The Republic
Looted Funds

202210.· ₦19.3bn probed· Chapter I · Money

Kogi State Salary Bailout Diversion

EFCC tracing of ₦19.3bn Sterling Bank-held salary-bailout funds linked to a then-sitting governor; Supreme Court ruling on freezing of state funds.

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In September 2022 the EFCC obtained an interim freezing order from the Federal High Court Lagos on ₦19.3bn held in Sterling Bank accounts traced to the Kogi State 2016 salary-bailout disbursement. The Supreme Court, in Kogi State v. EFCC (SC/CV/655/2022, judgment 24 February 2023), set aside the order on grounds of gubernatorial immunity under s.308 of the 1999 Constitution while the then-Governor Yahaya Bello remained in office. Bello left office on 27 January 2024; the EFCC re-arraigned him on 23 April 2024 (FRN v. Yahaya Bello, FHC/ABJ/CR/550/2022) on 19 counts of money laundering, with proceedings ongoing.

What it cost — political & economic reality

The political and economic reality

Nigeria in 2022: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.

President · Fourth Republic

Muhammadu Buhari

2015–2023· APC

National reality

Two recessions (2016, 2020). Multiple naira devaluations. ASUU strike of 2022 closed federal universities for ~9 months. End SARS protests (Oct 2020); Lekki Toll Gate incident. Out-of-school children >18 million by 2022.

Crises of the period

  • 2016 recession + FX crisis
  • End SARS + Lekki Toll Gate (Oct 2020)
  • COVID-19 lockdown (2020)
  • 9-month ASUU strike (2022)
  • Naira redesign chaos (Q1 2023)

GDP (World Bank)

$494 bn (2015) → $477 bn (2022)

Cabinet (selected portfolios)

  • Finance

    Kemi Adeosun (2015–18); Zainab Ahmed (2018–23)

  • Justice (AGF)

    Abubakar Malami (SAN)

  • Education

    Mallam Adamu Adamu (2015–23)

  • Petroleum

    Muhammadu Buhari (concurrent); Min. of State Ibe Kachikwu then Timipre Sylva

Sources · Federal Gazette 2015–23 · CBN · NBS

Methodology

Tier 1 · primary

Courts. Gazettes. National archives.

Tier 2 · corroborating

OCCRP. HRW. BudgIT. TheCable.

Tier 4 · tertiary, flagged

Wikipedia only where primary is pending. Always labelled.