Corruption

Nigeria's corruption nightmare - $14 billion stolen from economy

Fifty-five people, including former governors, Cabinet ministers and government workers, stole US$9 billion (NZ$14 billion) from Nigeria's treasury, the information minister said Monday.

Lai Mohammed made the allegations as he kicked off a "national sensitization campaign", appealing to Nigerians to join the fight against corruption that is crippling what should be a rich nation with Africa's biggest economy, population and oil production.

The looted 1.35 trillion Nigerian naira could have built 36 hospitals or educated 4000 children through university, Mohammed said. He said it was stolen between 2006 and 2013, when the naira stood at about 150 to the dollar, half today's value. Mohammed did not identify the 55 accused but said bankers and businessmen are among them.

The funds include US$2.1 billion meant to buy weapons to fight Boko Haram's 6-year-old Islamic uprising that has killed some 20,000 people but instead was diverted to the election campaign of former President Goodluck Jonathan and his party, Mohammed said. Jonathan lost March 2014 elections to former military dictator Muhammadu Buhari, who promised to halt corruption and the insurgency.