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.

[Anayochukwu]

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.

Nigerian is blessed with enough resources but due to their selfish interest and greed, they are still borrowing more money for their own use. This is the main thing that is drawing the country back. Because if they were making good use of the resources we have in this country, things would have been more easier for everyone us. They are only after their own pockets, Not wether things are going wrong or not it doesn't matter to them.

[Mayor of ogba]

The main reason why our government keep borrowing money from the world bank and China isn't because we lack money for them to use and run the country, like ensuring adequate health care is being put in place, our government is borrowing money just to enrich themselves, so even though the EFCC recovers 100 billion Naira, since our government only care about how to loot the country resources, they will always borrow money, and another thing that make our government to borrow money is because of election so that they can have enough money to bribe stakeholders for them to be re-elected into political offices.

[promise444c5]

Not the first.. won’t be the last either 

[Juicyhome]

Not the first.. won’t be the last either 

It's a normal thing everyday,  Efcc will still collect their their share and let them go. Some times they just post these things just to show the public that they're working deep down they're doing nothing,  Efcc is just a political tools to oppress the opposition and the presidency.

The Efcc are only interested in yahoo boys and poor people,they're not doing anything than a political dogs. I don't take them serious until they start fight for the interest of Nigerians.

[Agbamoni]

Talk and bull stories. Bullshit! From the federal government and EFCC.

I wonder how much the admin of 1Afronews.Com was paid to write that nonsense on their page. It contains no vital information.

If they recovered ₦115bn, $84m from Oil firms, which companies did they recover the money from? How was it stolen? Who and who was involved in the laundry? These are the types of reporters we have in Nigeria. They can't even do their job well.

What a pain in the ass reading that bullshit.

[Shineup]

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.

This embezzlement of money is not only happening at the top government sector which is the federal government, it goes along happening even in the grass root which is our various communities, local government and state government, those sitting on a political position are using it to enrich themselves and their family, our country is blessed no doubt but people has turned the blessing to something else the the reason why the country is not moving forward and we keep going backward. If actually the right thing are being done by those in power, things would have been more easier said beautiful even down to our various communities levels.

[AmaGold70]

There is something that marvels me about economic, and financial crime commission (EFCC) , I so much believe this body is being controlled by the government in power, and that is why when fraud is related to someone in the government investigating such people becomes difficult for economic, and financial crime commission (EFCC) to investigate, but when fraud is related to someone or people outside the government in power, economic, and financial crime commission (EFCC) will quickly follow up that matter , and possibly recover that money.
Economic, and financial crime commission (EFCC) has succeeded in recovering many huge money, and even the money they recover from money laundering would have been enough to develop the country, but instead Nigerians only hear about the figure recovered but how the money is utilized no money knows, and in most cases they share those money.

[Mpamaegbu]

...they might be the next problem o the country and not just the criminals.

Nor be even, "might be...", dem be already. Organization wey dey take midnight storm persin house without warrant simply bc dem suspect sey persin be Yahoo boy na thief dem be. Dat's why I nor get pity for those wans wey dat doctor light wen dem storm him house dat night. Anyhow people. Instead of dem to be upright, na still dem dey do anyhow. Na why wen VDM challenged dem dat time, dem nor fit do nothing.

[Tungbulu]

This embezzlement of money is not only happening at the top government sector which is the federal government, it goes along happening even in the grass root which is our various communities, local government and state government, those sitting on a political position are using it to enrich themselves and their family, our country is blessed no doubt but people has turned the blessing to something else the the reason why the country is not moving forward and we keep going backward. If actually the right thing are being done by those in power, things would have been more easier said beautiful even down to our various communities levels.

The fire what was set at the top of the mountain is simply burning down to the bottom of it. The head is always the problem, if the head of a thing becomes rotten, of course the whole body and every other part would be affected. Assuming the federal government and authorities are doing what they’re meant to do, and punishing those who swindle and embezzle public funds , then I bet you that not even the state or local governments would indulge in such act, the reason they are confidently doing so is because the people at the top has set an example for them and they are simply following.

[Qhunman]

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

Part of it is re looted while the rest of it are used for stomach infrastructures. The truth on this matter is that the government is looting our resources and then they will write to the senate to approve their loans requests which the senate will approved it. The amount of money that the federal has borrowed since the inception of democracy in this country is big enough to make Nigeria the biggest economy in Africa and the world at large.
The government is corrupt and the military who is supposed to end this madness of looting that has degraded our standards of living is corrupt too. So who will stand up and fight against these leaders who's intentions are only to loot and milk our economy dry? We are hoping that someday,a good leader may emerge, military or civilian and put an end to all those corrupt leaders who are looting our resources.

[Halifat]

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

This is a question that usually comes to my mind and that is why I am not always happy if this kind of progress is being achieved, a lot has been happening in this country which make me feel so bad to be part of this country, yes we are all happy that they have recovered this money but the problem is that, has they take it out from this pocket, that is how it's going to another individuals pocket again which is always the painful part of all these things we are seeing. At least they should be accountable for everything they are doing, when the money was recovered the public was aware, then it is better for the same public to know exactly where the money went to so that we can continue to have confidence in their leadership.