US dollars
Over $400 billion is said to be stolen from Nigeria by Nigerian public officials in the last four decades usually through the banks and moved offshore to countries that protect identities of crooks and those which encourage the use of shell companies to hide stolen money.
Political Economist NG reports that the trend started in the days of the military and has continued till this day with public office holders getting more ingenious in the manner they move money from the country to offshore accounts.
Research by Political Economist NG using court papers, international agencies’ investigations and local reports by Nigeria’s anti-crime agency EFCC and NFIU showed a pattern in the movement of money from Nigeria to overseas accounts where they are used to invest in property, other businesses or dumped in special vaults of banks that guarantees masking the identities of the criminal Nigerians.
Below are the top countries where stolen Nigerian money goes:
Switzerland: This has been the age-old destination of stolen Nigerian money. Nigerians prefer Swiss banks because they have perfected the act of hiding the identities of the thieving Nigerians. This explains why much of the Abacha loot came from Switzerland. Though the country has repatriated some of the stolen cash from Nigeria in millions of dollars. In Switzerland, according to Political Economist Ng findings, the money sits in special bank accounts where the Swiss banks use them to reflate the Swiss economy while Nigeria economy suffers.
United Kingdom: This has become a preferred location for Nigerian crooks wanting to hide ill-gotten wealth in the surreal UK property market. In 2017, Private Eye, UK’s authoritative news and current affairs magazine noted for its incisive social and political observations and investigative journalism exposed how politically exposed Nigerians and other nationals are using the lucrative UK property market to stash away illicit money from their home countries. The report named former Delta state governor, James Ibori, as one of the Nigerians who staked ill-gotten wealth in the UK property market.
United States: Nigeria’s stolen money is still hiding in US banks, used in property purchases, and other money laundering activities including making purchases of movable items including automobiles.
United Arab Emirates (Dubai): The UAE has of late become an attractive hub for money laundering for Nigerians especially in its lucrative real estate business. Some Nigerian politicians have been linked to estates and choice building in Dubai.
British Virgin Islands (BVI): This Island has perfected the act of using shell companies, anonymous companies, to stash away millions of dollars without anybody tracing such. The Island supports and approves incorporation of shell companies using fictitious names to hide people’s loot.
Jersey (Channel Islands): This is another British offshore Island where huge sums from the Abacha loot were discovered and later returned to Nigeria. Many other Nigerians are said to have the Island a safe place to hide their stolen money.
Liechtenstein: This small European principality with a population of 40,000 people and sitting between Switzerland and Austria, has become a financial centre in the world. Some Abacha loot came from this country famed as one of the best and safest places to live on earth.
Singapore: This Asian country is now a preferred destination for Nigerians for money-laundering and for cash deposits in banks.
Cayman Islands: This Island is notorious for its secrecy and as a tax haven used for hiding stolen money from Nigeria by both public and private persons.
Panama: The small country offers one of the most guarded secrecies in financial dealings using shell companies to hide stolen funds for crooks in addition to offering anonymous banking options. Using shell companies frustrates efforts to track these funds by anti-crime agencies.
