The amount of money looted in Nigeria today is huge; more funds are in the possession of looters than available to government at all levels to meets its obligations including paying workers’ salaries and providing social amenities.
Nigeria’s Minister of Information and Culture, Lai Mohammed, has stated that 55 Nigerians have stolen over N1.34 trillion from the country’s treasury from 2006 to 2013.
Due to EFCC hard stance on corrupt personalities,stiff measures and scrutiny on commercial banks, corrupt Nigerians have devised other means of stashing away their looted funds.
Below are some of the ways corrupt treasury looters hide their loots:
Real Estates:
The EFCC Czar recently disclosed that corrupt Nigerians use the proceeds of their loot to purchase real estates in Dubai and the United Kingdom, UK.
Stolen funds are kept in caskets:
Recently, the decision of the Senate to probe the NNPC and the disclosure of where politicians keep their stolen money came to the attention of the senate, during the consideration of a motion moved by Senator Dino Melaye, APC, Kogi West.
Presenting the motion, Senator Melaye said: “Monies are not accounted for and that might be the reason we now see petro-dollars buried in caskets and uncompleted buildings in remote villages in some parts of the country.”
Backyards, deep forests and graveyards:
According to The Minister of Information and Culture, Alhaji Lai Mohammed, the whistleblowing policy is working and has led to the recovery of more looted funds in many currencies
The Federal Government says its anti corruption agencies have been inundated with information on how treasury looters have resorted to burying stolen funds in their backyards, deep forests and graveyard.
Shopping malls
Monies in various currencies had been recovered in the past in Kaduna, Lagos and Abuja.
Some hard currencies were found in abandoned shops, private homes and shopping malls recently.
Uncompleted buildings:
A special operation conducted by operatives of the Economic and Financial Crimes Commission, (EFCC), on February 3, 2017 on a building belonging to Yakubu yielded the recovery of $9,772,800 and another sum of £74,000 cash. The huge cash was reported to be hidden in a fire proof safe.
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