REVEALED: Looters Stole $15billion Through The Arms Deal

The Economic and Financial Crimes Commission made staggering discoveries in the process of investigating the fraud relating to the diversion of $2.1bn meant for fighting the war against Boko Haram.

The EFCC had discovered that the total anti-insurgency money looted by "big men" was over $15bn.



The $2.1bn represents the arms cash placed under the Office of the National Security Adviser, then headed by the immediate past NSA, Col. Sambo Dasuki (retd.).

Ex-military chiefs, including a former CDS, Air Marshal Alex Badeh (retd.); and ex-Chief of Air Staff, Air Marshal Adesola Amosu (retd.), had been quizzed for their alleged roles in the arms scam.

Badeh, Dasuki and others are currently standing trial on charges relating to the alleged fraud.

A top source at the commission, told Punch that the EFCC and the presidential panel on arms procurement, during investigations, discovered that $2.1bn fraud was just for one of the several transactions.

The source said the commission discovered that top military officers deliberately incorporated companies to divert anti-insurgency funds for their personal uses.

“We have discovered that the total money in the arms scandal is over $15billion, not $1.2bn that was initially discovered. The $2.1bn was just for one transaction. Many of these military officers set up companies for the purpose of diverting money meant for the prosecution of the anti-insurgency war,” he said.

Mr President has vowed to deal with all the looters until they return Nigeria's money in their possession.