Source: This Day (Lagos)

Recently, Chairman of Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, claimed that corruption has drained Africa of over $140bn, a figure he said was revealed by the African Union.

Ribadu who lectured on 'the Anti-corruption crusade: Why, How and the Journey so Far', claimed there was a likelihood that a greater part of the money, which represented about 25 per cent of the continent's official Gross Domestic Product (GDP), was stolen from Nigeria.

The EFCC boss also said that the African Development Bank (AfDB) indices had shown that corruption was responsible for the loss of approximately 50 per cent of tax revenue.

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Posted by pichu at April 18, 2007 10:36 AM