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Nigeria Lost $15B To Arm Fraud Under GEJ, Money Stolen More Than Half Of $27B Foreign Reserves

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Nigeria Lost $15B To Arm Fraud Under GEJ, Money Stolen More Than Half Of $27B Foreign Reserves

money looted under jonathan

May 4, 2016 – Nigeria Lost 15 Billion Dollars To Arm Fraud Under GEJ, Money Looted Under Jonathan More Than Half Of Foreign Reserves Sitting @ $27B – Osinbajo

VP Yemi Osinbajo said yesterday that Nigeria lost about $15 billion to fraud in security equipment spending during the Dr. Goodluck Jonathan administration.

He assured that the government would generate 7,000 megawatts of electricity in the next 18 months.

Osinabjo spoke at the book presentation of the Ibadan-based elite group, House of Lords, which published an indepth analysis by experts titled: “Nigeria: The challenges of Growth and Development, “ at the University of Ibadan (UI).

Noting that the Buhari presidency has kept on a sustained fight against corruption, Osinbajo said the country simply cannot sustain the shocking level of public sector corruption in particular.

Osinbajo, in a statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, said:

“When you look at the sheer amount of money that have been embezzled, the sheer amount of money lost from any of these various cases of corruption, you will find that far too much has been lost.

“It was discovered a few days ago that the total amount of money lost just to corruption in part of…and provision of security equipment in the military is closer to 15 billion US dollars.”

While the nation’s foreign reserves are now around about $27b, Osinbajo noted that the $15 billion “is more than half of the current foreign reserves of the country”

[The Nation]



  1. Omokehinde

    May 4, 2016 at 3:57 AM

    It was just like yesterday during one of dumb President Jonathan presidential media chat, he says, “The word corruption have been overused by Nigerians, there is different between common stealing and corruption.” Major altributes of president Jonathan presidency and six wasted years in Aso Rock are reckless spending, looting, embezzlement of defense funds, corruption, mismanagement, and money laundering operations. However, what he did during is presidency is not as painful to me compares to some Nigerians reactions and comments about Jonathan six years administration. Some of our people have allowed uncontrolled emotions, tribalism, language difference, religion differences, and other evil sentiments to override their common sense and judgment. Some still feel that Jonathan is their hero even though they are struggling daily to feed themselves and their families, but Jonathan casted away with billions of dollars for his personal use. Just recently, he was spotted in a high class restrarant in London enjoying his loots with his children while millions of his brainwashed supporters are dying of sickness, poverty, insecurity, and poor infrastructures in Bayelsa and all across the nation. When You Read OR Hear certain People praising AND hailing That corrupt Bastard, You Will Know That Nigeria has a long way to go. How can you be praising one of those that looted the national treasure to bankruptcy just within six years of oil boom and crude oil surpluses of almost five years? Abacha, Abudulsalam Abubakar, Obasanjo, IBRAHIM Badamosi Babangida, and Badluck Jonathan are the reasons why Nigeria is still backward and why over 170 millions of its citizens are living in abject poverty and in darkness. With tribalism and intolerance reigning supreme in minds of many Nigerian people, the nation has a long way to go.

  2. Jacob Flow

    May 4, 2016 at 4:29 AM

    @ Omo kehinde I am still very pained with that bastard called Jonothing. In fact you photocopied my mind. End of dicussion.

  3. fifelomo

    May 4, 2016 at 4:35 AM

    @omokehinde what more do I have to say? I dove my hat for u.

  4. Metu Nyetu

    May 4, 2016 at 4:49 AM

    @Osibanjo, be careful how you dish out promises to Nigerians. We don’t want anymore of such promises that hindsight has long proven to be mirage. Na today? Do the job if you can, and when it’s done, you may then talk, and Nigerians would praise you.

    @Omokehinde, isn’t it funny that you should talk about being pained that some people are overly sentimentally glued to GEJ? For as far as I can see(and I see far enough) to that same sentimental degree you have pitched your tent with Buhari. The last thing that will come from you is a criticism to Buhari because to you, he is infallible.

    And so, as their disposition pains you, your own equaly pains them. That’s a square deal if you ask me.

  5. Big Aunty Koks

    May 4, 2016 at 6:46 AM

    Yessssss, I gree with you. Even sef the money where dem recover from past leaders nobody still Sabin where the money dey. We confuse whether the money recover from abroad na for instalment. Baba Obj. Been recover some, Oga Jona recover some and present pieople recover some.
    Whether na only interest on the money dem dey recover where make the recovery of that money be on going project for every regime.
    Na why I gree say the more more you look the less less you see about this money matter. We still de pray for our country sha.

  6. sola olaniyi

    May 4, 2016 at 7:23 AM

    This Jonathan almost milked Nigeria dry

  7. O'Nels

    May 4, 2016 at 7:53 AM

    @ Omokehinde I think Mr president still deserve some respect even if u never like his system of governance. I’m not in support of this idea of calling him unprintable names ma, his name is Goodluck and not Badluck. We all know that his administration remain one of the most corrupt in the history of this nation.

  8. Ralph

    May 4, 2016 at 9:27 AM

    @Omokehinde means double standard in analysis most of the news line…….you can deceived people’s sometime,you can’t deceived them all the time…stop this blaming game

  9. jacobs

    May 4, 2016 at 11:21 AM

    My good people,I want to let you know that JONATHAN Is a saint about all corruption stuff. the problem he have is that he lack supervision to his worker, he like widows like Stella Odua, Okonji Iweala,Alison Madueke and so on. so when ever they give him that thing he will sign his signature for them no matter what, even if it is to kill mama patience even Dasuki them pay the women to help them collect the signature of Mr President, he don’t even have to read what it is because that thing have scattered his brain.

  10. Maryf

    May 4, 2016 at 2:20 PM

    Make una leave GEJ alone o. By the of this month will make a year PMB is on that seat and he has done nothing yet. He’s just busy fooling those that believes him.

  11. jmama

    May 4, 2016 at 7:43 PM

    Maryf ebi like u follow for d people wey chop d $15b. EFCC must come after u. u dey see white dey say e black. how ur sense dey.

  12. jmama

    May 4, 2016 at 7:44 PM

    Maryf ebi like u follow for d people wey chop d $15b. EFCC must come after u. u dey see white dey say e black. how ur sense dey.

  13. Lola O

    May 4, 2016 at 7:56 PM

    Oloriburuku – misfortune head Badluck Jonathan. Don’t forget it took over 40 years for Nigeria to get this bad. One year is nothing to repair the damage. Also, it is not the responsibility of PMB alone, all hands must be on deck to restore our country. One person is trying to repair and ten million are destroying, it cannot work that way. For a President of a nation to open his mouth and say those things? God have mercy on Nigeria.

  14. sharon stone

    May 5, 2016 at 1:14 PM


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