An estimated $582 billion has been stolen from Nigeria since independence in 1960.

The estimate, which was attributed to Chatham House, was quoted in an article published by The Economist titled, ‘Catch me if you can, African kleptocrats are finding it tougher to stash cash in the West,’ published in its online edition.

Corruption is known to be one of Nigeria’s major problem and at least N11 trillion is said to have been diverted in the power sector alone since 1999, while N1.3 trillion public funds were reportedly laundered between 2011 and 2015.

In the article which talks about illicit financial flows in Africa, The Economist said so much has been pilfered from the continent that “tracking it all is tricky”.

It quoted Britain’s International Corruption unit as saying it has confiscated £76m ($117m) loot from Nigeria since 2006.

“Another £791m has been frozen worldwide thanks to its work,” it said, adding that “it barely makes a dent in the £100bn of illicit funds which Steve Goodrich at Transparency International, a watchdog, reckons enters Britain every year”.

The Economist said African leaders’ best way of hiding and moving stolen funds is to set up “a raft of anonymous shell companies and bank accounts”.

It spoke of how Sani Abacha, the former military head of state stole Nigeria blind and “deposited billions of dollars in banks across the rich world, no questions asked”.

“Light-fingered tyrants are looking back wistfully. In past decades they could stash their illicit wealth in the West,” it said.

“Friendly lawyers, banks and middlemen were on hand to park the loot. Western governments often seemed equally unfussed.”

LIGHT AT THE END OF THE TUNNEL

The article, however, said gone are the days when stealing public funds was easy as it is “becoming a bit harder to get away with”.

“Anti-corruption campaigners and muckraking journalists have busied themselves trying to uncover stolen assets,” it said.

“Western governments, tired of seeing aid money stolen, have toughened up money-laundering and bribery laws.”

Similarly, an anti-corruption tool in the form of a mobile application was recently launched by the Akin Fadeyi Foundation to enable Nigerians to report corrupt practices.

https://www.thecable.ng/chatham-house-582bn-stolen-from-nigeria-since-independence

".......Sani Abacha, the former military head of state stole Nigeria blind and “deposited billions of dollars in banks across the rich world, no questions asked."

Though all past & present Nigerian leaders corruptly enriched themselves, it was an insult to the sensibility of reasonable Nigerians for the slowpoke Nigeria have today as president to shamelessly said "Abacha never stole a dime."

Since 1999 till date we haven't spent 3 trillion in power enough of this lies ...budget have been their since

How much have we earned since independence ,

Who did dx to us?

This country will only be better if and only if our leaders will have a change of thought and work towards making Nigeria Great.

Our leaders are the problem that this country have... They are self-centered and selfish

If you need Pure Original HOney.. Whatsapp or call 0 8 1 016 6 677 1

It should be more !!! We have all heard how over 1.3 billion dollars was stolen from the never completed 27km Lagos light rail ..A project whose actual cost in the books of the Chinese construction company is 180 million dollars but in Lagos govt books is shown as 1.5 billion dollars

This is definitely a conservative estimate.

I'd say, over $1tn has been and is still being stolen from our collective coffers by the born kleptomaniacs we have as leaders.

If I had my way as Nigeria's President, I'd do the unthinkable by sacrificing myself for my generation and the coming generations.

A big gigantic zoo will be my very first project to be constructed by Julius Berger even though they'd make a list of those to inhabit it too.

And then, everyone that has had a stint in government and enriched him/herself beyond what was due to them will be rounded up and thrown into this zoo from where negotiations, confiscations and trial proceedings will be initiated.

They'd account for every every before we all start on a new slate.

Bastard thieves....

Country of thieves

Shaa see what I hv here

daddytime:
Ju

ju

Stealing of public funds is so easy in Nigeria.
Major reason why people wants power without caring for anyone.

The west are responsible for these inadequacies! They find ways to accepts stolen funds and always refuse to give it back!

They in turn use the IMF to borrow back these funds with extremely high interests rates and kickbacks. They taught the African nations especially Nigeria how to defraud it’s citizens!

The core north is obviously responsible for most of all these corruption; Buhari, IBB, Abacha etc

Racoon:
Though all past & present Nigerian leaders corruptly enriched themselves, it was an insult to the sensibility of reasonable Nigerians for the slowpoke Nigeria have today as president to shamelessly said "Abacha never stole a dime."

Mr PDP man, that includes your heroes GEJ who said the same thing about Nwobodo...who stole money and was jailed for it, and who also honored Abacha's wife.

Yes,it includes people like Buhari too(both during his first and second comming). I no go lie. But stop pretending that it is only APC involved...and yes, they are involved too

Your Party PDP too shares a lot of the blame for the mess as well. And they did nothing about it.

And yes, I don't like APC myself. I also don't like your PDP too. I wish you guys would take some responsibilty for messing up this country instead of playing a game of who is the worse thief than othrers

F

And someone will say that this country is not cursed. $582b, just 20% of the amount would be enough to change Nigeria's status from a 3rd world nation.

PoliticalWitch:

Mr PDP man, that includes your heroes GEJ who said the same thing about Nwobodo...who stole money and was jailed for it, and who also honored Abacha's wife.Yes,

Any reasonable Nigerian agreed that Buhari then was on a vendetta as it's today but where has it led him to?

The military clique of his govt then just kept on slamming corruption charges against people they don't like without any concrete evidence or justice while the corrupt core northern politicians were being spared.

I'd say more than that

With the help of the west. Not new

Hmmm, My prayer is,with all this looting, Whether they like it or not, we shall all witness the Nigeria of our dreams..Nigeria shall rise again!!!.

If there is a course about learning corruption, then people all over the world will be coming to Nigeria to get their Bsc, Msc, PhD etc in corruption. Nigeria is ruined

2.8 billion naira
Oil money missing missing
Cc immhotep Afonjaconehead GMBuharii bastardmod Afamed

Racoon:
.....

PDP=APC.

All of you guys, stop fighting for the corrupt. APC or PDP. Time we got in new guys into power.

Nobody will ask why 'Chatham House' is always involved in Nigerian affairs.

Choui

That money, if it had been used well, would make Dubai envy us!

PoliticalWitch:
PDP=APC.All of you guys, stop fighting for the corrupt.APC or PDP. Time we got in new guys into power.

Agreed sir as we're unfortunately stucked with these two,but APC corruption is the worst sanctimonious corruption ever witnessed in Nigeria

LZAA:
2.8 billion naira
Oil money missing missing
Cc immhotep Afonjaconehead GMBuharii bastardmod Afamed

Chai

izzou:


I think, Yakubu Gowon was the last reasonable leader we had

After he left, it was back to back eediots that ruled us

daddytime:
This is definitely a conservative estimate.

I'd say, over $1tn has been and is still being stolen from our collective coffers by the born kleptomaniacs we have as leaders.

If I had my way as Nigeria's President, I'd do the unthinkable by sacrificing myself for my generation and the coming generations.

A big gigantic zoo will be my very first project to be constructed by Julius Berger even though they'd make a list of those to inhabit it too.

And then, everyone that has had a stint in government and enriched him/herself beyond what was due to them will be rounded up and thrown into this zoo from where negotiations, confiscations and trial proceedings will be initiated.

They'd account for every every before we all start on a new slate.

Bastard thieves....

They will remove you from power within a few months.

Because here is the thing. Nigerians love their corrupt leaders...PDP, APC, millitary, NPN, UPN, NPP, NCNC, NPC, AG, whatever. They are not yet ready to stop the stealing. And even now, they won't stop the stealing.

Why are they complaining?
Aren't they the one aiding it?

They know Nigerian politicians are fantastically corrupt yet they dine, wine and plot with them.

It's only when it doesn't favour them that we start hearing stories that touch.
Hypocrites.

interesting, so where is all this money