE INTIMIDATION

"A systemic rot has befallen Nigeria's once-solid system of public tertiary education... Tales abound of public health workers asking for under-the-table payments for services and diverting hospital supplies, drugs, and equipment to the privae clinics. Nigeria is bedeviled by very poor provision of public services in education and health, largely because of corruption and undermining of institutions by a small percentage of the population."



http://dawntodusknews.com/ngozi-okonjo-iweala-4-methods-corrupt-nigerians-steal-nigerias-money/

I see

Her own method nko

MAKE I ADD NO 5....

CORRUPTION BY MISREPRESENTATION OF INTENTION : THEFT OF FUNDS MEANT FOR SECURITY IN THE FACE OF TERRORISM .

E.G Dasukigate, wherein a clueless & evil minded Idi Amin C in C claimed he had released funds to secure lives & properties of average Joes & Janes but someway, somehow, such funds waka by themselves into loyalists & cronies account, purely in a bid to to get their support for an undeserved elongation of tenure!!!!

Na Alamesieagha example? What of Dasuku style?

Abacha never stole - PMB

TonyeBarcanista:
Na Alamesieagha example? What of Dasuku style?

Ayaf hep her put am, na forget she bin forget..

When did she write that book? Mynd44 and seun help ask the op.

Go on, teach us. But remember to teach us the one you engaged in also.

Ai tete m'ole,
Ole n m'oloko!

Imagine if IBB wrote a book titled "corruption is the sole motive military officers plot coup".

modath:


Ayaf hep her put am, na forget she bin forget..

Lol, you deserve a pay from her.

Salute!

This is another academic exercise from one of our high profiled academia who lacks hands-on experience in our terrain.

Her case reminds me of those great philosophers and magicians in the ancient Babylon fruitlessly advising the King then how to turn the fortune of Babylon for good whereas they are also victims of the said harsh environment.
Fortunately one of them spoke to the king that the one who has the capacity and morality to advise on how Babylon can be prosperous should be the man who has made fortune in Babylon, there he suggested Acad the richest man in Babylon.
NOI should know by now that a man can not give what he/she does not have. She should better say that to the marine.

I pray that God will help us sanitize Nigeria.

Which style did she use

She knew all these & still encourage them with her f**king cashless policy?

Until I hear ur own pattern abi style till then....

Hjsa

Innovative criminals

thief dey expose thief

.

Ok

I thought I was coming to read some very interesting and enlightening piece only to see this mass of crap.

I thought I was going to read how public officials exploit the cracks in our financial systems to fleece the country. I thought I was going to read about some novel efforts she made to eliminate those loopholes. Jeez, it this all the "celebrated" financial Einstein can come up with?? I really am doubting this is coming from NOI- I mean, The NOI!

So damn disappointed to say the least. Very useless thread. I won't be surprised if NOI comes up to deny she authored this piece tomorrow. Even the source is suspect.

vss

What a man can do a woman can do better

When I hear the amount of money people stole and are still stealing and will still steal from Nigeria and then look at the country..all I do is just to weep.

There are others

I pity Nigeria, our leaders loot and send it abroad, we earn our little salary and go abroad for holiday, we make fee millions and send our children to school abroad, we buy made in abroad, we marry and honey moon abroad, we give contracts and best of services abroad, yet we are saying we are under-developed, and cry for unemployment.
We must Jai all corrupt leaders, fight all corrupt processes, investigate all past and present public office holders, if found guilty, give them life imprisonment with hard labour. Build a factor in prison where they become productive. Jail them according to how much stolen per thousands.
Nigeria will be great again in Jesus name amen. I love my country.

Don't be timid tyour turn go come when the gate you slept in will be revealed and open