Bailout funds scandal: Nigerian governor loses $10m to side chic


Bailout funds scandal: Nigerian governor loses $10m to side chic

According to The Nation, a governor is under probe after the sum of $10 million he diverted from the bailout funds allocated to his state was hijacked by his mistress. The governor was said to have commissioned his mistress to help him launder the said sum only for the latter to refuse to remit it in the slush accounts the governor provided.

Already, the money in question has been traced to a bank in the U.S. The Nation investigation revealed that the governor resorted to using his US-based mistress to stash the funds abroad in order to avoid monitoring by security agencies.


It was gathered that the diversion of the looted $10m by the mistress created an uproar that triggered the ongoing investigation. One of the sources involved in the probe said: “A governor from an oil-producing state is in soup and under probe by some security agencies.

The governor seems to have been duped by his mistress who stays in Texas. The governor is worried after discovering that his girlfriend has defrauded him of $10 million.

What started as a love affair and promises of good faith has turned sour. Yet the governor would not want his wife or the people of the state, who will be disappointed, to know about this ugly transaction.

Investigation so far indicated that the governor allegedly diverted part of the bailout funds meant for his state to the mistress. Very soon, the details of the transaction will be revealed to Nigerians. This is why the government has decided to monitor how bailout funds and London-Paris loan refunds were spent.”

The Presidency in 2016 released the sum of N1. 266.44 trillion to 36 states within 9 months. The breakdown includes N713.70 billion special intervention funds to states and London Paris Club loan refunds of N522.74 billion.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had said 16 states were yet to disburse about N57, 663, 185, 735 of the bailout funds approved for them by Pres Buhari. The agency also indicted some of the states for diverting the bailout funds which were meant for workers’ salaries.

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