EFCC Recovers ₦115bn, $84m From Oil Firms

[Agathamay]

These story got me and according to news by https://1afronews.com/efcc-recovers-%e2%82%a6115bn-84m-from-oil-firms/]1Afronews.com the government through the Economic and Financial Crime Commission (EFCC) have recovered over $84m which is approximately 115 billion naira from the oil sector and my interest is on what does the government truly use this recovered funds for despite borrowing so much from world bank and other countries

[Nathrixxx]

Since this recovery is not all about Bitcoin, I think it would be best if you moved it to the politics and society section under the local sub-board.

One thing you should know is that you will only be aware of how some things happen and a huge amount of money was recovered, but you may not know the destination or end of how the money landed, to which account and the main recipients, this is not the first time government will be making seizure of finances, but we don't later know where the ended the whole story.

[Tungbulu]

You think the reason our government go out to borrow money from other countries or the world bank is because we don’t have money in our country? Of course we do, but these funds are going straight into the pockets of some individuals. Our country isn’t poor, we are rich, in resources, wealth and IQ and what have you, but the our resources are being mismanaged and embezzled by our leaders.

[Agathamay]

Since this recovery is not all about Bitcoin, I think it would be best if you moved it to the politics and society section under the local sub-board.

Better and I will be moving right away to that very section and thanks for updating me

You think the reason our government go out to borrow money from other countries or the world bank is because we don’t have money in our country? Of course we do, but these funds are going straight into the pockets of some individuals. Our country isn’t poor, we are rich, in resources, wealth and IQ and what have you, but the our resources are being mismanaged and embezzled by our leaders.

It's very disheartening to constantly see things like and be left with the choice that there's nothing we can do about it as there's nobody to hold these people accountable for these huge figures we only see on papers and at this point, it is totally a shame for a country that claims to be the giant of Africa.

[Decimetre]

You don't know what they used the money they recover for, right? They loot it again! What about the ones they borrow from world bank and other Banks, they share it amongst themselves. Nigeria is a place where we only see on the media that there's a recovery of some whooping amount of money but never see what they used the money for. It is already a culture and we're almost getting used to the repeated looting that happens year in year out.

EFCC is good at recovering loots and we appreciate that, but they don't follow up what the money is used for. I hope the country will get to that stage where transparency will be seen and records kept to that effect. The Abacha loot that was continuously recovered, has there been much tangible projects done with the many trillions that was recovered?

[Promocodeudo]

Op this amount is even small, weren't you aware that few months ago, Adams oshiomole who's one of the senators of the federal Republic of Nigeria raised and important convern about #210 Trillion that was not remitted in the federation acount, the Senate president did everything to stop Adams because he might have had his own share of the money in one way or the other, do you know how much of Abachas loot that has been returned in this country by different coutries, what about the loots and estates recovered from the former CBN governor that served under Buhari, all has been relooted which we know, looting is continuous process by our leaders, so I'm not surprised that the amount you mentioned was recovered but it has nothing to do with the development of Nigeria because we have criminals as leaders.

[Emjay24]

my interest is on what does the government truly use this recovered funds for despite borrowing so much from world bank and other countries

They spend it and borrow more. That's the honest truth. It is funny how accountability is forced on local industries only to remit money to federal government of which is never accounted for. If dem explain Nigeria to you and you understand am well, e mean say you no normal. Nigeria doesn't borrow because dem no get money to run de country. Dem dey borrow on our behalf because dem no fit account for the money wey the federal government dey receive as revenue from various parastatals.

[Mpamaegbu]

... what does the government truly use this recovered funds or despite borrowing so much from world bank and other countries

Wan or two persins go still reloot am. Na wetin dey happen be dat. We get d tap how d Abacha loot take go and wetin Malami do wit awa money. BTW, EFCC nor be saint, at all. Dem and police be twins. Anything kept in their care nor guaranty safety for my eye.

[Agathamay]

EFCC is good at recovering loots and we appreciate that, but they don't follow up what the money is used for. I hope the country will get to that stage where transparency will be seen and records kept to that effect. The Abacha loot that was continuously recovered, has there been much tangible projects done with the many trillions that was recovered?

Don't be scared to say it, EFCC is good at nothing as what they only know how to do is frustrate young and innocent youths who are just trying to make ends meet leaving why really matters people who really matter.
There are cases of stolen and misappropriated funds with names of obvious persons attached to it and yet, there have been nothing done about those cases which proves that the EFCC is not working for the country but rather in favour of the elite or have there been a time we heard of cases where EFCC raided a politician ? No not one and you still expected me give credits to that department?

This very news caught my attention because it also made me think deep into what recovered funds are tilt used for in this country and just like in the case of the Abacha loot, I still haven't heard one reason thing those recoveries were used for

... what does the government truly use this recovered funds or despite borrowing so much from world bank and other countries

Wan or two persins go still reloot am. Na wetin dey happen be dat. We get d tap how d Abacha loot take go and wetin Malami do wit awa money. BTW, EFCC nor be saint, at all. Dem and police be twins. Anything kept in their care nor guaranty safety for my eye.

Where things don reach now, me I believe that commission (EFCC) supposed don Dey scrapped out now because with the way things don Dey go, they might be the next problem o the country and not just the criminals.