Political office holders have looted $100 billion from public coffers since the advent of the Fourth Republic in 1999, despite the war on corruption, the Economic and Financial Crime Commission (EFCC) said at the weekend.
EFCC Chief of Staff (Press Unit), Dapo Olorunyomi, made the disclosure at the weekend at a dinner held in Lagos by the Lagos chapter of University of Ilorin (UNILORIN) Alumni Association.
Olorunyomi, who said he was there in his personal capacity, explained that he briefed EFCC Chairman, Nuhu Ribadu � who is away in Singapore � about the event and that he instructed him to provide the figures.
Africa losses about $550 billion to corruption annually, according to research by United Nations Development Programme (UNDP).
Nigeria, Olorunyomi claimed, has lost $20 trillion to greed and graft since independence in 1960.
This was six times the amount needed to rebuild Europe after the second World War.
“The major problem in Nigeria is the propensity of leaders to loot the treasury, which is always higher by the day, and the lack of will from millions of Nigerians on the street to do something to stop the ugly trend,” he stressed.
“This has become a big headache to Ribadu and others in the EFCC.”
Olorunyomi urged the public to rise up and condemn leaders whose interest is to steal.
He praised the media for “the outstanding role” they have played in “the purification of the society” since independence, and pleaded with them not to relent as that “can do a lot of havoc to democracy.”
According to him, the EFCC is not impressed with the way universities confer honorary degrees on people of shady character.
He implored the vice chancellor of UNILORIN, who was represented at the occasion, to pass this across to his counterparts during their meeting.
“Giving honorary degrees to these people is like encouraging them to continue stealing. University awards should not become a money making venture for management.”