An estimated $1bn is stolen from Nigeria annually. This illicit financial flows are unaccounted for.
The Executive Director of Africa Network for Environment and Economic Justice (ANEEJ), Rev. David Ugolo, made the revelation in Benin over the weekend, at an event to mark the 2018 world anti-corruption day.
Ugolor said the spare of corruption has widen the gap Bettye rich and the poor.
He said issues of corruption has become dangerous to economic growth and development of the country.
“A clear example of corruption in our country is where one section of the society acquires so much wealth at the expense of about 87 million Nigerians living below the poverty line, Ugolor said.
According to him, the $480m Abacha loot returned to the country and was meant for building schools, roads and other public infrastructures, ended up in the pockets of individuals.
He said for that reason the Swiss government directed that the $322.5m returned in 2017, be used for social investment.
The deputy head of Edo/Delta office of the ICPC, Chief SuperintendentEse Anslem, noted that corruption slows down economic growth and collapses existing infrastructure.
The international theme of this year’s world anti-corruption day is “United against corruption for development, peace and security”; while the local theme is: “Corruption must not pay: ways to reduce incentives for corruption.”