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.

http://www.vanguardngr.com/2016/03/fgs-n3-1-trillion-revenue-loss-traced-

what?

This our relationship with south Africa appears to be one-sided. Despite the help we offered them

Nwanne, Nigeria can only be fixed if what happened during Noah can happen again..

As for me, I dey go build canoe..

Who are this people? Are they ghost?

$16billion.

Buhari body odour must have made the individuals not to fear God.

And this corrupts practice was allowed to happen under PMB. The revered MR.Integrity

Lol...
Assuming it was under Gej the whole Nigeria would have been boiling by now.

Clueless presidiot

This one bobo juice. ...don't the suspects have names?

Macclane:
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

How did SOME individualS become just one individual?
Stories of propaganda by a confused federal administration.



www.nairaland.com/attachments/3487934_facebook20160217203110_png9d101a62a7f85ccae216ad246dbde300

Nigeria must recover every kobo and punish the looters, even if it is capital punishment! Be it Jonathan, his wife or anybody else!

The haters of Nigeria will not be happy at this but we don't care, we need to fix this country no matter how sad and hateful they feel.

anonimi:


How did SOME individualS become just one individual?
Stories of propaganda by a confused federal administration.



www.nairaland.com/attachments/3487934_facebook20160217203110_png9d101a62a7f85ccae216ad246dbde300

Here they come: haters! You can criticize and vent your hatefulness forever, this country must move on and be better! Even if you live outside Nigeria, the failure of the government and country you so much hate will cause untold suffering to your family too! Quit this negative and hateful attitude. Even if you don't, it will not stop Nigeria from progressing and striving to be better.

Buhari won't fail because of you thieves and your wailing supporters, by God's grace.

What den dose the government do about the money Where dose the money go From the sound if things the money PMB retrieved from looters will be in trillions.!!! That money can start a new state..
#OurEconomy!

Phame:
Buhari won't fail because of you thieves and your wailing supporters, by God's grace.

What is fail

It is even the wailing media vanguard that carried this news. A punitive law against corruption must be designed and implemented else corruption and its supporters would not yield.

rottennaija:
This our relationship with south Africa appears to be one-sided. Despite the help we offered them

they are bunch of 'ingrates'.

Wow..i am tempted to ask where the president, minister of finance, CBN & the anti-corruption agencies where when such huge sums of money were stolen daily, could they have all been sleeping or drunk with ogogoro? Some people do not fear God at all, may they all never know peace for the pains they have inflicted on Nigerians

This is just a tip of the iceberg
Bubu where were u when an individual (aka some individuals) stole oil funds?
I can't cry for u o....get the money back immediately PMB

This is incredible

Ive discoverd that this failed, corupt and undirectional government of Buhari and Apc only strive on cheap PROPAGANDA.

They raise one propaganda or the other whenever the masses begins to get common sense and start wailling.

Buhari has failed, Fashola has failed, APC has also failed Nigerians, so their only lifeline is Lies upon Lies and Lies after Lies.

All these Lies is to divert attention of the masses from demanding a better change and upliftment of lives, instead of the CHAINS APC has giving. There lies are diverssionery.

This goverment of APC is very divissive as they always failed to take responsibility of happenings in the country.

All that Buhari and Apc does is to bring MASQURADE to testify against people in court.

Shameless, vissionless, irresponsible and directionless.
WHERE THERE IS NO VISSION?

Phame:
Buhari won't fail because of you thieves and your wailing supporters, by God's grace.

He has always being a confirmed failure,still a failure now(lost control of the economy) & will remain a failure forever as he lacks the charisma to lead a complex nation like ours.

Na today?

Oil theft has been there since 1960 please.

Put systems in place and stop all these stewpid one-man chase.

It is more cost effective and efficient to systematically stamp the incentives and control lapses that allow such than to use leg, bow and arrow to pursue perpetrators to return stolen funds. That reaks of vendetta. It almost sounds as if Buhari thinks and believes it is his personal money that is stolen. No sytemic approach at all. Meanwhile as you discover one, there are 100s more out there.

Put systems QED.

emmydeep:
Ive discoverd that this failed, corupt and undirectional government of Buhari and Apc only strive on cheap PROPAGANDA.

They raise one propaganda or the other whenever the masses begins to get common sense and start wailling.

Buhari has failed, Fashola has failed, APC has also failed Nigerians, so their only lifeline is Lies upon Lies and Lies after Lies.

This is the bitter truth that well oriented Nigerians should have grasp by now.

BUBU ONKY SUBSCRIBED TO BECOME PRESIDENT O
HE DIDNT ASK FOR ALL THE ATTENDING CORRUPTION WORK AND THE LIKES
LETS BE PATIENT
HE BATTLED 16YEARS TO BECOME PRESIDENT....LET'S GIVE HIM THE NEXT 3YEARS TO KEEP TRAVELLING ABROAD AS PART OF THE DEAL


We don suffer sha......who has fuel in his fridge should pls contact me

Name the individuals or are they too powerful to be named

mej67:
Na today?

Oil theft has been there since 1960 please.

Put systems in place and stop all these stewpid one-man chase.

It is more cost effective and efficient to systematically stamp the incentives and control lapses that allow such than to use leg, bow and arrow to pursue perpetrators to return stolen funds. That reaks of vendetta. It almost sounds as if Buhari thinks and believes it is his personal money that is stolen. No sytemic approach at all. Meanwhile as you discover one, there are 100s more out there.

Put systems QED.

Sometimes, it's just hard thinking this can come out of educated, rational-thinking humans. So, you want the nation to simply forgo all these stolen millions and leave the thieves to their loots, because "it reeks of vendetta"?

EasternActivist:
$16billion.

Buhari body odour must have the individuals not to fear God.

And this corrupts practice was allowed to happen under PMB. The revered MR.Integrity

Lol...
Assuming it was under Gej the whole Nigeria would have been boiling by now.

Clueless presidiot

People like you confirms that even people with their two eyes intact can be said to be blind! COMPREHENSION! at this stage of your life is important for good an effective reasoning

EasternActivist:
$16billion.

Buhari body odour must have the individuals not to fear God.

And this corrupts practice was allowed to happen under PMB. The revered MR.Integrity

Lol...
Assuming it was under Gej the whole Nigeria would have been boiling by now.

Clueless presidiot

People like you confirms that even people with their two eyes intact can be said to be blind! COMPREHENSION! at this stage of your life is important for good an effective reasoning. Them suppose slap you for dz ur comment