Nigeria Loses $400bn Looted Funds to Foreign Havens

(file photo).
17 December 2019

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, yesterday said Nigeria lost $400 billion looted funds to foreign havens.

The minister disclosed this in Abuja at the eighth session of the Conference of States Parties to the United Nations Convention Against Corruption in the United Arab Emirate.

He said the funds were stolen and expatriated by corrupt leaders and their foreign accomplices including multinational companies.

A statement by his spokesman, Umar Gwandu, said Malami told the session that the government had taken drastic measures to address the problem to ensure that Nigerian financial institutions and banks were not used as conduits for these illicit transactions.

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