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Farooq

Posts Tagged "corruption"

HomePosts Tagged "corruption"

A few days ago, the fallacious minister of information, the rightly named Lai Mohammed, whose first name rhymes with his life’s calling, released a so called ‘looters list’ with six names of alleged looters. After he was ridiculed by civil society, the opposition and the international community, Mr. Lai Mohammed hurriedly put out a statement […]

The threat to institute legal action against Lai Mohammed, minister of information, did not stop the federal government from releasing another list of alleged looters. After the first list containing five names was made public, Uche Secondus, chairman of the Peoples Democratic Party (PDP), gave Mohammed 48 hours to withdraw it and tender an apology. […]

ZURICH (Reuters) – Switzerland will return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank on Monday, the Swiss government said. Transparency International, a corruption watchdog, has accused Abacha of stealing up to $5 billion of public money during […]

  • dollar to naira

ABUJA, Oct 18 (Reuters) – Nigeria’s lower house of parliament will investigate $2 billion of foreign loans which the state-owned national electricity grid operator may have raised without official approval, lawmakers said on Wednesday. The investigation could be a blow to efforts to improve Nigeria’s creaking power infrastructure, which is often blamed for hobbling growth […]

  • IMF

Obinna Chima The International Monetary Fund (IMF) has estimated that the annual cost of bribery — just one sub-set of corruption — to be between $1.5 and $2trillion. This, the Fund estimated to be about two per cent of global Gross Domestic Product (GDP). It argued that the costs represent the tip of the iceberg, […]

The Economic and Financial Crimes Commission, EFCC, between January and August 2017 recovered about N409 billion and secured 137 convictions nationwide, the acting chairman, Ibrahim Magu said today. He spoke at an interactive meeting with media executives that held in Abuja. “Between January and August 30, 2017, the EFCC recovered N409,270,706,686.75; $69,501,156.67; 231,118.69 Pounds; 610,816.20 […]

  • dollar to naira

By Akin Kuponiyi A Federal high court sitting in Lagos South West Nigeria on Thursday ordered interim forfeiture of N664 million and $137,680.11 found in account belonging to a serving Permanent Secretary, Federal Ministry of Labour and Employment, Clement Illoh Onubuogo and 15 other persons suspected to be proceeds of unlawful activity. The court also […]

LAGOS, Aug 17 (Reuters) – Almost a third of adult Nigerians pay civil servants and other public officials bribes totalling 400 billion naira ($1.27 billion) annually, the country’s statistics office said in a survey on graft. The poll among households shows the uphill challenge the government of President Muhammadu Buhari is facing in fighting corruption, […]

Reported comments from the MD of AMCON (Asset Management Company of Nigeria), Mr. Ahmed Kuru, over recent days suggest that the Federal Government backed institution is beyond repair. AMCON was established in the dark days of the financial crisis as a “bad bank”, where all banks could unload their bad debts (non-performing loans or NPLs […]

Kemi Adeosun, minister of finance, says the Muhammadu Buhari-led administration recovers stolen funds on a daily basis. Adeosun, who made this known while speaking on a programme on African Independent Television (AIT), did not state how much has been recovered by the Buhari-led administration so far. “It’s a process that we are reconciling and I’m […]