Soon after the civil war came the oil boom of the 1970s. Prior to this time, the economy had been solely powered by agriculture but as oil revenue rose, the government became increasingly dependent on it for budgetary and economic needs.

It neglected other sources of the economy required for stability. The loudest concern then was the possibility of the oil well drying up. No one knew that some day, not faraway, the global price of oil would fall.

The Oil boom largely contributed to making the Federal Government and the oil producing states the centre of political struggle they are today. This energized the desperation of military juntas and politicians to hold on to power.

At the wake of the second republic in 1979 when Gen. Obasanjo transferred power to the civilian regime of Shehu Shagari, corruption had taken a new dimension.

The military coup of Muhammadu Buhari that followed the regime's fraudulent re-election in 1984 was welcomed with open arms. However, Nigeria would require a more notorious military leadership to plunge her into an abysmal fall.

Fondly called Maradona, Ibrahim Badamosi Babaginda (IBB), and his successor Sani Abacha's tenures between 1985-1998 were considered the most corrupt, and largely responsible for the culture of corruption in Nigeria.

Abacha's regime for instance ended in 1998 after a mysterious death while in office. But it would take the Swiss government ten years to refund 723 million dollars to Nigeria as part of his loot excluding the 321 million dollars expected this year.

Though the news of his death was received with wild jubilation by many, little did they know it was only the foundation laying phase for corruption in the country. Years later, Abacha would reincarnate through democratically elected politicians to re-loot his bounty!

To be continued...

Nifemi Oguntoye
Broadcast Journalist/Compere
nifemioguntoye@yahoo.com