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Chatham House report: $480billion stolen from Nigeria in 54 years

Chatham House report: $480billion stolen from Nigeria in 54 years

- A Chatham House report has estimated that at least $480 billion was stolen by corrupt officials in Nigeria between 1960 and 2004

- Chatham House, the Royal Institute of International Affairs, is an independent policy institute based in London

- The report was launched on Wednesday, May 17 in Abuja

A Chatham House report has estimated that at least $480 billion was stolen by corrupt officials in Nigeria between 1960 and 2004.

The report which was launched on Wednesday, May 17, in Abuja was titled “Collective Action on Corruption in Nigeria, a Social Norms Approach to Connecting Societies and Institutions.”

The report stated that close to $400 billion was stolen from Nigeria’s public accounts from 1960 to 1999, adding that between 2005 and 2014, $182 billion was lost through illicit financial flows from the country.

Chatham House reports: $480billion stolen from Nigeria in 54 years

President Buhari's government has been tackling the scourge of corruption since it assumed office in 2015

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The report observed that the stolen commonwealth represents the investment gaps in building and equipping modern hospitals to reduce Nigeria’s exceptionally high maternal mortality rates estimated at two out of every 10 global maternal deaths.

“Corruption fuels inequality, holds back development and it is a threat to national development of countries,” The Guardian quoted the British Ambassador to Nigeria, Mr Paul Awkright as saying at the event.

Chatham House reports: $480billion stolen from Nigeria in 54 years

Britain's ambassador, Paul Arkwright hailed President Muhammadu Buhari's fight against corruption at the event

Awkright expressed delight that the current administration of President Muhammadu Buhari has made fight against corruption a key action of the government.

He noted that the study provides insight into why people engage in or refrain from corruption and cautioned that tough talk and fear-based messaging alone cannot address corruption.

The study was coauthored by Dr Leena Koni Hoffman, an associate fellow of the Africa programme at Chatham House and Raj Navanit Patel, a consultant at the University of Pennsylvania and a Ph.D. candidate in the department of Philosophy.

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Meanwhile, the federal government has warned looters of the national treasury that there will be more prosecutions despite its successes in the anti-graft war.

This was made known by the minister of information and culture, Alhaji Lai Mohammed at the mid-term town-hall meeting of the federal government in Abuja on Tuesday, May 16.

Watch the NAIJ.com TV vox pop below, where Nigerians talk about corruption among the political class.

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