Enormous fraud in Nigeria’s private sector, banking – Itse Sagay

*Says Nigeria now free of subsidy scam

There is enormous fraud in Nigeria’s private sector particularly in the banking industry, Prof. Itse Sagay, Chairman of the Presidential Advisory Committee Against Corruption, has alleged

At a conference on financial system integrity improvement which held in Abuja, he said that much has been achieved in the fight against corruption, but not appreciated by the general public.

“There is nothing like subsidy scam anymore,” Channels TV quoted the professor as saying.

“At its height, over two trillion was being siphoned out of the country. People were collecting the money with the names of sea vessels that were either non-existent or were in faraway territories.

“That bleeding has been stanched. Much has been recovered in terms of stolen assets – a lot has been recovered.

“Although not much has yet been achieved in the area of conviction for corruption and financial fraud, there have been some which tend to be overlooked,” he added.

Sagay also explained some of the Federal Government’s successes in the fight against corruption.