As much as $15bn (N6.1trn at N411 to a dollar) have been frittered away through fraudulent arms procurement deals in the last 20 years, according to a report by the Centre for Democracy and Development (CDD).
The report said the political and security elite have monetised the conflicts and the resulting humanitarian crises.
The report said successive presidents’ failure to rein in on corruption in the security sector has weakened Nigerian counter-terrorism capacity, allowing groups like Boko Haram to smoulder.
CDD asserted that despite promises by the current administration to expose those sponsoring criminals, no individual, body or corporation had been convicted in Nigeria for funding terrorism since insurgency started in 2009.
“Successive presidents’ failure to rein in security sector corruption is a highly consequential anti-corruption failure. It has led to widespread insecurity, verging on instability, and has weakened Nigerian counter-terrorism capacity, allowing groups like Boko Haram to smoulder.
“Over the last decade, political and security elite have monetised the conflicts and the resulting humanitarian crises.
“During the same period, military leaders allegedly stole as much as $15bn through fraudulent arms procurement deals; thanks to lax legislative oversight, excessive secrecy and the fact that security spending is largely exempt from due process rules designed to prevent corruption.