A NERVE-CHILLING disclosure came yesterday as the former Vice President of the World Bank for Africa and former Minister of Education, Dr. Oby Ezekwesili, said in Abuja that a staggering $400 billion of Nigeria's oil revenue has been stolen or misused since the country's independence in 1960.

Ezekwesili also declared that while oil accounted for about 90 per cent of the value of Nigeria's exports that over 80 per cent of that money ended up in the hands of one per cent of the population.

Presenting a paper titled "Corruption, National Development, The Bar and The Judiciary” at the on-going 52nd yearly general meeting (AGM) of the Nigerian Bar Association (NBA), Ezekwesili said the fight against corruption and demand for good governance must transcend the actions or efforts of government.

According to her "in fact results reveal that as much as 20 per cent of the entire capital expenditure will end up in private pockets annually. The negative effects of corruption is starkly demonstrated by the fact that based on current track record, Nigeria will miss all the Millennium Development Goals (MDGs) target set in 2000 despite the richness of is natural and human resource endowments.

"There is no doubt that at the heart of any progress towards meeting these goals is the quality of governance at all levels of government and yet the general perception since validated by the revealed large scale corruption in the petroleum sector especially but not limited to the management of the subsidy scheme by all the relevant agencies of government is that of poor governance of public resources and assets in Nigeria at every level of government.

"Poor governance of public resources and assets in Nigeria is worsening at every level of government, across our institutions of state, the private sector and fast engulfing the wider society. The other and perhaps more significant way corruption hurts is it's impact on the government bottom line and those teacher-less, desk-less schools only hint at the extent of the problem in Nigeria. An estimated $400 billion of the country's oil revenue has been stolen or misspent since the country's independence in 1960,” she declared.

She noted that "in one study by my former institution, the World Bank, a data modeling revealed that annual worldwide losses due to corruption amount to between one to four thousand US dollars... The Global Financial Integrity estimated that between 1970 and 2008, Africa lost more than $854 billion in illicit financial outflows, an amount, which is far in excess of official development inflows.

"Another report of the Transparency International (TI) put the amount of bribes companies paid politicians and other public officials in developing and transiting economies annually at $ 40 billion in 2009…” she added.

She stated that civil society organizations, the NBA and the nation's judiciary and non state actors can play a significant role in making public budgeting more transparent and accountable and engage in the various stages of the budget process that can strengthen the oversight process and accountability in the use of public resources.
http://afrikandevelopment.net/corrupt-leaders-stole-billion-from-nigeria-p284-1.htm
WHAT DOES $384.6BN BUY?
225 Space Shuttles
795,115 Rolls Royce Phantoms
400m PC computers
32m primary school rooms
3,800kg rice for each Nigerian


[size=16pt]
Please Nigerians lets us support Buhari recover some of the billions[/size]

Madam Due Process

What Buhari needs to do is setup a competent anti-corruption agency and institute police reforms and empower these agencies to carry out their duties effectively without undue influence, while government carries out its core functions without distraction. The whistle blowing act must be passed into law for our anti corruption fight to be effective

toh!
This Obi d carry headlines donwadays oo.
The woman go win oscar soon.

Hmmm. How did she or they arrive at the figure? You can't just throw figures at our face and expect us to swallow them like milk.

attention seeker,dont worry,you will be noticed for appointment in the new govt.but dont forget that you were part of obj wasteful regime.

And some mad people were shouting Gej till their generations turns beggers.....baba probe them all

By the time the probe starts from 1960 to date, no one will be left in government; governance will be run from prisons.

Immunity aside, Aso Rock will be upgraded with bars to make a convenient prison for Buhari himself having served as Petroleum Minister and Head of PTF at different times. GEJ's supposed palatial villa at Otuoke will be ringed with rods to grant him a befitting retirement prison facility. Tinubu will become the king prisoner of Bourdillon. Aunty Obi may be giving her speech to co-prisoners. How much more all the overtly known looters from ages past till date.

Nobody holy pass, albeit, I support the probe.

realborn:
By the time the probe starts from 1960 to date, no one will be left in government; governance will be run from prisons.

Immunity aside, Aso Rock will be upgraded with bars to make a convenient prison for Buhari himself having served as Petroleum Minister and Head of PTF at different times. GEJ's supposed palatial villa at Otuoke will be ringed with rods to grant him a befitting retirement prison facility. Tinubu will become the king prisoner of Bourdillon. Aunty Obi may be giving her speech to co-prisoners. How much more all the overtly known looters from ages past till date.

Nobody holy pass, albeit, I support the probe.

lol at your first sentence

Hopefully a large part of the funds would be recovered... atleast for them to start returning funds to the federal account shows they all know someone now see stealing and corruption as twin brothers

coputa:
attention seeker,dont worry,you will be noticed for appointment in the new govt.but dont forget that you were part of obj wasteful regime.

Sadly I need to ask you, are you not moved from this revelation? ??. Reason why most of you loud mouths are still jobless

Point of correction, it's the corrupt Nigerians that are afraid of Buhari probe....... Thank God Baba is not a weakling who is easily push around.

Tinubu will be like what is wrong with this old woman.

A country who has no regards for their judicial system or rule of law in which they created to govern themselves. A country where corruption is at its peak. I wonder, when will Nigeria politicians face the book? Outrageous funds Like this, just can't be missing for apparently no good reason.

coolzeal:
A country who has no regards for their judicial system or rule of law in which the created to govern themselves. A country where corruption is at its peak. I wonder, when will Nigeria politicians face the book? Outrageous funds Like this, just can't be missing for apparently no good reason.

That is exactly what Buhari said there are rules in every Ministry and internal controls,but the level of impunity is too much.People need to be punished to serve as a deterent and set a precedent.Hopefully Buhari can be the one to bring about that change he needs our support because they are going to fight back

Buhari strike a pose like a bull to me but he seriously need to tackle the level of corruption in this country because, it has become just. That's ridiculous. They should be a capital punishment and high regards for our justice system. Don't you think so?

coolzeal:
Buhari strike a pose like a bull to me but he seriously need to tackle the level of corruption in this country because, it has become just. That's is ridiculous. They should be a capital punishment and high regards for our justice system. Don't you think so?

Like Buhari said they have destroyed every single institution education,customs and most importantly judiciary Nigeria's judges most of them can be bought off they are not immune from the corruption in the system. I won't be easy Buhari is one of the few good people, we know he is surrounded by thieves in APC,he can't do it alone. We just have to pray for him he is in the lion den surrounded by and about to go against some of the most corrupt humans to ever walk this planet.

This madam due process should make a good Minister for Petroleum.

Her experience in finance coupled with her penchant for due process will really help the country and will be of advantage to GMB and his resolve to bring sanity to the Ministry of Petroleum.

Sweetguy25:
Hmmm. How did she or they arrive at the figure? You can't just throw figures at our face and expect us to swallow them like milk.

Is like you don't know how these politicians embezzle.

tiger28:
Sadly I need to ask you, are you not moved from this revelation? ??. Reason why most of you loud mouths are still jobless

young dude,what i was saying is that she is part of the stolen money when she was globe trotting with her former master and benefactor.She is just mischievious.Corruption is an age long disease in nigeria.she is being used to discredit this administration and to curry favour from buhari.

coputa:
young dude,what i was saying is that she is part of the stolen money when she was globe trotting with her former master and benefactor.She is just mischievious.Corruption is an age long disease in nigeria.she is being used to discredit this administration and to curry favour from buhari.

She is an attention seeker and to power hungry,she should'nt be given any post

LasgidyPort:
This madam due process should make a good Minister for Petroleum.

Her experience in finance coupled with her penchant for due process will really help the country and will be of advantage to GMB and his resolve to bring sanity to the Ministry of Petroleum.

I pray she get efcc

Nigeria ought to be the best Nation in the world but corruption has really driven us back.The masses have suffered a lot.GEJ administration was the one that really shifted us to the wall.He kept using his gentle face the name 'GOODLUCK' to deceive so many pple.I didn't vote for him in 2011 and 2015.I was able to look beyond his name and face and I saw a clueless and corrupt fellow.Nigeria shall be great again.Only corrupt people are scared of Buhari.I'm sure Buhari and APC will try a lot.