hide

Read Next

The Good News is the War on Corruption is Over. The Bad News is, We Lost: Just 31 Months in Office & N5trn Stolen Under Goodluck Jonathan’s Watch.

[caption id="" align="alignright" width="300"] The president of Nigeria, Goodluck Jonathan, at the Nuclear Security Summit, in 2010. (Photo credit: Wikipedia)[/caption]

In an investigative report titled ‘N5trn stolen under Jonathan - Investigation’ the Sunday Punch delivered a withering criticism of Goodluck Jonathan’s war on corruption. It reports that in just 2 years President Jonathan has presided over an orgy of corruption, fraud and embezzlement. In only his first 31 months in office an estimated N5trn has been pilfered under Mr. Jonathan’s watch.

N5trn is a lot of money. The Federal Government’s total revenue for the second quarter of 2012 (April to June) was N2.5trn. N5trn, which has gone missing under President Jonathan’s leadership, is Nigeria’s gross revenue for 6 months. The staggering scale of fraud is even more impressive considering it has been achieved in just the first 31 months of the President’s first term.

Sunday Punch estimated the magnitude of fraud perpetrated under President Jonathan by combining the findings of the Mallam Nuhu Ribadu Petroleum Task Force report, the Minister of Trade and Investment’s report on stolen crude, the House of Representatives fuel subsidy report and the investigations into the ecological fund, SIM card registration and frequency band spectrum sale.

According to the Petroleum Task Force report, 250,000 barrels of crude oil have been stolen a day at a cost of $6.3bn (N1.2trn) a year. In the two years of President Jonathan’s government, over $12.6bn (N2trn) has been lost (Minister of Finance, Dr. Ngozi Okonjo-Iweala, in May, said the government lost a fifth of its oil revenues to theft in April). In October, Minister of Trade and Investment, Dr. Olusegun Aganga, in a letter to the President, said 24 million barrels of oil worth $1.6bn (N252bn) was stolen between July and September. In some cases ministers simply gave away millions of dollars of government money. According to the Ribadu report ministers of Petroleum Resources between 2008 and 2011 handed out seven discretionary oil licenses costing the government $183m (N29bn) in signature bonuses. 3 of these oil licences were awarded under Mrs. Diezani Alison-Madueke, the current Minister of Petroleum.

The New Lagos

On Imported Blog

It’s no news that some of fastest growing economies of the past decade are in sub-Saharan Africa. With economic growth on the rise, my last visit to Lagos, Nigeria in November 2012 was very interesting. I had heard that Lagos had become an entertaining, dining and overall ‘everyone likes to have a good time’ city. I had to see this for myself. With new hang-outs and art galleries popping up all over the city, it made for an interesting couple of days of discovery in the traffic induced, colourful and vibrant city of Lagos. Here is a list of interesting places to discover while in Lagos:

Bogobiri House

Bogobiri House is a bar/restaurant/art gallery/ boutique hotel on Victoria Island. The vibe here is Afrocentric and the crowd is Afropolitan. It’s a great place to have lunch, spend the evening with some live music or view some art. The art gallery is part of the Nimbus Gallery which holds some very interesting work by artists like Akin Onipede. Bogobiri is great place to chill out and meet Lagos' creatives.

Terra Kulture

This arts and culture centre has been around for quite some time and just keeps getting better. The centre holds events and exhibitions throughout the year. If you’re interested in what’s happening on the art scene in Lagos this is the place to get clued in. It’s also a great place to sample some Nigerian cuisine.

Rendering New Theme...