Up to $15bn stolen from Nigeria in arms deals
Around $15-billion - equal to about half of Nigeria's foreign currency reserves - was stolen from state coffers under the previous government through fraudulent arms procurement deals, the vice-president said. Africa'stop oil exporter is going through its worst economic crisis in decades because of the drop in global crude prices. Ministers say these problems have been exacerbated by fraud under previous administrations.President Muhammadu Buhari said the theft of "mind-boggling" sums of oil money meant state coffers were virtually empty.Corruption charges have been levelled against former military chiefs and companies accused of involvement in an alleged arms procurement fraud during the tenure of Goodluck Jonathan. They have pleaded not guilty.The total sum lost to corruption related to the provision of security equipment to the military and amounted to about $15-billion, Vice-President Yemi Osinbajo said.His claims are the latest in a string of allegations by members of Buhari's administration.In January the information minister said 55 government ministers, state governors, public officials, bankers and businessmen stole $6.8-billion in seven years. ..
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