Corruption drains Africa of over $140bn, the Chairman of the Economic and
\nFinancial Crimes Commission, Mallam Nuhu Ribadu, has said. Ribadu, who disclosed this at the convocation lecture of the University of Abuja on Friday, said that
\nthe African Union released the startling figure recently. The theme of the
\nlecture was \u201dThe Anti-corruption crusade: Why, how and the journey so far.\u2018 He
\nsaid that there was the likelihood that greater part of the money, which
\nrepresented about 25 per cent of the continents official Gross Domestic
\nProduct, was stolen from Nigeria.<\/p>\n
The EFCC boss also said that the African Development Bank indices had shown that
\ncorruption was responsible for the loss of approximately 50 per cent of tax
\nrevenue. He continued, \u2018Some eight years ago, the Central Bank (of Nigeria)
\ntold us that N200bn was lost in depositors\u2014 savings under a regime we now call
\nthe failed bank regime. \u2018This incidence was an extravagance act of the most
\nwicked proportion and a savage violation of thousand of small income family
\nsavings by a gang of elite bank robbers who chose the media of the banking halls
\nto rip off people of their hard earned income.\u2018<\/p>\n
He said that there was also a recent case of N18bn that was recovered from a
\nhead of the law enforcement institution in the country. \u2018All this, fantastic as
\nthey are, pales into insignificance when we recall the mind-bogging example of
\nthe much reported brazen profligacy of our ruling elite.\u2018 I am talking here of
\nthe 220bn pounds (about $500 billion) of development assistance that has been
\nstolen from this country since independence to date by past leaders of our
\ncountry,\u2018 he said. He challenged participants at the lecture to consider
\ndevelopment infrastructure the stolen amount would have helped the country to
\nfinance. \u2018If we do not know how to compute the concrete cost of this loot, we
\ncan at least relate it with the fact that it represents six times the value in
\nmoney that went into rebuilding Europe via the famous Marshal Plan at the end of
\nthe second World War,\u2018 he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Corruption drains Africa of over $140bn, the Chairman of the Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, has said. Ribadu, who disclosed this at the convocation lecture of the University of Abuja on Friday, said that the African Union released the startling figure recently. The theme of the lecture was \u201dThe Anti-corruption crusade: Why, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_s2mail":"","spay_email":""},"categories":[11,19],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/226"}],"collection":[{"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=226"}],"version-history":[{"count":0,"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/226\/revisions"}],"wp:attachment":[{"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbrace.net\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}