It is yet another Democracy Day and time to reflect on the state of the nation. The one national albatross most Nigerians and foreigners would agree ails this country is corruption by the political elite. Our country’s persistent struggle with corruption is no secret. From looted government coffers to illicit proceeds from fraud and other financial crimes, the country bleeds billions annually. Yet, the true tragedy lies not just in the theft but in the destination of these ill-gotten gains. Our politicians and corrupt officials, in their shortsighted greed, siphon public funds abroad, stashing them in foreign banks or investing in luxurious properties in cities like London, the European capital for laundering dirty money.
This practice is not only morally bankrupt but economically foolish, depriving our country of the very resources that could transform its fortunes.
Every nation grapples with underground economies — drug trafficking, fraud or other illicit trades. In sophisticated criminal networks, such as the mafia in the United States, dirty money is reinvested locally to create banks, casinos and real estate empires. These ventures, while rooted in crime, generate jobs, circulate wealth and even contribute taxes to the economy. The system, however perverse, keeps the money working within the society, fostering development.
Nigeria’s thieving elites, however, lack even this twisted ingenuity. Instead of reinvesting their loot to build industries, infrastructure, or businesses that could employ millions and stimulate growth, they hoard their wealth in offshore accounts or foreign real estate, developing other nations while our country languishes.
This is the height of folly. By exporting stolen funds, our politicians are not just stealing from the present but robbing future generations of opportunity. Imagine if these billions were invested in local manufacturing, tech startups or agriculture. Factories could employ millions of unemployed youths, reducing crime and unrest. Schools and hospitals could be built, improving education and healthcare. Tax revenues from such ventures could fund infrastructure, breaking the cycle of poverty. Instead, Nigeria’s stolen wealth builds skyscrapers in Dubai, mansions in London and banks in Switzerland, creating jobs and prosperity abroad while Nigerians grapple with crumbling infrastructure and unemployment rates hovering around 33% – never mind the NBS’s 4% unemployment figure; it is false.
The irony is that Nigeria’s corrupt elite are not even adept at crime. Compared to global criminal networks, they are amateurs — dull in strategy and vision. While others launder money to build economic empires, Nigeria’s thieves hide theirs in foreign vaults, contributing nothing to the nation they claim to lead. This is not just betrayal; it is stupidity. London thrives as a hub for cleaning dirty money because Nigerian looters lack the foresight to invest at home. Every dollar stashed abroad is a missed opportunity to create a factory, a school or a hospital bed.
It is time for Nigerians to demand better, even from our thieves. If our elites must steal, let them invest the proceeds in Nigeria — build industries, create jobs and let the money circulate. The government – the irony is not lost on us that we are appealing to the very institution where the shameful national heist is being carried out – must also strengthen anti-corruption measures and close loopholes that allow capital flight. Nigeria’s wealth belongs in Nigeria, not in foreign capitals. Until this changes, our leaders will remain not just corrupt, but foolishly so, impoverishing our own people while enriching the world.
Leave a Reply