EFCC Chairman, Ibrahim Lamorde
A report by the United Nations Office on Drugs and Crime (UNODC) has put the estimated amount of looted funds from the Nigerian treasury at $600 billion between independence and 1999.
Making this known yesterday in Abuja at a two-day international conference on “Emerging Democracies in Africa: Challenges and Opportunities”, organised by the Nigerian Institute for Legislative Studies, Professor Festus Iyayi of the University of Benin said findings had shown that the estimated sum of money stolen by the Nigerian elite between 1960 and 1999 from the treasury varied between $400 billion and $600 billion.
He recalled a UNODC report, which showed that as far back as 1999, the total amount stolen by members of the ruling class had been put at $400 billion.
He also cited the Director of Office of UNODC, Mr. Tim Daniel, who had reported that $110 billion was being looted annually from the treasury, while stolen monies stashed in foreign accounts increased from $50 billion in 1999 to $170 billion in 2003.
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