Nigeria : $420billion stolen by Nigeria's corrupt leaders

militant

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Jun 21, 2005
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And we ask why Africa aint moving foward. Got this baffling stuff on British Telegraph.

The scale of the task facing Tony Blair in his drive to help Africa was laid bare yesterday when it emerged that Nigeria's past rulers stole or misused £220 billion.

That is as much as all the western aid given to Africa in almost four decades. The looting of Africa's most populous country amounted to a sum equivalent to 300 years of British aid for the continent.

<snipped>

With more people and more natural resources than any other African country, Nigeria is the key to the continent's success.

Mallam Nuhu Ribadu, the chairman of the Economic and Financial Crimes Commission, set up three years ago, said that £220 billion was "squandered" between independence from Britain in 1960 and the return of civilian rule in 1999.

"We cannot be accurate down to the last figure but that is our projection," Osita Nwajah, a commission spokesman, said in the capital, Abuja.

The stolen fortune tallies almost exactly with the £220 billion of western aid given to Africa between 1960 and 1997. That amounted to six times the American help given to post-war Europe under the Marshall Plan.


British aid for Africa totalled £720 million last year. If that sum was spent annually for the next three centuries, it would cover the cost of Nigeria's looting.

Corruption on such a scale was made possible by the country's possession of 35 billion barrels of proven oil reserves. That allowed a succession of military rulers to line their pockets and deposit their gains mainly in western banks.

Gen Sani Abacha, the late military dictator, stole between £1 billion and £3 billion during his five-year rule.

Nigeria has scoured the world for Abacha's assets but has recovered only about £500 million.

<snipped>

A money laundering directive agreed by EU finance ministers this month will impose new responsibilities on banks, casinos and other establishments to be more alert to signs of corruption. They will be expected to help stamp out financial abuse by high-risk customers in a position to abuse public office for private gain.

<snipped>

The G8 has refused to cancel Nigeria's loans, despite writing off the debts of 14 other African countries this month.

Prof Pat Utomi, of Lagos Business School, said that was the right decision. "Who is to say you won't see the same behaviour again if it is all written off?" he said.

http://news.telegraph.co.uk/news/main.jhtml?xml=/news/2005/06/25/wnig25.xml
 

Isaiah

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Jun 8, 2004
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militant said:
And we ask why Africa aint moving foward. Got this baffling stuff on British Telegraph.

The scale of the task facing Tony Blair in his drive to help Africa was laid bare yesterday when it emerged that Nigeria's past rulers stole or misused £220 billion.

That is as much as all the western aid given to Africa in almost four decades. The looting of Africa's most populous country amounted to a sum equivalent to 300 years of British aid for the continent.

<snipped>

With more people and more natural resources than any other African country, Nigeria is the key to the continent's success.

Mallam Nuhu Ribadu, the chairman of the Economic and Financial Crimes Commission, set up three years ago, said that £220 billion was "squandered" between independence from Britain in 1960 and the return of civilian rule in 1999.

"We cannot be accurate down to the last figure but that is our projection," Osita Nwajah, a commission spokesman, said in the capital, Abuja.

The stolen fortune tallies almost exactly with the £220 billion of western aid given to Africa between 1960 and 1997. That amounted to six times the American help given to post-war Europe under the Marshall Plan.


British aid for Africa totalled £720 million last year. If that sum was spent annually for the next three centuries, it would cover the cost of Nigeria's looting.

Corruption on such a scale was made possible by the country's possession of 35 billion barrels of proven oil reserves. That allowed a succession of military rulers to line their pockets and deposit their gains mainly in western banks.

Gen Sani Abacha, the late military dictator, stole between £1 billion and £3 billion during his five-year rule.

Nigeria has scoured the world for Abacha's assets but has recovered only about £500 million.

<snipped>

A money laundering directive agreed by EU finance ministers this month will impose new responsibilities on banks, casinos and other establishments to be more alert to signs of corruption. They will be expected to help stamp out financial abuse by high-risk customers in a position to abuse public office for private gain.

<snipped>

The G8 has refused to cancel Nigeria's loans, despite writing off the debts of 14 other African countries this month.

Prof Pat Utomi, of Lagos Business School, said that was the right decision. "Who is to say you won't see the same behaviour again if it is all written off?" he said.

http://news.telegraph.co.uk/news/main.jhtml?xml=/news/2005/06/25/wnig25.xml

All I can say is Lord Have Mercy...

Peace!
Isaiah
 

militant

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Jun 21, 2005
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panafrica said:
This is what happens when Heads of State do not have their peoples best interest at heart!
Plus all those oil companies can also be implicated in all this. Bribing government officials and aiding government officials in looting earnings off a country's resources. But like you said, some leaders have no sense of resposibility.
 

panafrica

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militant said:
Plus all those oil companies can also be implicated in all this. Bribing government officials and aiding government officials in looting earnings off a country's resources. But like you said, some leaders have no sense of resposibility.
Government officials in most countries use their position to gain wealth. This is true in the United States, and I wouldn't expect Nigeria (or any other country) to be different. However, it is possible to increase one's personal wealth, yet still serve their people. I am full aware of Oil companies bribing government officials in Africa. As bad as Nigeria is, my wife's country (Equatorial Guinea) is even worse. The president, Obiang Nguema has become a billionaire since Oil was discovered in the country 15 years ago. Yet he has not passed any profits down to the people. The country doesn't even have electricity for the full day. Hospitals don't provide food for their patients (their family has to bring them food). Sewage is rotting in the streets, buildings (most erected during Colonization) are collapsing. Indeed despite the country's newfound wealth, the people are among the poorest in Africa. This is a pattern of many of Africa's leaders, their goal seems to be focused on keeping the population in misery.
 

militant

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Jun 21, 2005
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panafrica said:
Government officials in most countries use their position to gain wealth. This is true in the United States, and I wouldn't expect Nigeria (or any other country) to be different. However, it is possible to increase one's personal wealth, yet still serve their people. I am full aware of Oil companies bribing government officials in Africa. As bad as Nigeria is, my wife's country (Equatorial Guinea) is even worse. The president, Obiang Nguema has become a billionaire since Oil was discovered in the country 15 years ago. Yet he has not passed any profits down to the people. The country doesn't even have electricity for the full day. Hospitals don't provide food for their patients (their family has to bring them food). Sewage is rotting in the streets, buildings (most erected during Colonization) are collapsing. Indeed despite the country's newfound wealth, the people are among the poorest in Africa. This is a pattern of many of Africa's leaders, their goal seems to be focused on keeping the population in misery.
True. I heard alot about Equitorial Guinea. That is one country rich in natural wealth. With its population, which is not too excessive, it has the potential to be a country with a high average per capita income comparable with the european countries. But guess its all about the greed.
One thing I do notice though is that Oil is becoming the one Natural resource which has been at the root of many evils. Think about the wars, greed, e.t.c, or am I wrong?
 

panafrica

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militant said:
True. I heard alot about Equitorial Guinea. That is one country rich in natural wealth. With its population, which is not too excessive, it has the potential to be a country with a high average per capita income comparable with the european countries. But guess its all about the greed.
One thing I do notice though is that Oil is becoming the one Natural resource which has been at the root of many evils. Think about the wars, greed, e.t.c, or am I wrong?
Oil is a natural resource which is heavily sought after by the West. When oil is discovered in a country (there was a new oil discovery in Mauritania just this week), then western involvment in a country increases. Many African country's lack the resources to properly explore & extract oil fields. Oil companies like Exxon/Mobile and Hess pay hundreds of millions to foreign government for the rights to mine oil. With the amount of money spent, these companies call the shots. For many African countries, the discovery of oil is as much a curse as a blessing. A leader who primary concern is his people would limit the foreign control of oil plants. Thus a tyrant like an Obiang Nguema gets support, because he allows European and American companies to do whatever they want.
 

Therious

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Feb 22, 2004
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panafrica said:
Oil is a natural resource which is heavily sought after by the West. When oil is discovered in a country (there was a new oil discovery in Mauritania just this week), then western involvment in a country increases. Many African country's lack the resources to properly explore & extract oil fields. Oil companies like Exxon/Mobile and Hess pay hundreds of millions to foreign government for the rights to mine oil. With the amount of money spent, these companies call the shots. For many African countries, the discovery of oil is as much a curse as a blessing. A leader who primary concern is his people would limit the foreign control of oil plants. Thus a tyrant like an Obiang Nguema gets support, because he allows European and American companies to do whatever they want.

do these countries still own the oil fields (realestate) after giving yts the 'rights" to mine.

Are there any african owned oil companies? that export and mine there own product?
 

panafrica

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Therious said:
do these countries still own the oil fields (realestate) after giving yts the 'rights" to mine. Are there any african owned oil companies? that export and mine there own product?
It depends on the country. In Equatorial Guinea for example, the "president" owned the land. He may not have owned it before, but as soon as oil was discovered, the land was his. He gave US & French Oil Companies use of the land...in exchange for hundreds of millions.
 

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