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EFCC Seizes N2 trillion in Assets from Public and Private Sector Officials in 7 Years

By on August 5, 2012

The Economic and Financial Crimes Commission (EFCC) has disclosed that its Asset Forfeiture Unit (AFU) seized over N2 trillion worth of assets from corrupt public and private officials between 2003 and 2010.

This means that in a period of 7 years, the Nigerian ruling elite stole what is equivalent to at least one year’s budget for the entire country’s population of 167 million people. The Nigerian ruling elite are not up to 1 million people.

Some of the assets seized from the leaders include 238 bank accounts worth over N500 billion, 320 million shares in blue chip companies, 18 companies, 20 plots of land, 238 mansions and 400 luxury vehicles.

A list of the public officials who had their assets seized include Lucky Igbinedion (Edo); Ayodele Fayose (Ekiti state); Orji Uzor Kalu (Abia state); Rasheed Ladoja (Oyo); Chimaroke Nnamani (Enugu); Boni Haruna (Adamawa); Attahiru Bafarawa (Sokoto); Joshua Dariye (Plateau); Saminu Turaki (Jigawa) and James Ibori (Delta).

Some of the private sector officials are former Managing Director of Oceanic Bank Plc, Mrs. Cecilia Ibru, former Intercontinental Bank Plc Vice-Chairman, Mr. Festus Akingbola; former Managing Director of Bank PHB, Mr. Francis Atuche, and Emmanuel Nwude.

In 2011 alone, it has been established that over N 1 trillion was embezzled by private and public sector officials and most of the money channeled towards the fabulous lifestyle of the corrupt as well as the re-election campaign of the President.

The families of the past and present Chairman of the ruling party, PDP, were found to be heavily involved in a fraud that has inconvenienced tens of millions of Nigerians whilst the sons of the rich go about globe-trotting and shopping on the resources of the country.

The persistent years of corruption and graft is threatening to tip Nigeria over to a state of chaos and anarchy as insecurity grows in the North and restiveness begins to take hold in virtually all parts of the country due to the poverty inflicted on the masses as a result of the greed of a few.

 

2 Comments

  1. Nura Mohammed Kamfut

    August 5, 2012 at 5:56 pm

    What is d essence of recovering looted money if d same govt dat recovered d money will go ahead & loot d looted funds? We always hear about stolen money being recovered, but we never get 2 know what happen 2 d money after d recovery. If all dis money is used appropriaately, most of these crisis we are experincing 2day would have been abated. Dis money would have change d lives of many unemployed youth D problem wiz our leadership, insincerity, injustice & corruption. As long as there is injustice & insincerity 4rm d govt, we will never progress as a nation & it will b difficult 4 us 2 have peace. D national assembly should begin 2 investigate d wherabout of all d looted funds & all d proceedings thru public hearings & d findings should b made open. But dis time around d electorates should also make sure doz found 2 b guilty, should face d full wrath of d law.

  2. john aiyekooto

    August 8, 2012 at 4:18 pm

    bros u dey tell nat assembly to investigate, I dey laugh oooh