Nigeria Recovers $176 Million Stolen Funds Through Whistleblower Initiative

Nigeria Recovers $176 Million Stolen Funds Through Whistleblower Initiative

The Nigerian government reported over the weekend that its whistleblower policy announced last December has began yielding fruits.

A statement from the Ministry of Information and Culture disclosed that so far looted funds amounting to $151m and 8bn naira ($25.4m) had been recovered.

The biggest amount recovered was $136,676,600.51 from an account in a commercial bank, where the money was kept under an apparently fake account name, the statement said.

It added that other bumper recoveries were 7 billion Naira and $15 million from another person and 1 billion Naira from yet another. The current recovery figure does not take into account about $9.8m seizure by the country’s anti-graft outfit last week in northern State of Kaduna.

“When we told Nigerians that there was a primitive and mindless looting of the national treasury under the last administration, some people called us liars. Well, the whistle-blower policy is barely two months old and Nigerians have started feeling its impact, seeing how a few people squirrelled away public funds.

‘‘It is doubtful if any economy in the world will not feel the impact of such mind-boggling looting of the treasury as was experienced in Nigeria,’‘ the Information and Culture Minister Lai Mohammed said.

The Minister urged citizens to continue providing information assuring that confidentiality will be maintained in with regards the source of information. Read the full report here.

Comments

comments

You might also like…

Japheth Omojuwa: Legitimised corruption fuels inequality

 When George Orwell’s widely acclaimed Animal Farm was published in 1945, Nigeria had existed as a nation for about three decades, still under British rule. Though Orwell’s muse was events prior to the Russian Revolution and Stalin’s Soviet Union, nothing in print till date describes the socioeconomic realities of today’s Nigeria more perfectly than this […]

#TogoDebout: 4 people killed, 60 detained as government unleashes security forces on protesters in Togo

 At least four people were shot dead on Wednesday in clashes between protesters and security forces in Togo’s two largest cities after soldiers and police launched teargas to prevent the latest anti-government protest. Opposition parties had refused to cancel plans for demonstrations on Wednesday and Thursday, despite a government ban on weekday protests on security […]

Benin, Liberia and Nigeria lead Africa in ranking at maiden global robotics competition (SEE FULL RANKING)

 Benin and Liberia were ranked highest among the 40 African countries that participated in the just ended FIRST Global Challenge robotics competition held in the United States capital, Washington DC. The six-round maiden international robotics event saw 163 national teams including 6 continental teams made up of students from around the world competing with the common goal of increasing […]