Nigerian public officials have stolen more than $400 billion from state coffers since the 1980s, with much of the funds transferred to and retained in wealthy foreign countries.

This is according to peer-reviewed academic research and official government records.

A study published in the Journal of Governance and Regulation by Virtus Interpress shows that Nigeria lost over $400 billion to corruption between 1960 and 1999 alone, a trend that continued into subsequent decades.

Nigerian government assessments have similarly put the scale of stolen public wealth at about $400 billion by the late 2000s, citing large-scale embezzlement by senior political and military officials.

Much of this money was moved abroad through international banks, shell companies and offshore financial centres.

Court records and asset recovery agreements show that Switzerland, the United Kingdom, the United States and several European jurisdictions have held significant volumes of Nigerian illicit assets over the years.

One of the most documented cases involves funds stolen during the rule of former military leader Sani Abacha between 1993 and 1998.

Judicial proceedings in Switzerland established that billions of dollars were transferred from Nigeria into foreign accounts controlled by Abacha and his associates.

Since 1999, Swiss authorities have returned multiple tranches of Abacha-linked funds to Nigeria following court rulings and bilateral agreements, some 30 years after his death.

According to official disclosures, Switzerland has repatriated more than $1 billion to Nigeria in several phases. In 2020, the United States announced the return of $311 million in Abacha-related assets after forfeiture proceedings, while an additional $23 million was repatriated following a separate judgement, with the United Kingdom enforcing aspects of the ruling.

Beyond the Abacha case, foreign courts have also ordered the seizure and return of assets linked to other former Nigerian officials.

In 2023 and 2024, Nigerian authorities confirmed the recovery of tens of millions of dollars tied to former petroleum minister Diezani Alison-Madueke from the United States and the United Kingdom, following criminal and civil forfeiture cases.

Despite these recoveries, official figures indicate that only a small fraction of stolen funds has been returned.

Data from Nigeria’s Ministry of Justice and civil society monitoring groups show that the country has recovered slightly above $5 billion in foreign-held stolen assets over the past 25 years, representing a minimal share of the estimated losses.

Legal records from asset recovery cases show that funds often remain abroad for years because of complex judicial procedures, including the need for final convictions, appeals, and proof of illicit origin under the laws of the holding countries.

Many of these jurisdictions require extensive documentation before approving confiscation or repatriation.

International cooperation frameworks such as mutual legal assistance treaties have enabled some recoveries, but court filings show that cases frequently span several years and multiple jurisdictions. During this period, assets are often frozen rather than returned.

Nigeria’s anti-corruption agencies, including the Economic and Financial Crimes Commission EFCC, have continued to pursue domestic and international recoveries.

Government data indicate that while domestic asset seizures have increased, the majority of high-value stolen funds linked to past corruption cases remain outside the country. (The Nation)

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