With inflation rates increasing almost daily and many Nigerians living in poverty, it is truly disheartening to hear that a staggering N3.136 trillion ($16 billion) at the official exchange rate of N196 of the nation’s crude oil revenue loss has been traced to a handful of corrupt individuals showing corruption of Titanic proportions.
The corrupt officials, whose identities were not disclosed, as well as looted funds are currently under intensive investigation. According to an Aso Rock Presidential Villa source, one of the officials has been repeatedly interrogated by the Economic and Financial Crimes Commission (EFCC) and granted administrative bail.
It is reported that President Muhammadu Buhari is aware of the situation and has ordered “that every kobo of the funds must be recovered.”
One of Aso Rock insiders said: “The funds were supposed to be proceeds from some of the crude oil sold on behalf of the Federal Government of Nigeria by these people and for which they were said not to have made the necessary returns to the coffers of the country. You needed to have been there. You needed to have seen Mr. President. He was almost moved to tears at the colossal fraud that had taken place in the country. He became dejected because at a time when the nation’s resources had gone down badly, at a time when the foreign reserves are also not as much as would be befitting of a nation with vast potentials, such a huge amount of money can be traced to the illegal activities of some people.”
The President has been swift to action ordering that every kobo be recovered regardless of what it takes. Records of the oil-lifting schedules, timelines of transactions as well as proceeds that were meant to have accrued to government have shown irregularities pointing at some people siphoning the money.
The United States is reportedly collaborating with Buhari-led administration on ways and means to trace the stolen funds and then start the procedure to recover it.
Every body is doing what they can to help the situation with the Benin Republic and South Africa willing partners ready to assist with the repatriation of the looted funds.