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IBB Denies Stealing $12bn, Says Nigerian Media Branded Him As Corrupt

A former Military President, Gen. Ibrahim
Babangida, has reacted to the common
assertion that he enthroned corruption in

Challenging any individual or group with facts
on corruption against him to release such,
IBB insisted that the $12.4billion Gulf Oil War
windfall of 1991 was not stolen.

Babangida made the clarifications in an
exclusive interview with a team of the
Economic and Financial Crimes Commission’s
press crew for the agency’s in-house
magazine, “Zero tolerance.”

The EFCC released the transcript of the
interview to journalists in Abuja on Monday.
IBB, who denied looting billions from the
treasury, challenged anyone with proof of
corruption against him to reveal it.

“Let me tell you something; I have
been the most investigated President
Nigeria has ever had. By now,
somebody should have come forward
to say here it is” , IBB said.
“Every government that came after me
investigated me because of that
perception because they wanted to
retrieve the billions I stole.”

According to the former Head of State, he
and those who served in his administration
were saints and angels going by the level of
corruption in the country.

“Well, we had different approaches. I
think my government was able to
identify corruption prone areas and
checked them. If you remember in this
country, there were things they call
essential commodities. These are also
sources of corruption.

“You go and buy Omo or food or
whatever it is and we got government
to take its hands off such activities. Let
people use their own brains, hands and
labour, nobody has to do it for them. So
we did, but I am proud to say that it was
much more effective.

“I don’t have the facts but if what I read
in the papers is currently what is
happening, then I think we were
angels” .

On the allegation that his military regime
institutionalized corruption in Nigeria, IBB said
though he had been aware of such
insinuation, the assumption was incorrect.

“Yeah, I know. Maybe I have to accept
that but anybody with a sense of
fairness has no option but to call us
saints. I give you an example, in a year
I was making less than $7billion in oil

“In the same period, there are
governments that are making
$200billion to $300billion .
“With $7billion, I did the little I could
achieve. With $200billion, there is still a
lot to be achieved” .

The ex-President said being branded as
corrupt was a question of perception.
His words: “It is said that perception is
not reality. Why the perception? I
should ask you because it is the
perception of the media. You believed
quite wrongly that we are all crooks
and I bear no grudge whatsoever
against anybody .

“But I know time will come when they
will say after all, they did something
and this is what is happening. Now,
even our fiercest critics give us credit
for certain things we did.”
On the $12.4billion oil windfall from the 1991
Gulf War, Babangida insisted the money was
not stolen.

“First of all, that war lasted three
months, about 90 something days. It
didn’t last up to a year. So get the facts
“Secondly, the oil price at that time was
below $18 per barrel. So, there is no
way you could make $12.4billion in
three months.

“We could not have made that amount
of money but Pius Okigbo knew what
he was doing. He had brains and he said
between 1986 or 1988 to 1994, monies
accrued to the Federal Government at
that time was about that money you are
calling windfall. He said so. It is there in his

“Then the other thing he said, the
monies could have gone into
generative investment. I am not an
economist but I have an understanding
of what this is” , IBB stated.

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Posted By KellyChi On 07:04 Tue, 06 Jan 2015

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