fraud – Nation Upbuilding

In response to Tinubu’s Tax Regime, a Nigerian X user “Olusegun Bakare” listed instances of missing funds due to instances of fraud, and highlighted the contradiction of taxing Nigerians while the looters of the money are walking free. Initially he listed the following:

—128 billion electricity fraud
—210 Trillion CBN fraud
—3 billion on fake airline
—Over N6 trillion missing in NDDC

Next, another X user “SizZzle.” asked Grok (X AI tool) to “name 15 Instances where Massive amounts of money have gone Missing or unaccounted for by Nigerian Govt Parastatals from 2015 till date”. Next, he asked Grok to “Expand it and Add 15 more separate Instances.” Finally, another X user “DePrayze” asked Grok to “give us a sum total of all the 30 instances you listed(naira and also dollar).”

The result: Grok provided 30 instances of reported missing or unaccounted funds, based on public reports which may include estimates, and totaled them using 1 USD ≈ ₦1,440 exchange rate. The list and total amount is as follows:

30 Instances of Missing/Unaccounted Funds by Nigerian Govt Parastatals from 2015 till date

Dasuki Arms Deal: $2.1B (2015)
NNPC Unremitted Oil Funds: $20B (2015)
Ikoyi Apartment Cash: $43M (2017)
Maina Pension Scam: N195B (2017)
JAMB Revenue Fraud: N5.8B (2018)
NNPC Missing Funds: N316B (2018)
NDDC Mismanagement: N81.5B (2020)
COVID-19 Funds Probe: N100B+ (2020)
Humanitarian Ministry Scandal: N585M (2023)
Nigeria Air Project: N85B (2023)
Emefiele CBN Fraud: N1.3B (2023)
$3.4B IMF Loan: $3.4B (2024)
Power Ministry Funds: N128B (2025)
NDDC Missing: N6T (2025)
CBN Alleged Fraud: N210T (2025)
⁠Malabu Oil Scandal: $1.1B (2017)
Babachir Lawal Scam: N544M (2016)
Ahmed Idris Fraud: N109B (2022)
Fuel Subsidy Scam: N2T (2015-2019)
Excess Crude Account: $2.2B (2015)
NLNG Dividends: $11.6B (2015)
Chinese Loans Diversion: $600M (2015)
Police Pension Fraud: N32.8B (2015+)
Kerosene Subsidy: Billions (2015+)
Immigration Scam: N1B (2015)
Stella Oduah Scandal: N255M (2015)
Farouk Lawan Bribery: $620K (2015)
Ex-AG Fraud: $6M (2025)
Ngige Corruption: Undisclosed (2025)
MTN Bribery Case: N500M (2016)

Total: Approximately ₦890 trillion Naira and $618 billion USD (using 1 USD ≈ ₦1,440 exchange rate).

Bear in mind these are only a few instances from 2015 of publicly reported figures and some estimates, which do not include many other known and unknown cases by government officials at the Federal and State level. Imagine what the figures will be if we do a forensic audit of Nigeria from independence in 1960, through the corrupt military rule, and from the 4th republic till date. The figures across all ministries, governments, and individuals will be a horror show! Perhaps easily exceeding $10Trillion! Nigerian governance is truly a crime scene! Imagine what blessing the Nigerian people would experience and benefit if those funds were responsibly applied for national development for the collective welfare?

What will it take to reverse course? Do people need to go to prison or start entering coffins⚰️? Besides “individual change of hearts”, more incisive means are required. I have consistently repeated that Nigeria cannot properly develop to its potential with Western democracy, but it needs a different home-grown system. People keep arguing about this but the catastrophic results speak for itself!

Besides other measures, Nigeria needs a disciplinarian nation-building visionary who operates with iron-fisted draconian severity in the inviolable imposition of strict national order… whether anybody likes it or not! The harshness of the purification measures that is to deal mercilessly with governing rascality which, to the weak-minded will appear as cruelty, is actually the medicine 💊 of loving service that Nigeria needs to heal and progress on the right path!

So genuine love in servant leadership in Nigeria’s 🇳🇬 current degenerate condition will be experienced as the corrective force of the Hammer of Justice and the Cold Steel of Severity, that is needed to balance and order Nigeria. It is when the hardness of fearsome consequences becomes an enforced norm that a suitable environment will be established for real long-term development and progress in Nigeria.

A change is needed. And while it starts individually from within, bold collective action by progressive-minded citizens with a good volition who are genuinely committed to the collective welfare and progress is needed for Nigeria to change course.

Onward & Upward!

~Dr. Ikenna A. Ezealah
JD, PhD, MBA
Builder of the African Future

Tag: fraud

Tinubu Taxing the Poor While Billions Vanish: Nigeria’s Fiscal Contradiction and 30 Cases of Unaccounted Public Funds Since 2015