FG’s N3.1 trillion revenue loss traced to an individual



Apparently believing that he had heard and seen the worst of how corrupt practices have brought Nigeria to her knees, President Muhammadu Buhari, last week, almost lost his cool when it was brought to his attention that a whopping $16 billion – at the official exchange rate of N196, this comes to N3.136 trillion; while, with the parallel market rate of N315, it comes to a whopping N5.04trillion) of the nation’s crude oil revenue loss could be traced to some sharp practices by some individuals in Nigeria’s oil and gas sector.

The quantum of funds in question are revenue that ought to have accrued to the Federal Government of Nigeria through oil-lifting deals which are now subject of intensive investigations. Specifically, one of the arrow heads of the crude oil lifting scam, who has been invited and interrogated by the Economic and Financial Crimes Commission, EFCC, at least twice before, has been granted administrative bail, and “who is alleged to be warehousing a sizable chunk of the money, drew the ire of Mr. President”, an Aso Rock Presidential Villa source disclosed.

Sunday Vanguard learnt that even visiting South African President, Jacob Zuma, was caught in the cross winds of Buhari’s reinvigorated mode of anti-corruption, as he ordered that every kobo of the stolen funds must be recovered. Similarly, information suggests that the government of the United States of America is helping in the provision of intelligence on how to trace some of the stolen funds from Nigeria. Benin Republic and South Africa have both become safe havens for Nigeria’s stolen funds investigations have revealed.

$16BILLION

Sunday Vanguard learnt that once the revelations were made to Buhari, he ordered that EFCC must ensure that the looted funds are recovered. According to Aso Rock insiders, 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”. Continuing, one of the sources said: “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. “But Mr. President has ordered that every kobo must be recovered. Whatever it takes, he has made it clear that those funds must be recovered.”

Records of the oil-lifting schedules, timelines of transactions as well as proceeds that were meant to have accrued to government, the source said, “showed that some people just constituted themselves into a parallel government and were just making away with the nation’s resources.”

TRACING STOLEN FUNDS

Sunday Vanguard learnt that, as part of its bilateral agreement on intelligence sharing and anti-money laundering surveillance, the government of the United States is collaborating with the Buhari administration on how to trace some of the stolen funds domiciled in other countries – Benin Republic and South Africa have been identified as safe havens. Part of the visit of South African President Jacob Zuma was said to be on the apparent reluctance “of the South African government to repatriate some funds stashed in the country.” It was discovered that whereas the Federal Government has relaxed its forex policy, there has been a heavy movement of cash (in dollars) from Benin Republic back into the system in Nigeria. The simmering diplomatic row between Nigeria and South Africa, sources disclosed, has more to do with the seeming unwillingness of the South African government to repatriate alleged stolen funds that have been traced to that country. “This was part of what President Zuma came to resolve with Nigeria during his visit last week,” Sunday Vanguard said.

Read more at: http://www.vanguardngr.com/2016/03/fgs-n3-1-trillion-revenue-loss-traced-to-an-individual/

Hmm

Is d individual Nameless?

Some of our leftist brethren will never fancy this news that is why in a society where the oppressed celebrate the oppressor a liberator becomes a common enemy to both the oppressed and oppressor!
Typical case of President Muhammadu Buhari Vs the Wailing wailers.

No need to tell Nigerians all this anymore, I think we've heard enough already. Just make the moves to recover the recoverable portions of these funds, use the funds to surprise Nigerians with development and jail the perpetrators for life.

This individual along the storyline becomes 'some people'. APC is scam, that's all

obailala:
No need to tell Nigerians all this anymore, I think we've heard enough already. Just make the moves to recover the recoverable portions of these funds, use the funds to surprise Nigerians with development and jail the perpetrators for life.

Don't mind them. Too much noise.

Make I book space. Come comment when I wake up

5 Trillion wetin, Chai Chai Chai I'm done with this country, the future is stolen already.

kolaaderin:
5 Trillion wetin, Chai Chai Chai I'm done with this country, the future is stolen already.

....you see, and some of the e-goat were here written trash!

Can Nigeria be great..Ever? While it is certainly not an impossibility, the number of economic and infrastructural saboteurs ranging from past government officials through the aiding institutions (e.g banks) to, and most dishearteningly, ordinary citizens who would defend this saboteurs with their lives, I sincerely do not see a bright future for the country.. I really would love to be proven wrong!

I LOVE PRESIDENT BUHARI'S STANCE AGAINST CORRUPTION but the case of Nigeria and her citizens is like trying to save a pig from the mud when the animal doesn't even want to leave! It is clear why 99% of successful and bright citizens never want to stay in the country!

I can only Imagine if a name was mentioned in this article as the person responsible for diverting the $16Billion (a money that will convincingly transform several economies in Europe and America), a twitter campaign would have been launched and trended against the government, probably, a few groups would have taken to the streets in protest against 'witchhunt'.. How can Nigeria ever get it right??

It is surprising to see how some people will call the country a ZOO and are the first set to perpetrate as well as defend animalistic behaviours!

I WEEP

jayfolarin:
Can Nigeria be great..Ever? While it is certainly not an impossibility, the number of economic and infrastructural saboteurs ranging from past government officials through the aiding institutions (e.g banks) to, and most dishearteningly, ordinary citizens who would defend this saboteurs with their lives, I sincerely do not see a bright future for the country.. I really would love to be proven wrong!

I LOVE PRESIDENT BUHARI'S STANCE AGAINST CORRUPTION but the case of Nigeria and her citizens is like trying to save a pig from the mud when the animal doesn't even want to leave! It is clear why 99% of successful and bright citizens never want to stay in the country!

I can only Imagine if a name was mentioned in this article as the person responsible for diverting the $16Billion (a money that will convincingly transform several economies in Europe and America), a twitter campaign would have been launched and trended against the government, probably, a few groups would have taken to the streets in protest against 'witchhunt'.. How can Nigeria ever get it right??

It is surprising to see how some people will call the country a ZOO and are the first set to perpetrate as well as defend animalistic behaviours!
I WEEP

While you are weeping, do you ever stop to wonder why no suspect was named in this colossal theft
I tell you why. The whole story is false!
Instead of 'the president feeling like shedding tears for this country', he should have quickly and swiftly arraigned the thief before a judge and get a fast conviction, so that the money could be returned to the treasury, and the thief hanged on his or her neck until dead.
This is the sort of details that should come out of a criminal trial not when our president mounts an international forum to make excuses on why he is incompetent.
Don't be surprised many months and years will come to pass, and nothing will be heard of this zillion naira theft anymore, because Buhari has achieved his aim of diverting international attention from his failures.
Remember the $2.1B stolen by Dasuki? Turns out all the amounts 'stolen' as reported by EFCC did not add up to that sum, but to something like $32.
My bet with anybody here, I mean on both sides of Buhari's political support, is that when things settle down you'd notice that the whole story is a farce, complete lie, exaggerated figure, or so weak a case that not court could convict such accused.

naijaking1:


While you are weeping, do you ever stop to wonder why no suspect was named in this colossal theft
I tell you why. The whole story is false!
Instead of 'the president feeling like shedding tears for this country', he should have quickly and swiftly arraigned the thief before a judge and get a fast conviction, so that the money could be returned to the treasury, and the thief hanged on his or her neck until dead.
This is the sort of details that should come out of a criminal trial not when our president mounts an international forum to make excuses on why he is incompetent.
Don't be surprised many months and years will come to pass, and nothing will be heard of this zillion naira theft anymore, because Buhari has achieved his aim of diverting international attention from his failures.
Remember the $2.1B stolen by Dasuki? Turns out all the amounts 'stolen' as reported by EFCC did not add up to that sum, but to something like $32.
My bet with anybody here, I mean on both sides of Buhari's political support, is that when things settle down you'd notice that the whole story is a farce, complete lie, exaggerated figure, or so weak a case that not court could convict such accused.

See what you just did there?? The first step in the continous support of impunity, an irrational conclusion that the whole story is false based on some preconceived assumptions or conspiracy theories! SAD!!

Really I'm not one to make a case for pmb's supposed economic failure in Nigeria. This is sadly because of too many factors beyond me.. This being said, my major grouse is with the average Nigerian psyche which is almost destructive by default. No form of patriotism or willingness to set the nation aright mostly because of greed and political divides. This people would do every possible thing to frustrate ongoing investigations into alleged corrupt practices of former or present office holders; Defend and even assist pipeline vandalism, hoard dollars and rejoice at steady decline of the Naira...etcetera

Forget politics, when citizens of a country are actively involved and relentlessly defend acts of sabotage against their country, there is so much the government of the day can do! Now I am not saying pmb has been absolutely correct in every of his decisions, My friend and I who are staunch supporters won't stop talking yesterday about how his deafening silence on the Fulani menace as well as his recent interview on aljazeera are nothing short of a dissapointment from a man we hold in high esteem. One thing you definitely CANNOT take away from this man is his undying willingness to recover looted funds and stop corruption to a fault.

This corruption disease has eaten deep into the Nigerian fabric so much that it has become a state of mind! Wonder why 'Yahoo' has thrived so much and for so long amongst the young adults in the country? Here is why - Backend deals, looting and praising of looters became the norm and the youths expectedly flowed with it! In PMB, I see a determined aged man that wants to try and correct this menace before it completely destroys the country for coming generations!

How Corruption has now seem to completely infiltrate a group of people so much that they defend every form of 'bad' without remorse or hold-back is why i feel the country can never recover from this illness (corruption) and hence, MY TEARS

All this blame game no be am at all. We don tire to dey hear 'tory. We just want to see things on ground, enough of all these media brouhaha!

jayfolarin:


See what you just did there?? The first step in the continous support of impunity, an irrational conclusion that the whole story is false based on some preconceived assumptions or conspiracy theories! SAD!!

Really I'm not one to make a case for pmb's supposed economic failure in Nigeria. This is sadly because of too many factors beyond me.. This being said, my major grouse is with the average Nigerian psyche which is almost destructive by default. No form of patriotism or willingness to set the nation aright mostly because of greed and political divides. This people would do every possible thing to frustrate ongoing investigations into alleged corrupt practices of former or present office holders; Defend and even assist pipeline vandalism, hoard dollars and rejoice at steady decline of the Naira...etcetera

Forget politics, when citizens of a country are actively involved and relentlessly defend acts of sabotage against their country, there is so much the government of the day can do! Now I am not saying pmb has been absolutely correct in every of his decisions, My friend and I who are staunch supporters won't stop talking yesterday about how his deafening silence on the Fulani menace as well as his recent interview on aljazeera are nothing short of a dissapointment from a man we hold in high esteem. One thing you definitely CANNOT take away from this man is his undying willingness to recover looted funds and stop corruption to a fault.

This corruption disease has eaten deep into the Nigerian fabric so much that it has become a state of mind! Wonder why 'Yahoo' has thrived so much and for so long amongst the young adults in the country? Here is why - Backend deals, looting and praising of looters became the norm and the youths expectedly flowed with it! In PMB, I see a determined aged man that wants to try and correct this menace before it completely destroys the country for coming generations!

How Corruption has now seem to completely infiltrate a group of people so much that they defend every form of 'bad' without remorse or hold-back is why i feel the country can never recover from this illness (corruption) and hence, MY TEARS

Don't cry, don't cry for nothing yet.
However, You should cry, because just like Sanusi when he first got to the CBN, Buhari's action is simply a smoke screen, a screen to cover himself and his thieving supporters like Amaechi.
I want Buhari to convict a thief, sentence him, and even have him or her executed like they do in China, not walk around making empty noises about corruption while simply snagging his political enemies, opposing religious and tribal groups. I want him to convict some in a court of law, quickly, not waste my precious time with shallow and stupidly emotional accusations that will stand no basic judicail process.

malton:
All this blame game no be am at all. We don tire to dey hear 'tory. We just want to see things on ground, enough of all these media brouhaha!

Thank you. The more people are carried away by these silly stories and road side song and dance performances, the more Buhari thinks he has us fooled.
Give us real court convictions or shut your dirty scandalous mouth!

naijaking1:


Thank you. The more people are carried away by these silly stories and road side song and dance performances, the more Buhari thinks he has us fooled.
Give us real court convictions or shut your dirty scandalous mouth!

......look at the truth patriot of brazil! rejected the looter, while nigerian tweet #bringbackuorcorruption as if they were corse by satan!