N1.3trn stolen in four years by 32 entities—Magu
The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu on Monday said public funds stolen by 32 entities between 2011 and 2015 was well over N1.3 trillion.
In the paper delivered on his behalf by the Commission’s Secretary, Ola Olukoyede, Magu decried this huge financial loss on the country. “The cost of this grand theft, therefore, is that these roads, schools and houses will never be built and these children will never have access to quality education because a few rapacious individuals had cornered for themselves what would have helped secure the lives of the future generations, thereby depriving them of quality education and healthcare, among others.”
He identified some of the fraudulent practices in procurement process in Nigeria to include: kickbacks, conflict of interests, fraud in the bidding process, bid suppression, collusive bidding, bid rotation and market division.
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