Looting Nigeria’s Money Is Very Easy – Kemi Adeosun

Nigeria’s finance Minister, Kemi Adeosun on Tuesday said that it is very easy to loot the country’s treasury but the hardwork lies in discovering and repatriation of looted funds.

Adeosun made the remark while speaking at the second day of a three-day conference on ‘Promoting International Cooperation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development.’

“My experience from the little time I’ve spent as a minister is that it’s far too easy to do these things in Nigeria, and we’ve got to make it much more difficult.”

“A lot has been done about speaking about the problem. We need to move to how to solve the problem. From the Ministry of Finance’s perspective, our view is that prevention is better than cure.

“Recovering money is exciting but it’s difficult. It takes years. We’re still battling to recover money that was looted from Nigeria 20 years ago. So, my perspective as Minister of Finance and as an accountant is: how do we block the money from getting out in the first place? How do we strengthen our controls? How do we create the early warning systems that tell us to flag certain transactions?

“Let’s stop the money going out; let’s stop the loss, and then we can work on recovery.”