$142 Billion Stolen, $2.5 Billion Recovered: Magu’s Monumental Failure –Additional Financial Mathematics

Written by Obinna Akukwe

$142 billion dollars was stolen during the Jonathan presidency, from my exhaustive professional financial analysis, and only $2.5 billion dollars have been recovered by the Economic and Financial Crimes Commission (EFCC). This is a paltry 1.6 % of the estimated stolen funds. In Nigerian educational and employment standards, 40 % are pass mark and1.6 % is monumental failure.

After five years of Buhari regime, all the EFCC and Independent Corrupt Persons Commission (ICPC) could recover was 1.6 % or $2.5 billion dollars ie  N980 billion naira.  Therefore, based on performance index, the sack of Ibrahim Magu as EFCC head is long overdue.

I have written in 2014 and made more additions in 2015 facts outlining how the $142 billion dollars was looted through oil deals, oil bunkering, oil theft, and more. Some of the analysis in the piece 

‘Stolen $142 billion dollars in five years-in the Midst of National Poverty’ and a follow up ‘Additional Mathematics  ‘ where I listed some of the $142 billion dollar leakages to include;

(1) $20 billion dollars missing in 18 months =$1.1 billion monthly x 60 months =$ 66 billion dollars

(2) $ 30 dollars per barrel above budget benchmark of $ 79 dollars not accounted for meant for excess crude account = $27 billion dollars

(3)$5 billion dollars lost annually to oil thieves =$0.41 billion monthly x 60 months=$ 25 billion dollars

(4) $1.5 billion dollars (N263 billion naira) lost to suspicious waiver on petroleum products in 9 months=$0.16 billion monthly x 60 months= $ 9.6billion dollars

(5) Subsidy Scam of 2011=$ 6.8 billion dollars

(6) Swiss-NNPC Oil Scam of 2013=$ 6.8 billion dollars

(7) Malabu Oil Scam of 2011=$1 billion dollars

Total probable missing/ stolen or unremitted Oil funds in 60 months = 142.2 billion dollars.

I restated in another analysis that Diezani Madueke loot alone is over $6 billion dollars.

Magu Probe: Buhari and Unrecovered $142 billion stolen Funds

Written by Obinna Akukwe

President Buhari deserves commendation for the probe of head of Nigeria’s anti-corruption EFCC Unit., Ibrahim Magu for failure to recover much of the estimated $142-150 billion stolen under Jonathan.  I have numerous evidences of how the EFCC top shots are relooting funds. These evidences are not yet in public domain, including the transfer of seized funds from banks to some individuals.

The sack of Okoi Obono-Obla -led Assets Recovery Panel is fallout of battle between Magu, Malami, Osinbajo and Kyari over control of the recovered assets. The facts are very disgraceful and I prefer to watch the situation unfold.

I was about releasing report on the corruption in EFCC when I heard that Ayo Salami, an incorruptible Yoruba former Justice of Court of Appeal has been appointed to head the panel. With Justice Salami in charge, Magu and his cohorts cannot go scot free. 

The same Justice Salami that was hounded by the corrupt PDP under Jonathan, and illegally suspended for his anti electoral corruption stance, is now investigating a key government official.