‘I Received Only 19Bn, How Could I Have Embezzled 12Bn Naira’? How Governors Bamboozle The EFCC And Retire Rich
The Oasis Reporters
February 20, 2025
Ever wondered why each time at the end of the tenure of a former governor in Nigeria, EFCC shows bravado, makes noise under the klieg lights of the media, chases the recently retired governor who has just lost his immunity and announces what they believe that the governor looted while in office?
Actually, the Economic And Financial Crimes Commission (EFCC) would have looked at how much the governor declared as his assets on being sworn in. But they wonder how much he has on leaving office and subtract his legitimate earnings then declare that he has looted so such from the Treasury of the state since it is expected that he wasn’t doing any other private business while in office which is even prohibited.
Then they prepare their case based on the evidence that they think that they have and go to court.
The governor would only need to appear and declare that the mind blogging figures that the EFCC has declared are wrong. After all, they did all the projects worth this or that much. And official figures show how much they received as allocation from month to month.
Do the maths, they declare before the Judge. After maybe ten to fifteen years, the EFCC loses the case.
They never mention how much revenue comes into state coffers through the natural resources of the state.
.The former governor retires very rich and heaps more insults on the organization calling them image tarnishing agents.
Yet their hunch that money was embezzled is indeed right.
Before going into politics and emerging as governors, the politician knows that government is very big business.
There are revenues to collect as taxes, prospecting licenses to sign for astonishing fees, contracts to be signed, roads to be constructed and many others and all that revenue should come under the Internally Generated Revenue. Even the state government businesses often go to cronies who know how to pad and make returns.
Therefore in court, the legal team is going to concentrate mainly on how much the governor received as Federal government revenue allocation and how much was paid out as emoluments. Somehow the revenue that came into the state coffers which may even double or triple what was the federal allocation may not have properly accounted figures. In some cases, many receipts would have disappeared and the money would have developed wings.
However, a tiny fraction of the IGR would have been expended on the construction of a few bridges or schools and everyone goes away contented.
Unless the governor has good conscience and love for doing good, most richly endowed states with so much end up looking decrepit and underdeveloped.
That is the story of corruption and underdevelopment in Nigeria.
