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Nairaland Forum / Nairaland / General / Politics / Stolen Funds: South African Online Platform Mocks Nigeria (1783 Views)
Looters Burying Stolen Funds In Forests, Burial Grounds – FG / Stolen Funds: No Plea Bargain — FG / Those Who Returned Stolen Funds Will Be Named In Due Course – Buhari (2) (3) (4)
Stolen Funds: South African Online Platform Mocks Nigeria by flyingsnail(f): 7:59pm On Aug 12, 2015 |
A South African online media outfit, Mail and Guardian Africa, came after Nigeria on Tuesday, saying, “The money ‘eaten’ there is bigger than the Gross Domestic Product of 38 African nations.” If the stolen funds estimated at $50bn were a country, the online medium reported, it would be Africa’s 11th biggest economy. “Some estimates put the ‘lost’ funds at $50bn. If it were a country, it would be Africa’s 11th biggest economy, at par with Tunisia’s entire GDP and larger than the economic output of Ghana, Tanzania, Uganda, Ivory Coast or the Democratic Republic of Congo,” the online report said. It quoted a Nigeria’s transparency watchdog as saying that the Nigerian National Petroleum Corporation diverted more than $30bn oil revenue since 2009. This figure, it said, was bigger than the annual production output of “half of the nations in Africa.” Mail and Guardian Africa said the financial shortfall caused by the theft, added to the falling prices of oil, had put Nigeria – a country where “about two-thirds” of the population live on less than a dollar per day – in a financial strait. For Nigeria’s investment in the NNPC, the report said, the country had gained nothing but terrible disclosure records and absence of accountability. “For all its importance to Nigeria, the NNPC is largely inscrutable. It had the worst disclosure record among 44 energy companies analysed in a 2011 report by anti-corruption non-profit organisations, the Transparency International and the Revenue Watch Institute. “The NNPC consistently denies any wrongdoing. Allegations of missing funds go back as far as when President Muhammadu Buhari was a petroleum minister,” the post recalled. While it admitted that the country’s oil sector needed an urgent reform, the online news organisation said history was not on the side of Buhari’s push to split the corporation. It described the NNPC as the largest government-owned company, saying Buhari may not succeed in his plan to unbundle it. Arguing that the establishment was synonymous to corruption, it recalled that it had faced allegations bordering on financial frauds since 1978. “A Lagos-based newspaper reported in 1978, a year after the NNPC took its current name, that the company failed to remit an equivalent of about $3.5bn it owed the treasury. In the 1990s, a military-sanctioned investigation discovered that $12bn oil revenue was unaccounted for under the regime of Gen Ibrahim Babangida (retd.). “The Nigeria Extractive Industries Transparency Initiative said, at least, $23.2bn due to the government was not deposited into the federation account from 2009 to 2011. Recently, the then-Central Bank of Nigeria Governor, Sanusi Lamido Sanusi, alleged that the corporation retained as much several billions of dollars that was due to the government,” the report said. Back home, there is so much to read on digital media about corruption, the pains it has inflicted on the masses and how it could be tackled. Recent media reports on government’s plans to probe key past public projects and investments merely fuelled the online discussion. The government revealed that it was scrutinising bank accounts where the stolen funds had been kept. Following the statement, bloggers and social media users have been urging government to also look into highbrow mansions in Abuja, Lagos, Port Harcourt and other major cities. In recent times, several hashtags drawing government’s attention to such houses have been trending. The stolen money, according to social media posts, could be hidden in houses belonging to relatives, wives and concubines of former public office holders. Blogging on this on Tuesday, one Chukwudi Enekwechi said, “Recently, a huge sum of money was being frittered away by relations, concubines and wife of a politician. Even more interesting is that locations where such money is hidden are listed online. For example, Lekki Phase 1, Ikoyi and Victoria Island, Port Harcourt, Maitama and Asokoro were mentioned.” http://www.punchng.com/i-punch/stolen-funds-south-african-online-platform-mocks-nigeria/ |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by TechRev: 8:06pm On Aug 12, 2015 |
Them no know say na zooo be this?? I thought south africans knew its a zoological republic. If they knew they would not be surprised. 3 Likes 3 Shares |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Tolexander: 8:07pm On Aug 12, 2015 |
TechRev:And you are so happy to be an animal content of the zoo! 9 Likes |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Demmocrats(m): 8:09pm On Aug 12, 2015 |
Who cares those HIV infested country with pastors that turn there congressional in horse who cares 1 Like |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Sandydayz(f): 8:12pm On Aug 12, 2015 |
Op u want me to read wikipedia this cold nyt? ![]() |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by senier007(m): 8:18pm On Aug 12, 2015 |
That's what you get when you allow people that aren't suppose to be there or people that are too clever to be there, thank God for the New sheriff in town cuz stealing is now corruption. Imagine if all our past leader will even work for the masses once? Common racist country is now laughing at us, before it was Zimbabwe and common useless chad Ati Cameroon!!! Surely the day of reckoning will surely catch up with them. Am proud of being a change Agent!!!!! Sai baba Nigeria shall be great again. 5 Likes 1 Share |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by PrinceZahzah(m): 8:22pm On Aug 12, 2015 |
Wetin concern Okada with seat belt? Abi Aregbe... with salary? It's our Money,dey steal,we catch dem bt S.Africans can neva know theirs. Thank God we ain't xenophobic. 1 luv Nigeria. 1 Like |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 8:32pm On Aug 12, 2015 |
Hahahahaha! Pot calling the kettle narcissist . 1 Like |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 8:32pm On Aug 12, 2015 |
Hold on |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 8:34pm On Aug 12, 2015 |
Sandydayz:Hy! R u hooked on something now? |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Sandydayz(f): 8:34pm On Aug 12, 2015 |
Sabrwahaqqo:What do u mean? ![]() |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 8:36pm On Aug 12, 2015 |
Sandydayz:Good, seems I've met u before ![]() |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Sandydayz(f): 8:50pm On Aug 12, 2015 |
Sabrwahaqqo:Really? In dreams... ![]() |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 8:53pm On Aug 12, 2015 |
Sandydayz:Then, on NL, I'm actually thinking about Reality now. Asin one-one. |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Sandydayz(f): 8:55pm On Aug 12, 2015 |
Sabrwahaqqo:Seriously i don't get anything u said.. |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 8:57pm On Aug 12, 2015 |
Sandydayz:Are you playing dumbo with me now? |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Sandydayz(f): 9:05pm On Aug 12, 2015 |
Sabrwahaqqo:Who the hell are u? ![]() My lost brother? ![]() OK seriously i don't knw ya ![]() K? |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by buskie13(m): 9:08pm On Aug 12, 2015 |
TechRev:since u are in de zoo..i guess u are so hungry right now....someone pls feed him with grass... 1 Like |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by brize(m): 9:20pm On Aug 12, 2015 |
Welcome to the zoo |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 9:25pm On Aug 12, 2015 |
Sandydayz:I'm actually from Heaven not hell Yh, brother in the lord ![]() Seriously I want to know ya ![]() |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Sandydayz(f): 9:28pm On Aug 12, 2015 |
Sabrwahaqqo:U funny.. I like ![]() |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 9:35pm On Aug 12, 2015 |
Sandydayz:Oh :O , I've blushed more than too much today already... I don't want to start bleeding ![]() BTW, The naturality of your look enchanted me .... Like U. |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Sandydayz(f): 9:37pm On Aug 12, 2015 |
Sabrwahaqqo: ![]() |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 9:38pm On Aug 12, 2015 |
. |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 9:41pm On Aug 12, 2015 |
Sandydayz:I don't know if I'm qualified to have the BBM pin already.... :' |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Jaideyone(m): 2:11am On Aug 13, 2015 |
Sabrwahaqqo:get a room |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by flyingsnail(f): 8:46pm On Aug 13, 2015 |
Sabrwahaqqo: ![]() |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 8:49pm On Aug 13, 2015 |
flyingsnail:Flying snail, wup? 1 Like |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by flyingsnail(f): 8:53pm On Aug 13, 2015 |
Re: Stolen Funds: South African Online Platform Mocks Nigeria by Nobody: 8:55pm On Aug 13, 2015 |
flyingsnail:Spk up o.... All this acting wey you dey perform no meet me for house o |
(1) (Reply)
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