Nigeria Law

Chapter I · Money

The Looted Funds Record

Cases where public funds were taken from the Federal treasury. Adjudicated or officially found by a competent body — court, commission of inquiry, or audit authority. Never asserted, never inferred.

Documented cases

1.1993 — 98

Abacha Family Funds

Estimated $5 billion across Swiss, Jersey, Bailiwick of Guernsey, Liechtenstein, US and UK accounts. Repatriations ongoing since 1999 (~ $3.65bn returned by 2024).

≈ $5bn

2.2005 — 07

Police Equipment Fund (Tafa Balogun)

Former IGP convicted on 8 of 70 counts; ~₦15bn forfeited via plea bargain. Federal High Court Abuja, FHC/ABJ/CR/14/2005.

₦15bn

3.2007

Halliburton / TSKJ

$182m in bribes to Nigerian officials over LNG contracts. US DOJ Deferred Prosecution Agreement 2009. Nigerian prosecutions stalled.

$182m (DPA)

4.2011 — 12

Fuel Subsidy Probe — House Resolution 79

Ad-hoc committee (Lawan Report): ₦1.7tn paid for fuel not delivered, 2009–2011. Some prosecutions, no major conviction at FHC level.

₦1.7tn

5.2014

Unremitted NNPC Receipts (Sanusi disclosure)

$20bn unaccounted for, per Sanusi Lamido Sanusi (CBN). PWC audit confirms $1.48bn shortfall; disputes around the remainder.

$1.48bn (audited)

6.2015 — 16

$2.1bn Arms Procurement (Dasuki affair)

Office of the National Security Adviser arms-procurement funds; multiple convictions; case files pending across FHC and state courts.

$2.1bn

7.2017

Ikoyi Apartment Cash Discovery

EFCC: $43.4m, £27,800, ₦23.2m recovered from Flat 7B, Osborne Towers, Ikoyi, on 12 April 2017. Forfeited to FGN; ownership disputed.

$43.4m + others

8.2018

P&ID v. FGN — $9.6bn Award

Arbitral award later set aside (English Commercial Court, 23 Oct 2023): award procured by fraud and corruption. Nigeria's largest-ever litigation reversal.

$11bn → set aside

9.2019

Maina Pension Funds

Abdulrasheed Maina convicted (FHC Abuja, Nov 2021): 8-year sentence; ₦2bn forfeiture. Pension Reform Task Team funds case.

₦2bn

10.2022

Kogi State Salary Bailout Diversion

EFCC tracing of ₦20bn Sterling Bank-held salary-bailout funds linked to a then-sitting governor; Supreme Court ruling on freezing of state funds.

₦20bn (probed)

Methodology

Tier 1 · primary

Courts. Gazettes. National archives.

Tier 2 · corroborating

OCCRP. HRW. BudgIT. TheCable.

Redline

Wikipedia is never a source.