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Nigerian leaders looted $500b foreign aid

*Total overall theft is $20-trillion

- Bukola Ojeme & Chinelo Ezinwa

( Thursday, October 19, 2006 )

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"My pet example is the 220 billion pounds ($500 billion) of development assistance that has been stolen from this country since independence to date by past leaders." -Nuhu Ribadu

Chairman of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu, has accused past Nigerian leaders of stealing $500 billion donors’ assistance from Western countries to Nigeria since independence.

Speaking at the public launch of the Fix Nigeria Initiative (FNI) on Monday, he accused past leaders from independence of stealing $500 billion meant for development projects from Western donors.

He cautioned that if not tackled now, corruption would plunge the country into deeper economic crisis in no distant time.

His words: " Without seeking to befog you with statistics, let me share a few examples of what corruption has cost us as a people and as a nation.

"My pet example is the 220 billion pounds ($500 billion) of development assistance that has been stolen from this country since independence to date by past leaders."

Ribadu described corruption as the most difficult obstacle to national development, adding: "When corruption gets to this level, it can dissolve and rupture an otherwise thriving state as was the case in the Democratic Republic of Congo (DRC.)

This is partly true also of the tragedy in Sudan, as it was of Liberia and Sierra Leone, where the state practically failed and imploded.

He also said the number of Nigerians that daily throng foreign Embassies seeking visas to travel out of the country was alarming and blamed the situation on what he described as the megalithic kleptocracy of past leaders.

He called on Nigerians to effectively participate in the war against corruption by supporting the EFCC in its anti-corruption campaign.

Ribadu, therefore, described the FNI as project designed to give ownership on the war against corruption to Nigerians, saying: "We must come together to confront the common enemies of our people who have destroyed this country."

Speaking, President of the Nigeria Labour Congress (NLC), Comrade Adams Oshiomole, said the politicisation of the war against corruption was a drawback.

He insisted that excuses by those who were indicted by the EFCC of being persecuted because of their opposition to President Olusegun Obasanjo did not make sense.

Source: Daily Independent

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Related News

Nigerian leaders stole $20-trillion - Wale Haastrup

About $20-trillion had been stolen from Nigeria's coffers by leaders who had access to the nation's money between 1960 and 2005. This was disclosed by Dapo Olorunyomi, chief of staff to the chairman of the Economic and Financial Crimes Commission (EFCC) at a function in Lagos. Olorunyomi, who was speaking at the yearly Dinner/Re-union of the Lagos State chapter of the University of Ilorin Alumni Association, said the figure was sourced from the records of the United Nations Development Programme (UNDP). Olorunyomi said the amount was six times the amount needed to rebuild Europe after world war two. The EFCC boss said it was.......    More 

EFCC chairman, Nuhu Ribadu, conducting President Obasanjo round.
Photo Above: EFCC chairman, Nuhu Ribadu, conducting President Obasanjo, Senate President, Nnamani, and others round after the commissioning of EFCC Training & Research Institute in Abuja.
Nigerian Ex-Bayelsa State Governor( Diepreye Alamieyeseigha ) Plush London Manson.
Photo Above: Nigerian Ex-Bayelsa State Governor( Diepreye Alamieyeseigha ) Plush London Manson. Diepreye Alamieyeseigha was governor of Bayelsa State, Nigeria from May 29, 1999 to December 9, 2005. He was arrested and detained in London on charges of money laundering in 2005. Alamieyeseigha jumped bail in December 2005 from the UK disguised as a woman. He was impeached by the Bayelsa State Assembly on December 9, 2005 and later arrested for prosecution by Nigerian authorities. He remains in jail. Bayelsa, the state he governed for six years had no working electricity, yet he had been found to own real estate in London worth an estimated £10 million. Most of the Nigerian governors and leaders are also guilty of looting of the treasury.
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