Estimating the exact amount looted by Nigerian politicians since 1999 is challenging, but here are some notable figures:
- *Recovered Abacha Loot*: Over $4 billion in cash and $2 billion in assets have been recovered from the Abacha loot from 1999 to 2022. Recent recoveries include $23 million repatriated by the US government in August 2022.
- *Alleged Ex-Governor Fraud*: 58 former governors are accused of misappropriating approximately N2.187 trillion (about $2.7 billion) between 1999 and 2024. Some notable cases include ¹ ² ³:
- *Peter Odili*: N100 billion
- *Ali Mode-Sheriff*: N300 billion
- *Godswill Akpabio*: N100 billion
- *Yahaya Bello*: N80.2 billion
- *Bello Matawalle*: N70 billion
- *Other High-Profile Cases*: 14 former governors, 8 ex-ministers, and 5 senators are implicated in alleged corruption cases involving N21.63 trillion and $47.4 billion over 15 years.
- *Total Estimated Loot*: According to some estimates, Nigeria has lost over $582 billion to corruption since independence in 1960 ⁴ ⁵.
Breakdown of estimated looted funds per administration in Nigeria since 1960:
- *First Republic (1960-1966)*: Estimated looted funds are relatively low, with some reports suggesting around N100 million to N500 million (approximately $1.4 million to $7 million in today's value).
- *Military Rule (1966-1979)*: Estimated looted funds range from N1 billion to N5 billion (approximately $1.4 billion to $7 billion in today's value).
- *Second Republic (1979-1983)*: Estimated looted funds are around N5 billion to N10 billion (approximately $7 billion to $14 billion in today's value).
- *Military Rule (1983-1999)*: Estimated looted funds are significant, with notable cases including:
- *General Sani Abacha*: Estimated to have looted around $4 billion to $5 billion.
- *Other Military Leaders*: Estimated looted funds range from N500 billion to N1 trillion (approximately $700 million to $1.4 billion in today's value).
- *Fourth Republic (1999-2023)*: Estimated looted funds are substantial, with notable cases including:
- *Olusegun Obasanjo's Administration*: Estimated looted funds range from N500 billion to N1 trillion (approximately $700 million to $1.4 billion in today's value).
- *Umaru Musa Yar'Adua's Administration*: Estimated looted funds range from N200 billion to N500 billion (approximately $280 million to $700 million in today's value).
- *Goodluck Jonathan's Administration*: Estimated looted funds range from N500 billion to N1 trillion (approximately $700 million to $1.4 billion in today's value).
- *Muhammadu Buhari's Administration*: While efforts have been made to recover looted funds, some estimates suggest that around N100 billion to N500 billion (approximately $140 million to $700 million in today's value) may have been looted or misappropriated.
*Total Estimated Loot*: According to some estimates, Nigeria has lost over $582 billion to corruption since independence in 1960 [9].
[10/1, 10:37 PM] Meta AI: Financial infractions in various Nigerian government agencies and ministries have been reported. Here are some notable cases ¹ ²:
- *Central Bank of Nigeria (CBN)*: There's an ongoing issue with the CBN, along with other agencies like the Office of the Secretary to the Government of the Federation (OSGF), Nigerian Postal Service (NIPOST), and others, failing to account for approximately N20 trillion in stamp duty collection.
- *Nigerian Railway Corporation (NRC)*: The NRC** reported N125 billion worth of items taken from its store without proper ledger charges.
- *NIPOST*: The Nigerian Postal Service has faced allegations of irregularities, including the sale of serviceable and non-serviceable assets without proper procedures.
- *NITEL/MTEL*: The privatization process of NITEL and MTEL has been marred by irregularities, according to the Nigeria Association of Auctioneers.
- *Other MDAs*: Various ministries, departments, and agencies have been implicated in financial infractions, including:
- *Unaccounted Funds*: N122.5 billion left unaccounted for by 19 MDAs, with N111.601 billion attributed to the Nigerian Bulk Electricity Trading Plc.
- *Contract Irregularities*: N7.386 billion in irregularities related to contract awards by 32 MDAs.
- *Unexecuted Contracts*: N167.592 billion worth of contracts not executed by 31 MDAs.
- *Tax Irregularities*: N2.636 billion in unpaid taxes by 21 MDAs, and N11.561 billion in unremitted taxes deducted from taxpayers by 11 MDAs.
These cases highlight the need for improved transparency and accountability in Nigeria's government agencies and ministries.
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