Apparently believing that he had heard and
seen the worst of how corrupt practices have
brought Nigeria to her knees, President

Muhammadu Buhari, last week, almost lost
his cool when it was brought to his attention
that a whopping $16 billion - at the official
exchange rate of N196, this comes to N3.136
trillion; while, with the parallel market rate of
N315, it comes to a whopping N5.04trillion) of
the nation’s crude oil revenue loss could be
traced to some sharp practices by some
individuals in Nigeria’s oil and gas sector.
The quantum of funds in question are revenue
that ought to have accrued to the Federal
Government of Nigeria through oil-lifting deals
which are now subject of intensive
investigations.
Specifically, one of the arrow heads of the
crude oil lifting scam, who has been invited
and interrogated by the Economic and
Financial Crimes Commission, EFCC, at least
twice before, has been granted administrative
bail, and “who is alleged to be warehousing a
sizable chunk of the money, drew the ire of
Mr. President”, an Aso Rock Presidential Villa
source disclosed.

Sunday Vanguard learnt that even visiting
South African President, Jacob Zuma, was
caught in the cross winds of Buhari’s
reinvigorated mode of anti-corruption, as he
ordered that every kobo of the stolen funds
must be recovered.
Similarly, information suggests that the
government of the United States of America
is helping in the provision of intelligence on
how to trace some of the stolen funds from
Nigeria.
Benin Republic and South Africa have both
become safe havens for Nigeria’s stolen funds
investigations have revealed.

$16BILLION
Sunday Vanguard learnt that once the
revelations were made to Buhari, he ordered
that EFCC must ensure that the looted funds
are recovered.
According to Aso Rock insiders, the funds
were “supposed to be proceeds from some of
the crude oil sold on behalf of the Federal
Government of Nigeria by these people and
for which they were said not to have made
the necessary returns to the coffers of the
country”.

Continuing, one of the sources said: “You
needed to have been there. You needed to
have seen Mr. President. He was almost
moved to tears at the colossal fraud that had
taken place in the country.
“He became dejected because at a time when
the nation’s resources had gone down badly,
at a time when the foreign reserves are also
not as much as would be befitting of a nation
with vast potentials, such a huge amount of
money can be traced to the illegal activities
of some people.
“But Mr. President has ordered that every
kobo must be recovered. Whatever it takes,
he has made it clear that those funds must
be recovered.”

Records of the oil-lifting schedules, timelines
of transactions as well as proceeds that were
meant to have accrued to government, the
source said, “showed that some people just
constituted themselves into a parallel
government and were just making away with
the nation’s resources.”

TRACING STOLEN FUNDS
Sunday Vanguard learnt that, as part of its
bilateral agreement on intelligence sharing
and anti-money laundering surveillance, the
government of the United States is
collaborating with the Buhari administration
on how to trace some of the stolen funds
domiciled in other countries - Benin Republic
and South Africa have been identified as safe
havens.
Part of the visit of South African President
Jacob Zuma was said to be on the apparent
reluctance “of the South African government
to repatriate some funds stashed in the
country.”

It was discovered that whereas the Federal
Government has relaxed its forex policy, there
has been a heavy movement of cash (in
dollars) from Benin Republic back into the
system in Nigeria.
The simmering diplomatic row between
Nigeria and South Africa, sources disclosed,
has more to do with the seeming
unwillingness of the South African government
to repatriate alleged stolen funds that have
been traced to that country.
“This was part of what President Zuma came
to resolve with Nigeria during his visit last
week,” Sunday Vanguard said.

www.vanguardngr.com/2016/03/fgs-n3-1-trillion-revenue-loss-traced-to-an-individual/

Lala oh lalaaa Come and join me and shout Jesus. Cheeiii. Lalasticlala.

Ok

We are tire of this steal that or that stole this. Enough of propaganda, bring the money, mention name if any and stop this hype

choi. see money.

Years ago China introduced death sentence for corruption and drug crimes and so people began to behave. Revenue stopped flying and gangster stuffs evaded. Everybody sat down to start manufacturing something. Today they are second biggest economy and boast of $13.2 trillion GDP. They have become too big to act kung-fu.

Somebody needs to imitate their revolutionary law. :xD

16billion usd? Wen no reach money wenobj take scam us for electricity? Na 2day? Anyways my hope is dat evrybody that stole Nigeria dry must be brought to book,weda they are now in apc or still in pdp or anyother party

Hunh?