Monday, February 13, 2017

Nigeria - Authorities in Nigeria recover more than $160m dollars in anti-graft drive

Nigeria's government has announced the recovery of more than $160 million dollars in stolen state funds in less than two months as part of an anti-graft drive. Government officials say the money was recovered for four people including a former head of the state oil company. The largest amount, about $136 million was stashed in a commercial bank using a fake account name. In December last year the west African nation launched a whistle-blower scheme entitling those who help find stolen assets to up to five percent of the recovered sums. Graft, particularly in the oil sector on which Nigeria relies, has taken large sums from the country's coffers. Several former government officials, including army generals, are on trial for corruption.

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