About $600Bn Stolen of Nigeria Since independence - Says Economist
The Economist magazine has said that an estimated $ 600 billion is believed to have been stolen from Nigeria since independence in 1960.
The article was published in its online edition on October 10 View extracts.
Tyrants light fingers are looking back with nostalgia. In decades past they could hide their illicit wealth in the West. friendly lawyers, banks and brokers were present to park the spoils.
Sani Abacha, the military dictator who ran Nigeria in the 1990s, billions of dollars deposited in banks across the rich world, no questions asked. Western governments often seemed equally unfussed.
Such brazenness is becoming a little harder to get away with. fighting corruption and muckraking journalists have been busy trying to find the stolen assets. Western governments, tired of seeing aid money stolen, have tightened money laundering and bribery laws.
However, much it has been stolen from Africa that tracking all of this is complicated. Chatham House, a British study estimates that $ 582bn has been stolen from Nigeria alone since gaining independence in 1960.
International Corruption Unit of Britain says its research has resulted in the confiscation of £ 76 million ($ 117 million) in washing loot since 2006. Another £ 791m has been frozen worldwide thanks to his work.
However, barely makes a dent in the 100 billion illicit funds which Steve Goodrich £ Transparency International, a watchdog recognizes enter Britain every year.
"Attacks are still an exception," says Jason Sharman, an expert on international corruption at the University of Cambridge. "Dirty money still gets through most of the time."
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