Unit 5
The governor of the country of Nigeria's central bank, Lamido Sansui, spoke out about missing funds coming from oil. He threatened to reveal the scam of the missing money at a meeting with Nigeria's elite bankers. He threatened to make the other bankers open their books and show where the money was. The other bankers became very angry. Some went straight to the government and reported Sansui. The amount of money that was being disputed was $20 billion. Sansui was fired weeks later. He also accused the Nigerian National Petroleum Corporation of not turning over profits to the national bank. Sansui explained that a lot of money was missing and that he revealed the N.N.P.C. issue as a scam. Sansui said, "It was critical that we stop this hemorrhage. Otherwise we can't maintain stability."
I think this is an important thing that Nigeria needs to resolve. If they don't know where their money is going, how are they going to control their economy. The public isn't going to be happy if this scam continues.
http://www.nytimes.com/2014/03/10/world/africa/nigerians-ask-why-oil-funds-are-missing.html?_r=0
This article reinforces what we talked about in class today about the many corruptions that plague Nigeria. It is definitely a setback to Nigeria's progression.
ReplyDelete$20 billion dollars is a lot of money, especially in a poverty stricken country like Nigeria. This will not be good for the economy. This is only one instance though, think of how many more things like this are happening.
ReplyDeleteYeah, I agree Rebecca. This is only one big aspect of their economy. I guarantee this same problem is happening in other areas of business in Nigeria.
ReplyDeleteNigeria has a loooot of serious issues. The more posts I read, the more I see this. At least now there's one more job that has opened up... What happened to this $20 billion dollars?
ReplyDeleteI totally agree with Madeline. I feel like I just keep hearing all of this crap that is going on in Nigeria and I feel like they really just need to get their act together. If they dont they will just keep rolling down this hill and it wont end very pretty!!! They are getting themselves into too much trouble
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