Nigeria 'lost $15bn in fake arms deals'

LAGOS - About $15bn (£10bn) was stolen from the fight against militant Islamists in Nigeria under the previous government, Vice-President Yemi Osinbajo has said.

The money was diverted through fraudulent arms contracts, he added.

Several allies of ex-President Goodluck have been put on trial after being accused of awarding fake arms contracts worth $2bn.

They deny any wrongdoing.

President Muhammadu Buhari, who came to office last year, has vowed to fight corruption and recover "stolen funds".

Those facing charges included former National Security Adviser Sambo Dasuki, ex-military chiefs and several contractors. They have all pleaded not guilty.

Speaking at a university in the south-western city of Ibadan, Mr Osinbajo said the amount stolen was more than half of Nigeria's current foreign exchange reserves of $27bn.

"It is important to send a message that no public officer can steal the resources of this country and expect to escape," he said.

Africa's largest economy and oil exporter has been hit hard by the global slump in crude prices.

It is facing its worst economic crisis in decades, with two-thirds of the country's 36 states struggling to pay salaries to workers.

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Comments (2)

$15 billion? There seems to be something special about this figure. If you investigate further, you may find that every African government is conned $15 billion. Or is it the governments that con their citizens?

machakachaka - 4 May 2016

Nigeria a country with a population of almost 200 million people loses 15 billion dollars to corruption. Zimbabwe a country with population of 13 million loses 15 billion dollars to corruption. So which country between the two is more corrupt?

Crown Prince - 4 May 2016

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