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Anti-corruption war: 10 court cases that can fetch FG $74.5 billion, N2.5 trillion (list)

Anti-corruption war: 10 court cases that can fetch FG $74.5 billion, N2.5 trillion (list)

A senior advocate of Nigeria and human rights lawyer, Femi Falana, has listed 10 alleged corruption cases that can fetch $74.5 billion and N2.5 trillion for the Nigerian government if prosecuted to full term.

The senior lawyer said resolving the high-profile cases would also prove that the federal government is focused on ridding the country of corruption.

Falana made the disclosure while presenting a paper titled: Promoting Transparency and Accountability in the Recovery of Stolen Assets in Nigeria: Proposals for Reforms, in Lagos on Wednesday, February 14.

List of the cases revealed by Falana include:

1. The alleged diversion of $20.2 billion from the Nigerian National Petroleum Corporation

The senior lawyer said details of the alleged fraud were captured in reports by the National Extractive Industries Transparency Initiative covering 1999-2012.

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He said NEITI concluded that the $20.2 billion fraudulently ended up in the hands of some oil companies and agencies of the Federal Government as opposed to being remitted into the Federation Account.

2. Removal of $7 billion from the Nigeria's external reserves by Central Bank of Nigeria (CBN)

"In 2006, the Central Bank of Nigeria removed $7 billion from the nation’s external reserves and placed same as deposit in 14 Nigerian banks. In 2008, the bank gave a bailout of N600bnn ($4 billion) to the same banks. Up till now, the CBN has failed to recover the said sum of $11bn from the banks," Falana said.

3. Failed recovery of $9.6 billion over-deducted tax benefits from joint venture partners on major capital projects and oil swap contracts by NNPC

The lawyer said: “On September 6, 2016, the NNPC announced that arrangements had been concluded to recover the sum of $9.6 billion in over-deducted tax benefits from joint venture partners on major capital projects and oil swap contracts. The NNPC is said to have recovered the said sum of $9.6 billion but has not remitted same into the Federation Account."

4. Failed recovery of alleged outstanding $1.9 billion from Mobil Oil Producing Nigeria Unlimited

Falana said if the federal government had succeeded in recovery the fund, it would have been paid into the federation account.

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He said $1.9 billion is an outstanding sum out of the $2.5 billion expected to be paid to FG by Mobil for the renewal of three oil blocks.

Instead of paying the money, "curiously, the $600m paid by Mobil was accepted by the federal government,” sometime in 2009.

5. Accountability over recovered $4 billion out of the estimated $5 billion looted by former military ruler, late Sani Abacha

“The office of the Accountant General should be asked to account for the recovered loot. Furthermore, the moves to recover the remaining loot of about $800m are being frustrated by Swiss and United States governments,” Falana noted.

6. Illegal spending of the recovered money looted by Sani Abacha under the regimes of ex-presidents Olusegun Obasanjo, the late Musa Yar’Adua and Goodluck Jonathan

Falana asked the federal government to demand accountability on the over $4 billion recovered out of “the estimated $5 billion stolen by a former military ruler, the late Gen. Sani Abacha.”

7. $470m contract awarded to ZTE (a Chinese company) in 2009 by the FG for the construction of CCTV cameras in Abuja and Lagos.

“Since the contract was not executed, what then has happened to the $470m?” Falana asked.

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8. Recovery of N2.5 trillion allegedly paid as subsidy by the Central Bank of Nigeria, to a cabal of fuel importers

Although the EFCC has charged some suspects to court, the whole fraud ought to be revisited as the investigation into the monumental fraud was compromised by the Jonathan administration,” he said.

9. The recovery of $12.7 billion from some oil companies, being the value of 60.2 million barrels of crude oil allegedly stolen by the companies

He said the oil was shipped from Nigeria and discharged at the Philadelphia port in the United States from January 2011 to December 2014 and were not recorded locally recorded.

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The EFCC ought to be directed to recover the $12.7 billion from the shipping and oil companies that carried out the fraud.

“If the investigation of the stolen crude oil can be extended to other ports in the United States, China, India, France, United Kingdom etc, Nigeria may be able to recover not less than $200 billion during the same period.”

10. $13.9 billion illegally transferred out of Nigeria by MTN

The huge fund should be recovered while the economic saboteurs involved in the illicit transfer should be prosecuted,” Falana said.

He further added that, "It is imperative for the EFCC to conduct an investigation into the colossal fraud and recover the huge proceeds of the economic and financial crimes to the states’ coffers.” earlier reported that the speaker of House of Representatives, Yakubu Dogara, had said that the Ajaokuta Steel Complex is capable of transforming the country.

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Dogara said that there was no reason for the company to have failed.

The speakers comment followed a call by the Kogi state governor for effective collaboration among the arms of government at the federal level in pursuit of development in the country.

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