From allAfrica, September 13:
The federal government said Thursday that the amount of money looted from government treasury through corrupt practices stood at $400 billion.This is coming as the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, said the commission was committed to the recovery of stolen assets for the development of the country.
The Minister of State for Niger Delta Affairs, Mr. Festus Keyamo, who made the declaration in Abuja, said government arrived at the amount through a research conducted recently.Keyamo, who spoke while addressing 164 officers of the EFCC Cadet Course 8 currently undergoing orientation and induction at the EFCC Academy, said corruption was the bane of the country."If we don't kill corruption, corruption will kill Nigeria. Anybody who said corruption is not the bane of Nigeria today is not honest."A research conducted sometimes ago revealed that the amount of money looted as a result of corruption in Nigeria stands at $400 billion," he said.Keyamo charged the cadets to take the fight against corruption seriously, bearing in mind the admonition of President Muhammadu Buhari that, "if we don't kill corruption, corruption will kill Nigeria"....MORE
The earliest newspaper reference to the $400 billion figure was in a World Bank study mentioned at Lagos Nigeria's Daily Post in 2012. I say at because the D.P. was online only until rolling out a print edition in 2015.
Nigeria has lost $400bn oil revenue to corruption since Independence – Ezekwesili
A review has confirmed that over $400 billion of the nation’s oil revenue has either been stolen or misappropriated since Nigeria gained independence in 1960.
This was disclosed by the former Vice President for Africa of the World Bank, Dr. Oby Ezekwesili, while presenting a paper titled: ‘Corruption, National Development, The Bar and The Judiciary’, at the ongoing 52nd Annual General Meeting (AGM) of the Nigerian Bar Association (NBA) in Abuja.
Ezekwesili stated that while oil accounted for about 90 per cent of the value of Nigeria’s exports, over 80 per cent of that money ended up in the hands of one per cent of the population........MORE
Nigeria could use that $400 bil.
Here's the original source for the quote:
Anti-Corruption Climate Change: it started in Nigeria
6th National Seminar on Economic Crime
Abuja, 13 November 2007
I had no idea.
