582 billion dollars stolen from Nigeria since 1960 - Chatham House

582 billion dollars stolen from Nigeria since 1960 - Chatham House

- Chatham House has estimated that $582 billion has been stolen from Nigeria since independence in 1960

- The Economist added that former head of state, the late Gen Sani Abacha, stole Nigeria blind and deposited billions of dollars in banks across the rich world, no questions asked

- However, the article points out that it's becoming harder to steal public funds due to the actions of anti-corruption campaigners, journalists and the western world

Chatham House, a not-for-profit and non-governmental organisation based in London which analyses and promotes the understanding of major international issues and current affairs, has estimated that $582 billion has been stolen from Nigeria since independence in 1960.

The finding 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,’ The Cable reports.

Legit.ng gathers that The Economist, in the article which focuses on illegal financial flows in Africa, stated that so much has been pilfered from the continent that “tracking it all is tricky”.

In the article, Britain’s International Corruption Unit was quoted as saying £76m ($117m) loot had been confiscated from Nigeria since 2006.

It said: “Another £791m has been frozen worldwide thanks to its work,” 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.”

According to The Economist, the best way African leaders hide and move stolen funds is by setting up “a raft of anonymous shell companies and bank accounts”.

It discussed how former head of state, the late Gen Sani Abacha, stole Nigeria blind and “deposited billions of dollars in banks across the rich world, no questions asked”.

It added: “Light-fingered tyrants are looking back wistfully. In past decades they could stash their illicit wealth in the West. Friendly lawyers, banks and middlemen were on hand to park the loot. Western governments often seemed equally unfussed.”

However, the article added that gone are the days when it was easy to steal public funds, as it is “becoming a bit harder to get away with”.

It said: “Anti-corruption campaigners and muckraking journalists have busied themselves trying to uncover stolen assets.

“Western governments, tired of seeing aid money stolen, have toughened up money-laundering and bribery laws.”

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Meanwhile, Legit.ng previously reported that over N900 billion diverted constituency project funds siphoned by federal lawmakers in 12 states had been uncovered and retrieved by the Independent Corrupt Practices and other related offences Commission (ICPC).

The disclosure was made on Sunday, October 6, by ICPC commissioner in Kano state, Zayyanu Danmusa.

Danmusa made the disclosure while unveiling members of an anti-corruption group drawn from the 44 local government areas of the state, in collaboration with Community for Peace and Corrupt Free Society, Nigeria (CPCFS).

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Where will $322m of Abacha loot go? - on Legit TV:

Source: Legit

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