19 March 2018

Nigeria, Only Country to Have Recovered Stolen Money Taken Abroad - Ribadu

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Abuja — Pioneer chairman of Economic and Financial Crimes Commission, EFCC, Mr. Nuhu Ribadu, has described Nigeria as the only country in the world that has successfully recovered stolen money taken abroad.

He also stressed the need for the police and Independent Corrupt Practices and Other Related Offences Commission, ICPC, to wake up from their slumber and assist the EFCC in fighting corruption in the country.

Ribadu, who spoke at an an anti-corruption townhall meeting, entitled "A spanner in the wheel of corruption," organised by Shehu Musa Yar'Adua Foundation, in Abuja, yesterday, noted that the situation of corruption in the country was "not always negative," adding that the country had been able to record some strides in the anti-graft war.

"Nigeria is the only country that has successfully recovered stolen money taken abroad. Other countries in Africa and other places have tried but they never succeeded," he said.

He decried the high rate of corruption in the country, pointing out that Nigeria had the highest number of corruption cases in the world, which is "probably bigger" than cases in all African countries put together.

Also speaking, Executive Secretary of Nigeria Extractive Industries Transparency Initiative, NEITI, Waziri Adio, said for the problem of corruption to be addressed, there was need for Nigeria to first tackle "institutional corruption."

"Wherever monopoly exists, and where there is institutional discretion and without measures of accountability, the institutions will definitely be abused".

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