Over N1.3trn stolen in four years by 32 entities – Magu
The Acting Chairman of the Economic and Financial Crimes Commission , Ibrahim Magu, has disclosed that the money stolen by 32 entities between 2011 and 2015, is well over N1.3 trillion.
Mr Magu, in a paper delivered on his behalf by the commission’s secretary, Ola Olukoyede, decried this huge financial loss on the country, and noted that “one third of this money, using world bank rates and cost, could have comfortably been used to construct well over 500km of roads; build close to 200 schools; educate about 4000 children from primary to tertiary levels at N25million per child; build 20,000 units of two-bedroom houses across the country and do even more.
He stated that the poor state of the procurement process in Nigeria was one of the major reasons why corruption has continued to thrive in government agencies and parastatals. “I sincerely hope that at the end of this training, we will see a few cases of financial propriety in our procurement processes in government agencies and parastatal. Indeed, corruption could kill Nigeria, if we do not scale up our proficiency in contract and procurement management process,” Mr Magu said.
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