Nigeria seizes billions in stolen money

Nigerian President Muhammadu Buhari

Nigerian President Muhammadu Buhari

From OKORO CHINEDU in Lagos , Nigeria
LAGOS, (CAJ News) – NIGERIA discloses it has seized more than US$10,3 billion in stolen money in the past year under President Muhammadu Buhari’s anti-corruption campaign.

The government announced the funds include $583, 5 million in cash and $9, 7 billion in assets under interim forfeiture including sea vessels, buildings and land.

Furthermore, the government is expecting to repatriate more than $330 million, currently in foreign bank accounts, allegedly looted from the public treasury.

While the sources of the stolen funds have not been divulged, and no information was given on where the repatriated moneys will be allocated, this is seen as a major victory for Buhari’s anti-corruption campaign, where already hundreds of people have been arrested for the mismanagement of funds and many court trials are underway.

Rand Merchant Bank, a financial markets think tank, reported corruption was a major impediment for doing business in the West African country.

It was ranked 136th out of 167 on Transparency International’s 2015 Corruption Perception Index.

Former military dictator in the 1980s, Buhari, won last year’s general election on a campaign premised on rooting out corruption.

A number of officials from the past administration of Goodluck Jonathan are under probe for corruption but critics have alleged selective application of the law.

The United States Department of Justice has frozen more than $458 million believed to have been illegally obtained by the late military rule Sani Abacha and other corrupt officials.

– CAJ News

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Posted by on Jun 6 2016. Filed under Featured, Finance, Finance & Banking, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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