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.
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