N6.87trillion stolen from Nigeria — AU Report

Thabo Mbeki

Nigeria, the world’s seventh largest producer of hydrocarbon, accounts for about 68.1 per cent of the total revenue Africa lost in a decade as a result of illegal transfer of revenues abroad.

The report of the Thabo Mbeki High Level Panel on Illicit Financial Flows from Africa adopted on Sunday by African Union Heads of State and Government at their summit in Addis Ababa, Ethiopia said about $40.9billion (about N6.87trillion) of an estimated $60billion (about N10.08trillion) lost through such transfers from Africa in a decade (2001-2010) are traced to Nigeria.

The funds are stolen through corruption, tax evasion and illegal transfer of profits by multinationals, the AU said.

Nigeria, which produces an average of 2.3million barrels of oil daily as the leading hydrocarbon producer in Africa, is being ravaged by poverty and underdevelopment.

The report also identified Egypt and Morocco as the other countries with the largest estimates of illicit financial flows statistics of $28.2billion and $20.3billion respectively.

Cumulatively, Nigeria and Egypt topped the list of ten African countries by illicit financial transfers between 1970 and 2008, with $217.7billion (about N36.57trillion), or 30.5 per cent, and $105.2billion (about N17.67trillion), or 14.7 per cent respectively, while South Africa had $81.8billion (about N13.74trillion), or 11.4 per cent.

Concerned by the high losses through these illegal transfers, which was identified in 2011 as one of the threats to the inability of most resource-rich countries in Africa to meet their millennium development goals, MDGs, the AU at its 4th Joint African Union Commission/United Nations Economic Commission for Africa, AUC/ECA, Conference of African Ministers of Finance, Planning and Economic Development constituted the Mbeki Panel to review the underlying issues stalling Africa’s accelerated and sustained development objective.

At the presentation of the report on Saturday, the panel gave a set of recommendations that would guide African leaders in checking the growing threats of the menace to the continent’s economy, including the activities of extremist groups, instability, and poverty.

Part of the recommendations included a system that would allow automatic exchange of tax information among African countries and globally to check illegal profits shifting by multinational corporations to subsidiaries in tax haven or secrecy jurisdictions.

In its 15-point findings, the panel noted that ending illicit financial flows is a political decision by the various governments as it involved issues of abusive transfer pricing, trade mis-invoicing, tax evasion, aggressive tax avoidance, double taxation, tax incentives, unfair contracts, financial secrecy, money laundering, smuggling, trafficking and abuse of entrusted power.

The interrelationships of these issues, it stated, conferred a technical character requiring transparency across all aspects to ensure access to information and the right to obtain such information.

The Panel, which noted illegal profits shifting by multinational corporations as one of the biggest single source of illicit outflows in the continent, advised countries to ensure that the automatic exchange of tax information be subject to national capacity, to maintain the confidentiality of price-sensitive business information.

The dependence on natural resource extraction, it noted, makes African countries vulnerable to illicit financial flows, pointing out that there was need to pay attention to activities in the sector in an effort to check illicit financial flows in Africa.

“African countries need to acquire the capacities and technology to monitor extraction of their natural resources better and to negotiate contracts more effectively,” the report said.

According to the report, tax incentives were not usually guided by cost-benefit analyses, as such African countries grant a host of tax incentives, such as tax holidays, investment allowances, tax rate reductions and administrative discretion in order to attract foreign direct investment, FDI.

Considering the effort needed in asset recovery and repatriation, the report said regulations and mechanisms were needed to ensure that financial establishments and banks identified and refuse to accept illicit financial flows, rather than relying on self-regulation by banks.

Money laundering, the panel noted, continues to require attention from the governments, with weak national and regional capacities impeding efforts to curb illicit financial flows.

Noting the impediments of incomplete global structure for tackling illicit financial flows, the report stressed the need for financial secrecy jurisdictions to come under closer scrutiny, challenging the AU to lead the effort to initiate measures to block all avenues for illicit financial flows, considering that the sources were from within the continent.

The Panel recommended that African governments engage with non-African private and public actors involved in developing mechanisms, policies and laws adopted by intergovernmental organisations and governments outside the continent that facilitate the flow of illicit funds out of Africa.

Considering that the bulk of illicit financial flows, such as trade mispricing and transfer pricing, are trade-based, the Panel asked African countries to develop laws and regulations that make it illegal for operators to intentionally, incorrectly or inaccurately state the price, quantity, quality or other aspects of trade in goods and services while moving capital or profits to another jurisdiction, or manipulate, evade, or avoid any form of taxation, including customs and excise duties.

Besides, the panel recommended that all agencies involved in revenue collection in Africa must ensure that all big and small corporations were not only registered for tax purposes, but also ensure that no corporate registration was approved without proof of tax registration.

While ensuring that the databases of the companies’ registration offices and the tax authorities were linked, the Panel urged African States’ customs authorities to proactively use available databases containing information on comparable pricing of world trade in goods to analyse imports and exports, while identifying transactions that required additional scrutiny.

On transfer pricing, the Panel asked national and multilateral agencies to ensure that data on trade pricing on goods and services in international transactions were made available according to accepted coding system categories.

African countries, it said, should, as a matter of urgency, establish and equip transfer pricing units in revenue in accordance with global best practices and ensure that multinational companies operating in their domains provided the units with a comprehensive report on their disaggregated financial reporting on a country-by-country or subsidiary-by-subsidiary basis.

It said countries and companies operating in extractive industries in the continent should not only join voluntary initiatives like the Extractive Industries Transparency Initiative, EITI, but also demand beneficial ownership information during company incorporation or trusts registration.

Again, the panel called for the establishment of independent institutions and agencies of government, like financial intelligence units, anti-fraud agencies, customs and border agencies, revenue agencies, anti-corruption agencies and financial crime agencies charged with responsibility of preventing illicit financial flows.

All such agencies, it said, should render regular reports on their activities and findings to the national assemblies, while central banks and financial supervision and regulatory authorities must compel banks and non-financial institutions to ensure mandatory reporting of transactions that may be tainted with illicit activity.

To check corruption in the system, the panel urged African governments to assist financial institutions by regularly publishing the lists of politically exposed persons, PEPs, as well as any asset declarations information filed by them.


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  • olotito

    What is good about his luck…a corrupt leader …CHANGE

  • FARUK

    WOW!Soludo is vindicated.Can some one compare the Soludo figures in his response to Ngozi and the report of Mbeki?Can you see how corrupt GEJ is?Soludo is vindicated.

    • emmanuel

      mumu how much is our annual budget for N6 trillion to be stolen yearly? Do you have brain?

      Our annual budget has never exceeded N4.9 trillion yearly, so where did Soludo get his figures from?

      4.9 * 5 less than 25.

  • arewethishopeless

    When the time comes Buhari MUST UNDER NO CIRCUMSTANCES negotiate or agree to not to probe, arrest and jail any or all of these criminals from Jonathan down to the councilors.

    Each and every one of them must pay dearly for crimes against each and every one of us…

    • emmanuel

      Who will probe Buharis GBP2.8 billion, the bribe for vote USD5,000.00 per delegate to win APC candidacy?

      Anyway, you can reserve that for when he gets to hell when he will be busy with his seventy virgins.

      Nigeria is not for sale.

      • zacchaeus Akinleye

        Your understanding has been mortgaged to the crooks you’re defending without shame. How does the outrageous loss in the national treasury translate to the unproven bribe payment to delegates or the commission accruing to a govt. appointed tax collector. You are really annoying.

    • Okey

      This is a national cumulative: drains through Alpha Beta Ltd which encouraged the N200 Billion Lagos State debt are not excluded. The N700 Million “Osun Inauguration” is also not omitted. The purchaser N50 Million “Ekiti Mansion Bed” will also not escape justice.

  • bib

    I think in his campaigns GEJ says his govt is fighting for and not against corruption. In one of them he said. “If I try 10m people and jail 5m that will not stop corruption!” In another he said. “I pray that there will be no single prison in Nigeria.”

    • Okey

      This is a national cumulative: drains through Alpha Beta Ltd which encouraged the N200 Billion Lagos State debt are not excluded. The N700 Million “Osun Inauguration” is also not omitted.

      • bib

        Money that left not that came in. $1b arms loan to fight .BH is not included.

  • Change for the Worse

    Before the semi-illiterates start writing rubbish, this report is about public officials, companies and sundry so called business people. And instead of a head in the sand blame for the current government, people should talk about solution to a problem that has been there since 1960.

    • Wetin Naija

      The current the worst ever. Thieves putting agbada and suits. GEJ and his cronies are thieves

    • tundemash

      I thought the message in 2011 was transformation .. so if you e-rat now admit that the problem is still there ….. what has the transformation been about ?
      Is 16yrs of PDP rule too little to reduce what u call the problem ? Did you ever admit there was a problem of corruption in this govt until AU now spoke about it ?
      I am not surprised about your attempt to shift the blame and focus again; it is the stock in trade of e-rats. The only thing I am surprised about is you didn’t blame Mbeki of being sponsored by APC !

  • emmanuel

    If USD6.8 trillion is stolen from Nigeria GDP every year, it means we never exist. Is this resport adding our import volumes, repartriation of profits and recall of capital market and other FDI’s?

    We have become a weeping dog because of the very negative propaganda of the desperate APC.

    The result is that no one bothers about the false figures churned out.

    • Wetin Naija

      Naira, not dollar

      • emmanuel

        an error from me.

        My question, does it mean that almost all our GDP is stolen yearly? It means that all of us trasfer illicit monies abroad.

        Lies, Lies, lies!

  • Truthometer

    Dumbo and his men/women steals from time to time. So, this is nothing strange or new. Vote for GMB!

    • Okey

      This is a national cumulative: drains through Alpha Beta Ltd which encouraged the N200 Billion Lagos State debt are not excluded.

      • tundemash

        I expect you to accuse Thabo Mbeki of being sponsored by APC .. why deviate from your norm ?

        • endingNaija

          tundemash you are right. Or to add some acidic humour onto it. They may ask Thabo to bring his Cerptitkate or sabitifikate before he can talk in Nigeria, they may even ask for his Visa to Nigeria before he can talk. That is how un-intelligent Mr. Jonathan defenders are. Anyway, thanks for that quick note!

        • Okey

          TundeMess, you are the one deviating. Why are you deviating ?

          I had agreed with you that everyone connedted with national haemorage and bleeding should be brought to book. What’s your beef there ? Or, do you want the demand for accountability to be selective like we had between 1983 and 1984 ?

          • tundemash

            Okey Clarus,

            Show me where you wrote or insinuated that “everyone connected with national hemorrhage and bleeding should be brought to book”

            and who is going to bring them to book ? Is it the man who claimed corruption is mere stealing or the one who thinks Nigeria does not need prisons for looters ? or the one who pardoned the few looters convicted in the past ?
            Have you heard that when the head is rotten ……..
            Keep wallowing in your stup1dity. What we have been telling you within Nigeria has now gone global; you govt stinks to high heavens of corruption !

          • Chris1408

            Hahaha too good

          • Okey

            Oh yes, all of them ! Drains through Alpha Beta Ltd which encouraged the N200 Billion Lagos State debt are not excluded. The N700 Million “Osun Inauguration” is also not omitted. The purchaser of the N50 Million “Ekiti Mansion Bed” and actors of the N80 Billion packed-up Chinese-toy dubbed “opo imo” supplied by “Son Excellency, will also not escape justice.

  • TAWANDA INCOMMUNICADO

    This report centres mostly on the private sector,a lot of half-baked education products will start misconstruing it to mean otherwise !!

    • Wetin Naija

      You are a thief, TAWANDA. You must on day shift today. OLE, OLE, Ole

      • The one whose name starts with Ole is Oleku.

    • endingNaija

      Technically speaking is there a “private” sector in Nigeria in a situation (i) where the so-called “private” sector is PUBLIC/GOVT sector DRIVEN (ii) where the “private” sector is in bed with the public sector? Let me give you a GOOD EXAMPLE before I go back to the NIGERIAN STREETS to continue the campaign to CHANGE NIGERIA. Do you know and remember what is called IMPORT WAIVER under Madam Ngozi Okonjo Iweala and Mr. Goodluck Jonathan? Import waiver IS GRANTED TO “PRIVATE” sector-right? But who grants IMPORT WAIVER? PUBLIC SECTOR and the government of Mr. Goodluck Jonathan-right?. And when you as “PRIVATE” sector for example GRAB your import waiver do you GRAB it without political relationship with the PUBLIC SECTOR, the government of Madam Ngozi Okonj Iweala and President Jonathan? Can you GRAB import waiver without being politically conencted to PDP/Madam Ngozi Okonjo Iweala/ Patience Jonathan/Diezani Aliosn Madueke/Goodluck Jonathan and other minions of the PDP? The answer is NO! And if your import waiver is POLITICALLY induced as it is politically induced (see 20 BILLION naira Goodluck Jonathan “CAMPAIGN” FUND-where do you think that came from? The 20b Naira “Campaign” FUND came from PUBLIC sector to “Private” sector and back to Public sector-Mr. Jonathan himself the head of the PUBLIC SECTOR)- what are you expected to do as the “private” sector receiver of theft from public sector? You pay back(20 billion Naira Goodluck Jonathan Campaign THEFT and CHOP). Look Tawanda or what do you call your name? There is no serious “private” sector here in Nigeria. Rather, there is an unholy MARRIAGE between the public and “private” sector. And in that case the theft and looting of our common heritage proceeds from Mr. Jonathan who heads he public sector. The buck of the LOOTING of our heritage STOPS on the table of the outgoing President-Mr. Jonathan. And he and you his defenders cannot run away from that. After you read this please start your FAILED “certificate” DISTRACTION or did you call that failed campaign sabitikate?. We will take you on as much as we have time before we hit the streets again to continue our campaign to exit Mr. Jonathan to Otuoke on FeBUHARI 14th and start the process of CHANGING Nigeria under Mr. Buhari-period. We expect your abuse!!!

    • Chris1408

      GEJ ashawo don come again oooooo.

  • Wetin Naija

    From Jonathan down to councilors must probed. Thieves putting on agbada and suits

  • Arewabetter

    PDP is a sinking ship and is totally finished! I have just read that President Goodluck Jonathan has cancelled his political rally in Yobe. Why? This is because Mr. Goodluck is afraid of being booed and jeered at during the political rally in Yobe state. Haba! It is time for a thorough change. Have you people watched the PDP campaign in Kaduna and Jos yet? Did you see the tiny crowd that came to welcome President Goodluck Jonathan on the Kaduna State soil? Because of the disgrace and humiliation, the Nigerian National TV did not show the Kaduna PDP political rally. Probably, only a few hired clowns and thugs appeared at the political rally. Do you people remember when GMB visited Kaduna? There was no enough room to accommodate all his well-wishers. Wait a minute! Goodluck’s staunch supporters will argue that Kaduna is GMB’s home. Common give me a break! In that case, have you watched and compared GMB’s political rally in Jos with that of Goodluck’s yet? Again, there was a massive turn out, which resulted in no space to take in the HUGE crowd that came to welcome GMB. There was even a stampede …. Whaoo! This goes on to show who is really for the TALAKAWAS and that Nigerians are desperately eager for better a NIGERIA headed by GMB! Nigerians are sick and tired of thievery, robbery, embezzlement as well as the practice of tribalism, nepotism, favouritism and so many other negative PDP features. Time for change has finally arrived and I hope this time my fellow Nigerians will not SCREW it up. Vote for change! Vote for the future of your children! Vote for safety and security! Vote for the assurance that your children will have a better future than you do now! Vote for a just and fair Nigeria! Vote for wealth redistribution and end hunger and malnutrition in Nigeria! Defeat the old deal and its reckless spending! Vote out the party that hangs PETTY THIEVES, but appoints the GREAT ONES to public office! What PDP has been doing to Nigerians for the past 16 years reminds me of Tolstoy’s statement, namely, “In order to get power and retain it, it is necessary to love power; but love of power is not connected with goodness but with qualities that are the opposite of goodness, such as pride, cunning and cruelty.” Defeat this wickedness now! PDP has been in power for more than 16 years and during this time all that Nigeria and Nigerians have encountered and experienced is total regress of the nation. May God protect Nigeria and Nigerians from further PDP atrocities and calamities! Amen!!! With PDP in government, Nigeria definitely is heading to self-destruction. The situation in Nigeria reminds of Ntsasa’s poem “MOTHERLAND” which goes as follows:

    In the country of my forefathers,
    Economy is friendless and upset,
    Politics is sleeping with labour,
    Justice is seducing foreign crime,
    Poetry is turned on, but it fears,
    Traditions keep history hostage,
    Religions are attempting suicide,
    Nature is busy biting its tongues,
    Fruits are swearing at their trees,
    Education shows God axis finger,
    Seas get shallow, graves deepen,
    Life confront its first nightmares,
    Death is satisfying its final desire,
    Future is stinking nothing but lies.

    • D.ACe

      same party you are rooting for has mostly all those corrupt former PDP men

  • Chris1408

    Sanusi said it, Soludo said it and now AU is saying it. GEJ agents will try to spin it differently or blame someone else for it. Or do what they do best, attack AU.

  • Guguru

    Soludo said N30 trillion was missing under the 5 years of Jonathan administration. AU says Nigeria loses N6.87 trillion each year. So, N6.87 multiplied by 5 is equal to N34.35 trillion dollars. So, Soludo and the AU report cannot be wrong. Jonathan has to explain the missing money because everyone cannot be wrong.

    • emmanuel

      Guguru.

      Our annual budget in five years is an average of N4.5 trillion times five equal N22.5 trillion.

      Tell me, even if the total budgets were stolen, it does not equal Souldo’s N30 billion.

      We have had very useless people running our CBN and too many brainless people dancing along their lies.

      Please do your calculation before comments. That shows you are civilised

  • tundemash

    E-rats …. over to you ….. Thabo Mbeki must be looking for job in an APC govt just as Soludo … abi ?

  • Debekeme

    Ladies and Gentlemen, here is GEJ statement on the above article:

    African Union (AU) is working for APC
    Bola Tunubu and Buhari must have bribed them Ameachi’s sister must be married to the oga at AU and influenced the story.
    This report was written by the Opposition.
    This report was influenced by my Norther enemies.
    America made the AU write this report because they don’t like me.
    This report is fake and we have sworn an affidavit to prove it.
    The writer of this artctle has no WASC certificate and cant be trusted.
    Atiku is behind it

    GEJ is never wrong!

    • burning spear

      According to the report—–(Cumulatively, Nigeria and Egypt topped the list of ten African countries by illicit financial transfers between 1970 and 2008, with $217.7billion (about N36.57trillion), or 30.5 per cent, and $105.2billion (about N17.67trillion), or 14.7 per cent respectively, while South Africa had $81.8billion (about N13.74trillion), or 11.4 per cent. )

      So was Gej the president of Nigeria in 1970 and 2008—when late Yara Adua was in power with Turai? The period in question equally covers the Buhari–IBB–ABACHA— OBJ—-and SHAGARI—era—-TOMORROW U WILL TELL US U ALSO PASSED YOUR GAMBARI SCHOOL CERT LIKE BUHARI IN KATSINA

  • IS.JESUS.CHRIST.A.CHRISTIAN

    In a sane country, Jonathan would have been impeached, not seeking re-election – Afegbua NBM

  • Col. M/a/r/i/a/m/a

    How to beat censorship:
    Duh!!!!!!
    Hah!Hah!!Hah!!!

  • burning spear

    According to the report—–(Cumulatively, Nigeria and Egypt topped the list of ten African countries by illicit financial transfers between 1970 and 2008, with $217.7billion (about N36.57trillion), or 30.5 per cent, and $105.2billion (about N17.67trillion), or 14.7 per cent respectively, while South Africa had $81.8billion (about N13.74trillion), or 11.4 per cent. )

    So was Gej the president of Nigeria in 1970 and 2008—when late Yara Adua was in power with Turai? The period in question equally covers the Buhari–IBB–ABACHA— OBJ—-and SHAGARI—era—-TOMORROW–SOME OF U WILL TELL US U ALSO PASSED YOUR GAMBARI SCHOOL CERT LIKE BUHARI IN KATSINA STATE IN 1961 WHEN THE STATE WAS NOT EVEN CREATED——

    • Alouche

      It is like you people cannot even tell the difference between good and ugly anymore with this your Jonathan paranoia. They said that between 1970 and 2008, the stealing was 30%, but that now it has reached 60%. Don’t you get the gist? It is like you people have completely lost your sense of shame with the level you have degenerated.

    • Jonathan is twice as culpable as other former Presidents. Before Jonathan, the illicit financial transfers were 30.5% annually, Under Jonathan they have more than doubled at 68.1%.
      I quote from the Mbeki Report, “Nigeria, the world’s seventh largest producer of hydrocarbon, accounts for about 68.1 per cent of the total revenue Africa is losing annually as a result of illegal transfer of revenues abroad.”
      When will we have Jonathan’s list of PEPs, politically exposed persons to the more than doubling of the illicit financial transfers? Before Feb 14, 2015?
      I quote again from the report, “To check corruption in the system, the panel urged African governments to assist financial institutions by regularly publishing the lists of politically exposed persons, PEPs, as well as any asset declarations information filed by them.”
      Fe Buhari, Love Buhari, February 14, 2015 Vote Buhari, DESTROYER of Maitatsine and Boko Haram, as President of Nigeria.

  • burning spear

    99.9 perecent of all the corrupt cases in Nigeria are traceable to the oil wells in the niger delta—yet not a single man or woman from the oil producing zones of the country has been able to buy a jet from the proceeds of the oil blocks located in the SS—-the ongoing to demonize Jonathan is all geared towards forcing the the people from the South south from clamoring for resource control—As far as the buharis are concerned oil belongs to the emirs and sultans-

    • Magenta

      Who is in charge of the oil and the money? Jonathan supported by Diezani and Ngozi so what rubish are you talking about?

      • Tunji Olarewaju

        Help me ask the mumu o

  • burning spear

    The bastardizing of Nigeria by the mindless, who hate the nation. Monumental injustice to a people:

    20 Owners Of Richest Oil Blocks In Nigeria Without the people of Niger Delta on whose soil the oil was found. They constitutes the main opposition to President Goodluck Jonathan today.

    (1) This oil block business is so lucrative that Danjuma’s Sapetro divested of its investment in Akpo condensate for $1billion dollars. Yet a thief like Danjuma is asking them to arrest Asare Dokubo-and Tompolo for airing their views on the Nation state of Nigeria- This business is second to none in Nigeria where only Niger Deltans are not allowed to participate in–hence to move to unseat Jonathan– That is why any attempt to investigate the activities in this sector will always be futile. The money is so much that they give bribes in millions of dollars. A birthday gift or child naming gift from an oil block owner to a government official could be as paltry as $2million dollars, and if the official’s father died, the condolence gift could reach mere $3 million dollars. When they want to bribe legislators, it is in millions of dollars and any ongoing investigation ends within weeks. They are so confident that with excess money they can buy up Nigeria and they are succeeding

    (2) OML 110 with high yield OBE oil fields was given Cavendish Petroleum owned by Alhaji Mai Daribe, the Borno Patriarch in 1996 by Sanni Abacha. OBE oil field has estimated over 500 million barrels of oil. In layman’s language and using average benchmark of $100 dollars per barrel, translates to $50 billion dollars worth of oil reserve. When you remove the taxes, royalties and sundry duties worth about 60% of the reserve payable over time you get about $20billion dollars worth of oil in the hands of a family.

    LET MY PEOPLE GO-those who control the nations oil industry are not from the ijaw ethnci group—-SADLY -WHENEVER MILITANTS PROTEST ATTEMPTS TO KILL JONATHAN BY D SEMI–FULANI THUGS IN APC—-THE SAME WAY AKINTOLA AND ABIOLA ATI KUDIRAT WERE MURDERED—–CERTAIN YORUBAS IN APC CLAIM IT WAS JONATHAN that SENT THEM FINE–WAS IT JONATHAN OR THE IJAWS WHO SENT THE FULANIS WHO ATTACKED AWO IN THE NORTH IN 1957 AlSO?

    • Tunji Olarewaju

      Forget this ethnic card, brother,’your own’ has been at the helms for six years now, what has changed?

  • mk

    African leaders are aware of all this happenings..what else do we expect from this CRIMINALs,…prayers would be the best for us..

  • ALL THE BELOW POINTS CONFIRM GEJ’S INCOMPETENCE AND THAT HE MUST BE VOTED OUT FEB 14, 2015

    • Mike udi

      Report is 1970 to 2008. Ask OBJ not GEJ

      • Before Jonathan, the illicit financial transfers were 30.5% annually, Under Jonathan they have more than doubled at 68.1%.
        I quote from the Mbeki Report, “Nigeria, the world’s seventh largest producer of hydrocarbon, accounts for about 68.1 per cent of the total revenue Africa is losing annually as a result of illegal transfer of revenues abroad.”
        When will we have Jonathan’s list of PEPs, politically exposed persons to the more than doubling of the illicit financial transfers? Before Feb 14, 2015?
        I quote again from the report, “To check corruption in the system, the panel urged African governments to assist financial institutions by regularly publishing the lists of politically exposed persons, PEPs, as well as any asset declarations information filed by them.”
        Fe Buhari, Love Buhari, February 14, 2015 Vote Buhari, DESTROYER of Maitatsine and Boko Haram, as President of Nigeria.

    • Rochas

      Thanks for saying VOTED OUT and not FORCED OUT, as many of you in APC would have loved to. Feb. 2015 decides !!!

  • ODOFIN, Lagos

    This is not Soludo, not Oby Ezekwesili, not Emir Sanusi and certainly not Nigerians. It is African Union. Okonjo-Iweala (Madam I too know and the “only Nigerian Harvardian”) pls attack them as usual. One thing is clear now Okonjo aided and abetted in the stealing of the country treasury and made the masses to suffer all the brunt. gej, your days are numbered…The Change is inevitable

    • Mike udi

      Read the report. From 1970 to 2008

      • ODOFIN, Lagos

        If you add gej’s unprecedented looting of N30trillion (according to Soludo) to the sum of $217.7billion (about N36.57trillion) stated above, you will agree with me that gej has not only doubled all his predecessors’ looting put together but ceded Nigeria land to Boko Haram

  • Sanmi Falae

    No wonder we don’t have any respect, even in Africa. If Okonjo -Iweala has any self respect, she would resign this week to save whatever is left of her shredded reputation. But she won’t go because the World Bank would not touch her with a beanpole. We now know where she was going to pay Idris Elba? for the screen play of her son’s or daughter’s novel. What a shameful legacy she leaves behind.

  • Change for the Worse

    How much of this money has been stolen by Thiefnubu and the family’s Oado Plc (public looting company)?

  • UNAFFECTED

    How do we recover these monies?

    • emmanuel

      Avarage of N4.5 trillion budget a year for five years is N22.5 trillion.

      How did that amount translate to N30 trillion in five years? Even if the whole budget was stolen, it does not add up.

      • Tamuno-Opubo Cookey-Gam

        it’s not only government money; unpaid taxes as well. Plus, we have sovereign fund for excess moneys

        • Tunji Olarewaju

          Stop it, my brother, don’t mind that troll;of what use is a book to donkey though it carries it?

  • The Truth

    It is all our fault for paying bribes, and for asking for them, for all our lifetimes.

    • burning spear

      RESOURCE CONTROL FOR THE SOUTH SOUTH–WILL END STEALING

      • Col. Mar..iama ….(rtd)

        Please stop scaring people without a drop of oil with this resource control agitation.
        Do you want to wipe out all these parasites?
        It is going to be a lot of dead parasites.

  • burning spear

    President Goodluck Jonathan on Monday received the report of forensic auditors engaged to carry out a detailed investigation into the activities of the Nigerian National Petroleum Corporation.

    An accounting firm, PriceWaterHouse, was in March, 2014 hired to carry out the exercise following an allegation by the former Governor of the Central Bank of Nigeria, Lamido Sanusi, that $20bn was not remitted to the Federation Account by the NNPC.

    Sanusi, who is now the Emir of Kano, had written a letter to Jonathan that $49bbn was not remitted to the Federation Account by the NNPC.

    But following the controversy which the letter generated, a committee was set up to reconcile the account.

    Sanusi later said the unremitted fund was $12bn. He later again changed the figure to $20bn.

    The Nigeria Country Senior Partner of PriceWaterHouse, Uyi Akpata, on Monday presented the report to the President on behalf of the firm, saying, “It is a privilege for us to have carried out this exercise on behalf of the government and I hope that you will find this report useful.”

    Akpata did not give any insight into the forensic report.

    In accepting the report, however, Jonathan noted that the media and indeed Nigeria would be interested in the findings.

    To this end, he directed the Auditor-General of the Federation to study the report and make the key highlights public within the week.

    He said,”There has been so much of controversy over this NNPC and leakages or no leakages. I remember the Senate has also looked into it; it is also good that you professionals have also looked into it.

    “What appears in the papers and the speculation is also very high, the figures that I cannot even imagine the country will make are being bandied in the newspapers.

    “So, I am quite pleased that you have undertaken the forensic audit. Though it is voluminous, I will give it to the professionals.

    “In government work, there are people that have the statutory responsibilities to handle such assignment, which is the Auditor-General of the Federation.

    “So the Auditor-General will look at it and within the week, let us have key highlights because the media will want to know the key findings vis-a-vis the Senate’s findings and figures being bandied around in the newspapers. Nigerians are interested.”

    The President admitted that the nation’s petroleum sector needed to be reformed.

    • burning spear

      them APC people had earlier told a bewildered nation that Jonathan was hiding the report—because it has found him guilt of stealing 20b dollars as lied to us via tinubu by sanusi—————–now nko?

    • Tamuno-Opubo Cookey-Gam

      Sanusi didn’t review the amount himself. NOIweala brought new evidence to reduce the amount to $20 billion. After Sanusi was suspended, NOIweala updated the figure to $12 billion

      • burning spear

        its like u reside in Siberia–so hardly ever keeps abreast of events in Nigeria–because of your evil regional thoughts against her–was it Ngozi that made the fake allegation against the president of sanusi–who kept twisting and changing the fingers the same way our women change their wrappers–well he report is now out—ask the jnajaweed in APC to go for it–and expose the content

  • Oro Sunnunkun

    We are just hearing those news on daily basis. Which means, afterall, Professor Soludo is hitting the nail on the head as it were. Nigeria is in trouble from this corrupt government who is clueless. I cannot wait for the judgement day – February 14 to heave a sigh of relieve.

    • Buhari_the_Certficate_FORGER

      yes and the nail fell right on his time as CBN governor. nothing concerning GEJ there

  • Thetwin

    Thank God its AU that has come out with this not APC. If not the PDP voltrons would have started opening their trash cans of mouths with controversies and meaningless fallacies. But I still expect some ignoramus amongst them to say something like the AU is working for APC, or the AU is a branch of APC. Or AU is spokesperson of APC. As in for real.

    • Buhari_the_Certficate_FORGER

      yes and it indicted APC stalwarts OBJ/Atiku/Soludo GEJ is not involved. He beacme president 2009

  • Dazmillion

    Thank God it wasn’t Soludo that presented this report. I wonder what bastard Okupe has to say on behalf of his master.

    • Mike udi

      Read the report. From 1970 to 2008. If any person is implicated it should b OBJ

    • Rochas

      Notice also that Obasanjo/Soludo’s administration was NOT exempted from this report. I wonder how Buhari was NOT part of this mess! May be he was ruling another planet during the years in question! All of them are a bunch of criminals.

    • Buhari_the_Certficate_FORGER

      Obasanjo?soludo are the people idcted and not GEj. The report covers 1970 – 2008

  • Titi

    aa AU why are u coming with this huge figures at the injury time, are u trying to remind the Nigerian voter of their $20B, shebi APC de sponsor una

  • IS.JESUS.CHRIST.A.CHRISTIAN

    Jonathan Renews Push For Election Postponement As Hope Fades For Victory

    Over the last two weeks, it had dawned on Mr. Jonathan that his hopes for winning re-election had dimmed significantly.

    2

    President Goodluck Jonathan Reuters In the face of dwindling prospects for his re-election bid, President Goodluck Jonathan has embarked on a renewed three-pronged approach to scuttle the presidential election scheduled for February 14, several sources within the Presidency have disclosed. In a startling disclosure, our sources said Mr. Jonathan was willing to entertain a military take-over as one of his options.

    Over the last two weeks, it had dawned on Mr. Jonathan that his hopes for winning re-election had dimmed significantly. Our sources said the president was deeply distressed to find out that several governors of the Peoples Democratic Party (PDP) had been working quietly with the opposition All Progressives Congress (APC) to thwart his re-election. “Apart from Governor Godswill Akpabio of Akwa Ibom, Mr. President is no longer sure that he can count on the support of any of our other governors,” an insider in the Presidency said.

    Another source said several PDP governors were aggrieved that Mr. Jonathan shortchanged or abandoned them during the party’s primaries. Several of them are reportedly paying the president back by standing aloof from his campaigns or actively mobilizing support for Muhammadu Buhari, the APC’s presidential candidate.

    Our sources revealed that the president and hawks within his administration held a prolonged meeting yesterday and decided that the elections must be frustrated at all cost. Two of the sources said Mr. Jonathan intends to call a meeting of the Council of State for Thursday to persuade its members to back a proposal to postpone the polls. In place of an election, the president wants to set up “a government of national unity” to be headed by him for 18 months to two years. It is unclear whether the council would endorse the plan to reschedule elections. The council’s membership includes past heads of state and presidents, and some of them have been openly critical of Mr. Jonathan’s record.

    One source stated that, as part of the broad strategy to scuttle the elections, the Presidency would refuse to pay the balance of the contract for the printing of ballot papers. The contract was awarded when the Nigerian currency, the naira, officially exchanged for N165 to a dollar. The source said the contractor, who claimed to be sourcing his foreign currency from the black market, is now seeking an adjustment to his contract. “The contractor wants to be paid N210 to a dollar, but President Jonathan and his team have refused to help the Independent National Electoral Commission (INEC) source the balance,” our source revealed.

    Instead, the president and his team have advised INEC to look for a local Nigerian printer to print the ballot papers. INEC chairman Attahiru Jega and some of his top aides have balked at the idea of using a local printer. They argue that such an arrangement would be a perfect recipe for chaos, allowing the Presidency to use its considerable slush funds to illegally print duplicate papers with which to rig the election, as happened in several states in 2011.

    A source at INEC told SaharaReporters that the commission’s chairman and some top officials suspect that the Jonathan administration was working seriously to undermine the commission’s credibility. “There is a lot of internal sabotage going on at INEC,” the source said. He disclosed that some resident electoral commissions were giving contradictory statements and reports about the commission’s preparedness for the February elections, without clearing with the headquarters. “Can you imagine also that even non-essential materials are being stolen from INEC offices, all in an effort to undermine the effort to hold elections,” said the source.

    The Presidency’s second option is the recruitment of some members of the defunct National Conference to press the case for postponing the elections until Nigerians discuss, adopt and implement the resolutions of the confab. In order to push that agenda, the Presidency has released more than N2 billion to Raymond Dokpesi, the owner of Africa Independent Television (AIT), to coordinate the campaign for postponement of the elections. Using AIT and other willing media, Mr. Dokpesi is expected to press the case for constituting an interim national government headed by Mr. Jonathan. Earlier today in Abuja, Mr. Dokpesi’s AIT aired a live discussion by members of a “post national conference consultative committee”, to begin framing the case for postponement. The live program featured Bolaji Akinyemi, a former Minister of Foreign Affairs, Femi Okurounmu, who headed a nationwide consultation for the national conference, Maurice Iwu, a notorious former INEC chairman, Mike Ezekhome, a lawyer, G.G. Darah, a professor and close associate of jailed former Governor James Ibori of Delta State, and Balarabe Musa, a former governor of Kaduna State whose involvement is perhaps the only surprise.

    Dokpesi’s group is expected to use its huge war chest to argue that elections are untenable because of INEC’s questionable preparedness as well as the tense security situation in Nigeria’s northeast.

    The Presidency’s third option is the possible use of the Nigerian military to scuttle the election. Nigeria’s Chief of Army Staff, General Tobiah Minimah, is reportedly a key player in executing the military option. One source reported that General Minimah, who is from President Jonathan’s Niger Delta region, was initially reluctant, but eventually signed up for the scheme to use the military to intervene should the elections proceed and not go President Jonathan’s way.

    Our sources said the president was irate that INEC chairman, Mr. Jega, had been avoiding meetings with him and his presidential aides. “Professor Jega has maintained that he wants to be seen to have conducted a free and transparent election, even if imperfect. He has therefore maintained that there is no point going to Aso Rock to hold meetings exclusively with Mr. President, who is a candidate, and the president’s team,” one source close to Mr. Jega said.

    Our Presidency sources disclosed that Mr. Jonathan had started looking for ways to remove the INEC chairman from office. “If they succeed in postponing the elections, the president will either suspend Prof. Jega, the way he did to former Central Bank Governor [Sanusi Lamido Sanusi] or ask him to go on compulsory leave pending the end of his tenure.”

    While SaharaReporters was about to publish this report, several sources told our reporters that President Jonathan and his co-travelers have moved to the courts as a way of scuttling the elections, at least five court cases have been filed to either postpone the elections and disqualify the APC candidate , Muhammad Buhari.

    A reliable source told our team of investigators that President Jonathan is shopping for a federal high court judge to scuttle the elections with a court order in the next few hours.

  • Mike udi

    The report is from 1970 to 2008. All the past heads of state re all guilty. Gej is not implicated by this report. Ask OBJ and the other heads of state

    • How do you read? Jonathan is more than twice as implicated as any other former President. Before Jonathan, the illicit financial transfers were 30.5% annually, Under Jonathan they have more than doubled at 68.1%. I quote from the Mbeki Report, “Nigeria, the world’s seventh largest producer of hydrocarbon, accounts for about 68.1 per cent of the total revenue Africa is losing annually as a result of illegal transfer of revenues abroad.”
      When will we have Jonathan list of PEPs, politically exposed persons to the more than doubling of the illicit financial transfers? Before Feb 14, 2015?
      I quote again from the report, “To check corruption in the system, the panel urged African governments to assist financial institutions by regularly publishing the lists of politically exposed persons, PEPs, as well as any asset declarations information filed by them.”
      Fe Buhari, Love Buhari, February 14, 2015 Vote Buhari, DESTROYER of Maitatsine and Boko Haram, as President of Nigeria.

      • Buhari_the_Certficate_FORGER

        mumu between 1970 and 2008, Buhari and OBJ were ruling then and not GEJ

  • Jonathan is more than twice as blamable as other Presidents. Before Jonathan, the illicit financial transfers were 30.5% annually, Under Jonathan they have more than doubled at 68.1%.
    I quote from the Mbeki Report, “Nigeria, the world’s seventh largest producer of hydrocarbon, accounts for about 68.1 per cent of the total revenue Africa is losing annually as a result of illegal transfer of revenues abroad.”
    When will we have Jonathan list of PEPs, politically exposed persons to the more than doubling of the illicit financial transfers? Before Feb 14, 2015?
    I quote again from the report, “To check corruption in the system, the panel urged African governments to assist financial institutions by regularly publishing the lists of politically exposed persons, PEPs, as well as any asset declarations information filed by them.”
    Fe Buhari, Love Buhari, February 14, 2015 Vote Buhari, DESTROYER of Maitatsine and Boko Haram, as President of Nigeria.

    • Rochas

      Notice that the report has as well indicted your hollier-than-thou Obasanjo and saint, Buhari. APC has messed the change yearnings and aspirations of many Nigerians (including you, if pretense is set aside) by allowing Tinubu, Buhari and other criminals in the likes of Amechi to hijack her party affairs. With these, another protest vote for Jonathan is NOT far. Jonathan is NEVER my candidate and Buhari is NEVER a choice!

      • Omo Olokoaroti

        therefore you should be indifferent for ever!

      • Obasanjo, Buhari, Tinubu, Amechi felt like you now feel and did something to bring about change. The result is this CHANGE you are seeing. Even “criminals” can turn a new leaf, the pessimist perpetuates the status quo of corruption. Fe Buhari, Love Buhari, February 14, 2015 Vote Buhari, DESTROYER of Maitatsine and Boko Haram, as President of Nigeria.

    • Buhari_the_Certficate_FORGER

      The report is between 1970 and 2008. It has nothing to do with GEJ. read well before you expose your ignorant

      • Jonathan is more than twice as culpable as other Presidents. Before Jonathan, the illicit financial transfers were 30.5% annually, Under Jonathan they have more than doubled at 68.1%.
        I quote from the Mbeki Report, “Nigeria, the world’s seventh largest producer of hydrocarbon, accounts for about 68.1 per cent of the total revenue Africa is losing annually as a result of illegal transfer of revenues abroad.”
        When will we have Jonathan’s list of PEPs, politically exposed persons to the more than doubling of the illicit financial transfers? Before Feb 14, 2015?

      • Farinyaro

        Mr Jonathan, why must you reply all comments that do not suit your opinion? Are you desperate?

        • Buhari_the_Certficate_FORGER

          Mr. certificate forger, why must you try to forge people’s mind away from the truth?

          • Farinyaro

            You are out of date, update your knowledge first.

          • Buhari_the_Certficate_FORGER

            you are “in-of-date” in 1961 abi. Mumu certificate forger

  • SOVIA

    Who is Thabo Mbeki ?. I have gone through the list of those with Primary 6 Certificates, the name of THABO MBEKI is not there. Oya e don happen Madam Minister finish up the matter They are jealous of Nigeria being the giANT of Africa. This week is not your week . Charles Soludo yesterday, Thabo Mbeki today, and tomorrow is another day.

    • Okikiola Beckley

      Maybe Thabo too is a political jobber and a sore loser who’s looking for an appointment!

      • Buhari_the_Certficate_FORGER

        read well. The period covered also indicted Buhari and OBJ and didn’t indict GEJ.

    • Ali A-ly

      you and your likes are the reason why Nigeria will never move forward

    • Buhari_the_Certficate_FORGER

      read the article before you show your stupidity. it covers 1970 – 2008

      • whocares

        with all due respect, are u an agent of doom? they re talking of corruption u re hear defending GEJ. as far as am concern GEJ is d Comanda in chief of corruption.

        • Buhari_the_Certficate_FORGER

          agent of non-doom, who is the devil here. The one who reads and says something else or the one who pointed out the truth as in the content?

  • Ibrahim

    N30 trillion yesterday N6.87 trillion X 16years today, patience billions GEJ billions from Bayelsa +++++ and dozens of others —- if change means these would be stopped then honest people should vote for that change or the nation goes the drain in a little while

    • Buhari_the_Certficate_FORGER

      read the article moron. It is from 1970 t0 2008, GEJ became President after then.

  • solozo

    Doesn’t millions in cash in private jets make sense now? Nigeria we hail thee

  • Ette

    See how PDP has destroyed our beloved country with progressing stealing which became the DNA of the wicked governments of GEJ. We must insist on voting the chief of the thieves out in less than two weeks. There is a reason why all these revelations are coming now to let us know the wickedness done to this country and rise against the perpetrators in government of the thieves, by the thieves and for the thieves. God bless Nigeria.

    • Buhari_the_Certficate_FORGER

      can you read at all? What concerns GEJ with the report? The period covers Buhari/OBJ time also.

      • Naija

        why GEJ period was not included?

  • Eze1

    This confirm what Soludo said. I just imagine the impact this money could make if spent on Infrastructure in Nigeria. This is the reason Change is inevitable on Feb14.

    • Richard

      Did you read the story or are you a school drop out like your master bokohari

      • Eze1

        Do you live in Nigeria? If so, then that report only confirms what we all know.

  • MushinSpeaks

    I wonder what will be left for Buhari when he assumes power….they have so looted this country that all hope seems to be lost…cant imagine another four years of Jonathan….

    • Buhari_the_Certficate_FORGER

      can you read at all. do not blame you as illiterate as your master Bokohari.

    • Richard

      From 1970 to 2008 was buhari not governor, minister and head of state during this period

  • Buhari_the_Certficate_FORGER

    The report was between 1970 and 2008, and all major players in this era are either Hausa Foolani or Yoruba thieves. This report has nothing to do with GEJ’s period. Read carefully.

    • Richard

      Dnt mind the traitors

  • ODOFIN, Lagos

    If you add gej’s unprecedented looting of N30trillion (according to Soludo) to the sum of $217.7billion (about N36.57trillion) stated above, gej has not only doubled all his predecessors’ looting put together but ceded Nigeria land to Boko Haram

    • Richard

      Soludo was part of the thieves bcos he was a CBN gov during this period also was buhari and Obasanjo from 1970 to 2008

      • ODOFIN, Lagos

        What about their accountant called okonjo-iweala?

    • scott

      “Nigerians are bunch of thieves.”, General Colin Powell

    • 247don007

      I don’t hink u even read the article before commenting. Ur hatred for GEJ can’t let u comprehend the article. Hear this: “Cumulatively, Nigeria and Egypt topped the list of ten African countries by illicit financial transfers between 1970 and 2008, with $217.7billion (about N36.57trillion), or 30.5 per cent, and $105.2billion (about N17.67trillion), or 14.7 per cent respectively, while South Africa had $81.8billion (about N13.74trillion), or 11.4 per cent.”

      Can you see the period quoted by the report? Hope u also know when GEJ became the president of this country. Good day.

      • ODOFIN, Lagos

        Please read my comment well before criticizing

        • 247don007

          Are you referring to another comment of the one above? I read it & responded base on the content.

        • Saidu Aliero Yusuf

          U championed him

  • BABUYANMA

    Arrest and torture Madueke, Pius Anyim and Iweala, and they will tell us where the money is hidden

    • hummm

      Well, add FFK,GEJ, MRS GEJ, MAKU, OKUPE, DASUKI,ANDOKE,THE LIST GOES ON AND ON . In fact just all everyone serving in his govt, period, poinblank

      • Diss

        I am in support of such effort, but the ones you list are child’s play. The main money out flow is from the so-called “oil block”. Whose idea was it even? Most retired army generals including IBB and Danjuma own oil blocks – the country’s natural resource that does not belong to them. Only Gowon and Buhari are innocent of that crime. Whenever you see a Nigerian businessman suddenly become wealthy, suspect that money is being held for an army general. The first big one was Murtala Muhammed looting a whole bank in Benin during the civil war, and asking Abiola to invest the money on his behalf. That was to return favor of Abiola having found him a beautiful wife. Well, Murtala died in the Dimka coup, and Abiola kept the money. Second big one – Umaru Dikko’s loot, and then Abacha.

  • Farinyaro

    The PDP will surely tell us that the report was doctored by the APC. Hahahha!