How Nigerian Governors Embezzle Money

I don’t know how many of us have been following Yahaya Bello’s EFFC trial

Please, if you are not following, I beg you to follow the proceedings.

The trial will give you a clue how our 36 states' governors are looting their states dry every month till their tenure is over and why our country is irredeemable as long as these present political elites are in charge.

So this is the looting template.

Receive allocation from Abuja and then generate revenue from helpless poor citizens of their state through IGR, and then the looting starts.

For those who have a conscience, they loot by awarding an overinflated contract, and through that funnel, funds are recycled to them, which are instantly converted to dollars.

Most times, The highly inflated contract are not executed as they awarded as a way of siphoning money.

For those of them that don’t have a conscience like Yahaya Bello, they simply loot with brazenness and without fear of God without recourse to looting via awarding of contract.

Apparently, what Yahaya Bello did as Kogi State governor was just to wait for allocation to arrive; once it drops, the looting starts as money is withdrawn from the state bank account and converted to dollars by a trusted BDC through his nephew.

It is either the money is channeled to the buying of properties in Abuja and Dubai on behalf of Yahaya Bello through his proxy and cousin Ali Bello or the money is channeled to one of his numerous side chicks or to his wives account.

It was because Yahaya Bello had too much excess liquidity; that is why he paid upfront, the dollar school fees of his kids studying at an American school in Abuja.

The EFCC alleged that Yahaya Bello stole 110 billion in less than 8 years as Kogi State governor.

Imagine for a moment what 110 billion could have done in the lives of ordinary citizens of Kogi.

The roads it could have built

The hospitals and young people that their lives could have been changed forever.

Politics is lucrative in this part of the world.

Yahaya Bello is not an outlier because what he did is what other governors did or are doing, whether APC or PDP.

The Nigerian people are poorer because we have thieving political elites as our leaders.

By Chukwudi Iwuchukwu

Comments

Nigeria Is Exporting Cattle Bones To China

Nigeria is currently exporting cattle bones to China, and the good news is that it is zero tariff. Just like me, if you are wondering why China needs the bones from our cows, let me break it down for you. Cattle bones are the primary raw material for collagen and gelatin used in food (gummies). Cattle bones are also used for drugs; your Amoxicillin, Tetracycline, Doxycycline, Amatem soft gel, Vitamin E, and Cod liver oil are made with by-products of cattle bones after the cattle bones are converted to Crude Pharma Grade Gelatin in China. Animal feed, bone meal, and fertilizer all need the input of cattle bones during manufacturing. Why we are exporting to China instead of keeping it back in Nigeria is simple: China has a thriving pharmaceutical manufacturing ecosystem which we don’t have. For instance, Active Pharmaceutical Ingredients (API) needed to manufacture malaria drugs by pharmaceutical companies in Nigeria are imported fro...

No Rift Between Dangote And Tony Elumelu

Dangote Group: There is no rift between our founder and Tony Elumelu Dangote Group has denied Aliko Dangote, the founder of the company, fell out with Tony Elumelu, the chairman of United Bank for Africa (UBA). The rebuttal follows a post by Oghneminehhhhh on X, claiming Dangote said “in 2021, when the refinery I was building was only half-completed, I ran out of funds to continue the project The user further claimed that Dangote said he “reached out to many of my business colleagues for financial assistance, including Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga”. According to the post, the billionaire said Elumelu “promised to assist me with $20 million,” but later “blocked my contact everywhere”. The user added that Dangote said his “other business colleagues came together and raised $500 million for me” and that Femi Otedola alone contributed $300 million. In a statement on Saturday by Anthony Chiejina, group chief branding and communications officer for ...

Zenith Bank Opens Branch In Côte d’Ivoire

Zenith Bank is spreading like wildfire all over Africa as the bank has just opened a new branch in Côte d’Ivoire. Safe to say that Côte d’Ivoire is red. 🇨🇮 Love to see homegrown Nigerian brands that started from here, playing big on the global stage. Things I love to see.

Our Daily Gist

Search This Blog