Ribadu says criminals run Nigeria's economy, supports anti-graft war

A foremost anti-corruption czar, Mallam Nuhu Ribadu, says a lot of investments in Nigeria are funded with money gotten from illicit activities.

The former EFCC Chairman identifies money laundering and terrorism as major challenges militating against the country’s quest for true greatness.

Ribadu speaks at the second Anti-Money Laundering/Combating Financial Terrorism Stakeholders Consultative Workshop held in Abuja. The event is organised by the 

Association of Certified Anti-Money Laundering Specialists.

Ribadu, who contested the governorship of his home state Adamawa in last elections, says the country loses a great fortune through terrorism funding and money laundering.

“Everything that is wrong about Nigeria has something to do with dirty money, he notes.”

Ribadu, whose Peoples Democratic Party, has moved against President Muhammadu Buhari alleging that he is witch-hunting its members, says the government can get it right if it punishes those who are involved in money laundering and recovers the loots.

He urges government to fish investments set up with dirty money and bring those behind them to book.

 “In 2003, Nigeria was on the black list of most developed countries, especially US, for money laundering. This meant that our financial institutions found it difficult doing business in foreign lands.

“We could not use Mastercard, Visacard or credit card. Our financial institutions could not access international loans. At one time, it was almost impossible for a Nigerian to open an account in the US or UK.

“Nigerians, travelling abroad, were subjected to serious scrutiny relating to drugs, terrorism and money laundering. The list is endless.”

Ribadu says things are gradually changing with Nigerians holding their heads high in other parts of the world.

And with Nigerian companies listed in overseas stock exchanges, he says things are looking up for the country.