Accountability and the fight against corruption are proving to be financially beneficial for the state, quite significantly so. The anti-corruption agency in Nigeria has just provided evidence of this.
The Nigerian government has successfully recovered more than 26 million dollars as a result of an investigation into corruption within the Ministry of Poverty Alleviation, according to a statement released by the country's anti-corruption agency on Sunday evening.
In early January, Nigerian President Bola Ahmed Tinubu initiated a major overhaul of the Ministry of Poverty Alleviation and Humanitarian Affairs, ordering an investigation into "financial misconduct" against the minister and several top officials of the ministry.
The Nigerian Economic and Financial Crimes Commission (EFCC) stated in a press release that it has "recovered 32.7 billion nairas (approximately 26.4 million dollars) and an additional 445,000 dollars so far" during its ongoing investigation.
The EFCC revealed that it had uncovered additional fraudulent transactions involving Covid-19 funds, a World Bank loan, and recovered loot from the infamous Abacha stash, all of which were supposed to be used to combat poverty.
The investigations have also established a connection between several suspended officials from the ministry and the alleged financial misdeeds.
President Tinubu, who took office last year with a promise to fight corruption, has suspended several high-ranking officials, including Betta Edu, the Minister of Poverty Alleviation, following allegations that she diverted public funds into a private bank account.
Additionally, the Nigerian President had halted the activities of the National Social Investment Program Agency (NSIPA), under suspicion of alleged misappropriations. This agency was responsible for disbursing cash transfers to some of the country's poorest people, as well as funding youth initiatives and school meal programs.
The EFCC emphasized that its investigations are not targeting individuals per se but are focused on a complex system and network of fraudulent practices aimed at rooting out corruption in Nigeria, which remains one of the countries ranked lowest in Transparency International's Corruption Perceptions Index.
