Arms scandal: EFCC says looted money was $15bn, not $2.1bn

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EFCC Chairman Ibrahim Magu

EFCC Chairman Ibrahim Magu

New information available from the Economic and Financial Crimes Commission, EFCC, has shown that the infamous alleged fraud of the procurement fund to fight Boko Haram is not even $2.1 billion.

According to Punch, the total amount diverted by various agencies and personalities was over $15 billion, though the $2.1 billion represents amount placed under the Office of the National Security Adviser, then headed by the immediate past NSA, Col. Sambo Dasuki (retd.).

Ex-military chiefs, including a former Chief of Defence Staff, Air Marshal Alex Badeh (retd.); and a former Chief of Air Staff, Air Marshal Adesola Amosu (retd.), had been quizzed for their alleged roles in the arms scam.

Badeh and Dasuki are currently standing trial on charges relating to the alleged fraud.

A top source at the commission, who confided in Punch on Tuesday, said the EFCC and the presidential panel on arms procurement, during investigations, discovered that $2.1bn fraud was just for one of the several transactions.

The source added that the commission discovered that top military officers deliberately incorporated companies to divert anti-insurgency funds for their personal uses.

“We have discovered that the total money in the arms scandal is over $15bn, not $1.2bn that was initially discovered. The $2.1bn was just for one transaction. Many of these military officers set up companies for the purpose of diverting money meant for the prosecution of the anti-insurgency war,” he said.

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