Nigeria lost $3.6bn public funds to theft between 2011 and 2015 - EFCC

Nigeria lost $3.6bn public funds to theft between 2011 and 2015 - EFCC

- EFCC chairman, Ibrahim Magus has said that over $3.6 billion public funds have been stolen

- The head of the anti-graft agency also said that the looted funds could have been used to improve lives

- Magu also made a shocking revelation that corruption kill the country if care is not taken

Over $3.6 billion naira has been looted from government purse between 2011 and 2015, Ibrahim Magu, the chairman of the Economic and Financial Crimes Commission (EFCC) said on Monday, March 25.

The chairman of the anti-graft agency made this known at an event organized but the Bureau of Public Procurement (BPP) in Lagos on Monday, March 25, OCCRP reports.

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Magu also lamented that a fraction of the stolen fund could be used to provide basic social amenities like 500 kilometers of roads, some 200 schools, provide education for 4,000 children.

He said: “The cost of this grand theft, therefore, is that these roads, schools and houses will never be built and these children will never have access to quality education because a few rapacious individuals had cornered for themselves what would have helped secure the lives of the future generations.”

The event he made the address was the opening ceremony for the 2019 First Batch Conversion Training Programme to Procurement Cadre for Federal Parastatal and Agencies, a programme targeted to increase transparency.

He added: “Indeed, corruption could kill Nigeria, if we do not scale up our proficiency in contract and procurement management process.”

Meanwhile, earlier reported that former governor of Edo state, Adams Oshiomhole, asked the Federal High Court in Abuja to dismiss the suit seeking to compel the EFCC to commence criminal investigation against him.

It was reported that the All Progressives Congress (APC)’s chairman in a preliminary objection to the suit filed by Bishop Osadolor Ochei said the plaintiff lacked legal right to institute the action.

PAY ATTENTION: Download our mobile app to enjoy the latest news updates also gathered that the anti-graft agency, on Wednesday, March 27, in a Federal High Court opened its case in the trial of a former director, Niger Delta Development Commission (NDDC), Tuoyo Omatsuli, over alleged N3.6 billion fraud.

The anti-graft agency on Thursday, November 8, 2018, arraigned Omatsuli alongside Don Parker Properties Ltd., Francis Momoh, and Building Associates Ltd. before Justice Saliu Saidu on a 45-count charge bordering on the alleged offence. ( --> We have upgraded to serve you better.

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