How 58 ex-governors allegedly looted N2.187trillion

Amanda Daily
20 Min Read

If the allegations of the Economic and Financial Crimes Commission, EFCC were anything to go by, no fewer than 58 former governors have looted, embezzled, laundered or misappropriated the sum of N2.187 trillion in 25 years.
This figure excludes seized properties across the globe and others under probe, which run into billions of Naira.

The N2.2 trillion looted is equivalent to the Lagos State 2024 budget of N2.25 trillion and the entire South-East states’ 2024 budget of N2.29 trillion. It is several billion higher than the North-Central states’ 2024 budget of N1.89 trillion, and North-East’s N1.60 trillion.

The 58 former governors the EFCC is probing, probed, investigated and prosecuted are drawn from all parts of the country. Since the return to civil rule on May 29, 1999, the 36 states of the country have had no fewer than 170 governors.


Abia State has produced four governors, namely Orji Uzor Kalu, Theodore Orji, Okezie Ikpeazu and Alex Otti.

Anambra State produced six-Chinwoke Mbadinuju, Chris Ngige (annulled election), Peter Obi, Virgy Etiaba (acting), Willie Obiano and Chukwuma Soludo.

READ ALSO: Delta Communities Reject Government’s Claim of Resolving Land Dispute

In Ebonyi, it is four, namely, Sam Egwu, Martin Elechi, Dave Umahi and Francis Nwifuru.

Enugu State also had four governors— Chimaroke Nnamani, Sullivan Chime, Ifeanyi Ugwuanyi and Peter Mbah.

Imo State produced five – Achike Udenwa, Ikedi Ohakim, Rochas Okorocha, Emeka Ihedioha (annulled election), and Hope Uzodimma.

In Akwa Ibom there are four Victor Attah, Godswill Akpabio, Udom Emmanuel and Umo Eno.

Bayelsa has seven, namely, late DSP Alamieyeseigha, Goodluck Jonathan, Timipre Sylva, Werinipre Seibarigo (acting), Nestor Binabo (acting), Seriake Dickson and Duoye Diri.

Cross River produced four helmsmen viz- Donald Duke, Liyel Imoke, Ben Ayade and Bassey Otu.

Delta State had four-James Ibori, Emmanuel Uduaghan, Ifeanyi Okowa and Sheriff Oborevwhori.

It was also four in Edo with the likes of Lucky Igbinedion, Oserheimen Osunbor (annulled election), Adam’s Oshiomhole and Godwin Obaseki.

Rivers State produced five – Peter Odili, Celestine Omehia (annulled), Rotimi Amaechi, Nyesom Wike and Siminalayi Fubara.
Lagos is among the states with four governors following the stints of Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and Babajide Sanwo-Olu.

Ekiti, which is the second least populated state in Nigeria, has the highest turnover of governors with eight. They are Niyi Adebayo, Ayo Fayose, Gen Tunji Olurin (sole administrator), Tope Admiluyi (acting), Segun Oni (annulled), Tunji Odeyemi (acting), Kayode Fayemi and Biodun Oyebanji.

Ogun produced four governors viz: Segun Osoba, Gbenga Daniel, Ibikunle Amosun and Dapo Abiodun.

It was five in Ondo led by the late Adebayo Adefarati, late Olusegun Agagu, Olusegun Mimiko, late Rotimi Akeredolu and Lucky Aiyadatiwa.

Osun State also had five via Bisi Akande, Olagunsoye Oyinlola (annulled) , Rauf Aregbesola, Gboyega Oyetola and Ademola Adeleke.

Oyo State produced five-, the late Lam Adesina, Rashid Ladoja, late Christopher Alao-Akala, late Abiola Ajimobi and Seyi Makinde.

In Benue State, there are four, namely, George Akume, Gabriel Suswam, Samuel Ortom and Hyacinth Alia..

Niger State also produced four in Abdulkadir Kure, Babangida Aliyu, Sani Bello and Mohammed Bago.

Kogi has had six men occupy the Government House since 1999. They include the late Abubakar Audu, Ibrahim Idris, Clarence Olafemi (acting), Idris Wada, Yahaya Bello and Usman Ododo.

Nasarawa produced four through Abdullahi Adamu, Aliyu Doma, Tanko Al’Makura and Abdullahi Sule.

Kwara also had four – Mohammed Lawal, Bukola Saraki, Abdulfatah Ahmed and Abdulrasaq Abdul Rahman.

In Plateau, there are five- Joshua Dariye, Michael Botmang (acting), Jonah Jang, Simon Along and Caleb Mutfwang.
Adamawa State produced six – Bonnie Haruna, Murtala Nyako, James Barka (acting), Umaru Fintiri, Bala Ngilari (acting), and Bindo Jibrila.

Bauchi elected four governors within the period – Adamu Muazu, Isa Yuguda, Mohammed Abubakar and Bala Mohammed.
Borno also has four late Mala Kachala, Ali Mode-Sheriff, Kashim Shettima and Babagana Zulum.

Gombe is among the states with four with the likes of Abubakar Hashidu, Danjuma Goje, Ibrahim Dankwambo and Inuwa Yahaya.
In Taraba, six persons had become governor as follows: Jolly Nyame, the late Danbaba Suntai, Garba Umar (acting), Sani Danladi (acting), Darius Ishaku and Agbu Kefas.

Yobe produced four Bukar Abba-Ibrahim, the late Mamman Ali, Ibrahim Geidam and Mai Mala Buni.

Jigawa also has four-Saminu Turaki, Sule Lamido, Badaru Abubakar and Umar Namadi.

In Kaduna, there are six – Ahmed Makarfi, Namadi Sambo, the late Patrick Yakowa, Ramalan Yero, Nasir el-Rufai and Uba Sani.
Kano produced four – Musa Kwankwaso, Ibrahim Shekarau, Umar Ganduje and Abba Kabir Yusuf.

Neighbouring Katsina also had four – late Umaru Musa Yar’Adua, Ibrahim Shema, Bello Masari and Dikko Radda.

In Kebbi, they are five – Adamu Aliero, Usman Dakingari, Amina Jega (acting), Atiku Bagudu and Nasir Idris.

Sokoto also has five – Attahiru Bafarawa, Aliyu Wamakko, Abdullahi Salame (acting), Aminu Tambuwal and Ahmad Aliyu.

Zamfara State also produced five governors, namely, Ahmed Yerima, Mahmoud Shinkafi, Abdulaziz Yari, Bello Matawalle and Dauda Lawal

Further breakdown

Among 170 governors, 18 were acting governors or those whose elections were nullified by the courts; 36 are currently serving and 114 were elected governors who served for one or two terms.

Among the 134 former governors, no fewer than 58 have had fraud-related tangos with the EFCC of which only four were convicted.

Those convicted were Chief Lucky Igbinedion (Edo), late DSP Alamieyeseigha (Bayelsa), Jolly Nyame (Taraba), and Joshua Dariye (Plateau).

No ex-gov among EFCC’s 6,981 convictions in 3 years

Between 2020 and 2022, the EFCC secured 6,981 convictions, according to data obtained from its website: In 2020, the commission secured 976 convictions; did 2,220 in 2021, and an unprecedented 3,785 in 2022. The data for 2023 is yet to be released.

No former governor is among the 6,981 persons convicted for fraud in the last three years.

A host of the cases are still in court, some have been dismissed for lack of diligent prosecution by the anti-graft agency and those affected acquitted. Some former governors visited the EFCC over the petitions against them and nothing was heard thereafter. Also, some former governors are dead and so are the cases against them.

58 ex-governors under EFCC’s radar

The 58 former governors who are having or have had brushes with EFCC and alleged amounts involved include late Abubakar Audu (N10.966 bn), TA Orji and sons (N551 bn), Yahaya Bello (N80.2 bn), Chimaroke Nnamani (N5. 3 bn), Sullivan Chime (N450 million), Kayode Fayemi (N4bn), Ayo Fayose (N6.9 bn), Abdullahi Adamu (N15bn), Danjuma Goje (N5bn), Aliyu Wamakko (N15 bn), Sule Lamido (N1.35 bn), Joshua Dariye (N1. 16 bn) and Timipre Sylva (N19.2 bn).

There are also Saminu Turaki (N36bn), Orji Uzor Kalu (N7. 6bn), Bello Matawalle (N70 bn), Lucky Igbinedion (N4. 5 bn), Musa Kwakwanso (N10bn), Peter Odili (N1000 bn), Jolly Nyame (N1.64 bn), James Ngilari (N167 m), Abdulaziz Yari (N84 bn), Godswill Akpabio (N100bn), Abdul fatah Ahmed (N9 bn), Ali Mode-Sheriff (N300bn), Willie Obiano (N43 bn), Ibrahim Dankwambo (N1. 3bn), Darius Ishaku (N39bn) and Ramalan Yero (N700m).

Others include Achike Udenwa (N350m), Rochas Okoro ha (N10. 8bn), James Ibori (N40 bn), DSP Alamieyeseigha ((N2.655bn), Gabriel Suswam (N3. 111bn), Samuel Orton (N107bn), Murtala Nyako (N29bn), Rashid Ladoja (4.7bn), Christopher Alao-Akala (N11. 5 bn), and Abdulkadir Kure (N600m).

The rest include Babangida Aliyu (N4bn), Abubakar Audu (N10bn), Idris Wada (N500m), Ibrahim Shekarau (N950m), Adamu Aliero (N10bn), Usman Dakingari and wife (N5. 8bn), Attahiru Bafarawa N19. 6bn), Jonah Jang (N6. 3bn), Aliyu Doma (N8bn), Tanko Al’Makura (N4bn), Boni Haruna (N93bn), Bindow Jibrila (N62bn), Adamu Muazu (13bn), Isa Yuguda N212bn) and Mohammed Abubakar (N8. 5bn).

The petitions against some former governors are hazy, and figures were not attached.

Last January, the commission reportedly said that it would revisit the N772 billion alleged fraud cases against 13 former governors. Apart from being acquitted, a host of the former state helmsmen are claiming that they are innocent of the allegations and accusing the EFCC of a political witch-hunt.

However, the anti-graft has insisted on revisiting some of the cases and ensuring that those indicted are brought to book. It is to be seen how far it would go in its latest offensive.

Chief Aderemi Adedoye, who is the immediate past Commissioner of Police in Anambra State has been in the news since he was pulled out of the Nigeria Police Force after 35 years of service. During the ceremony in Awka, Adeoye, who joined the Nigeria Police as a constable even though he had a university degree, told his audience at the Alex Ekwueme Square how an investment company he founded with some Facebook friends, is now worth about N20 billion.

Adeoye had said that with his retirement, he would go full-time into business and would not bother himself going into security consultancy as many retired security operatives usually do.

Following the controversy that has trailed his pronouncement on the investment outfit, tongues started wagging as to how the retired CP had time to engage himself in such a multi-million naira venture. On Friday, Adeoye was a guest on Arise News TV to explain everything about the business.

He said: “The people of Anambra State knew that I did my work diligently. It has never happened in the history of Anambra State that a retiring CP should be conferred with two chieftaincy titles by two communities and a street named after me.
I am Nnwane Di na mba 1 of Omasi Kingdom and I am Dike Ochiogha 1 of Ogbunka Kingdom. I received these titles within a space of one week. The street named after me is by the Governor’s Lodge in Awka. Africa Trust Magazine declared me Man of the Year and went down memory lane to capture what we did in terms of security. So I did not abuse my office. I served for 35 years without attracting any query.”

Asked to clarify the operations of the controversial outfit he has been managing and the ownership structure of the organization, Adeoye said:


“The name of this organization is Alfa Trust Investment Club. Our loan arm is registered as Artic Cooperative Multipurpose Society Limited, which is registered with the Lagos State Government. We carry on investment under the business name of Artic Ventures and Business Services and that is the name that is registered with the Corporate Affairs Commission (CAC). We would have liked to register our full name as it is, but CAC did not approve that.

“Basically when we started in 2018, all the 177 founding members were my Facebook friends and they were drawn from an investment forum where I had lectured for free for years. The members requested that this thing we are doing as a hubby assist somebody and that we can pull resources together to do some legal investment. I was mandated to set the process in motion to ensure that everyone who would participate would willingly do so. The 177 members were then migrated to the Investment outfit. Subsequently, on a yearly, basis, we admit members.

These my friends invited their family members and friends to join. That is how we grow. We don’t solicit for membership. For five years of our existence, we have paid dividends every year without fail. Our purpose is to invest, not to do business.

So we don’t have an office, we don’t have overhead costs, we don’t have employees, we don’t pay salaries, we don’t have a generator, we don’t have official cars, The only thing the officials of the club spend is their data which is seen as their contributions to the growth of the club. The only thing we spend money on is organizing our physical meetings and this is paid for by membership dues, which is N5000 per member, per annum.

“For anybody to be a member, he must be a Nigerian, irrespective of where he resides in the world. The person must have visible means of livelihood which is verified. Usually, we demand to see a workplace identity card and we go further to verify it we do background checks and we insist that any member we admit must not have any criminal record.

“Those who have pending matters with EFCC are excluded. The majority of our members are Nigerian professionals all over the world. Once admitted, the person indicates the number of shares he or she wants to buy, subject to a minimum of 50,000 units”.

On whether the outfit has audited accounts, Adeoye said the organization is only an outline investment entity.

“We have a registered business address, which belongs to one of the members of the Board of Trustees. But we don’t run costs on it because everything we do is online. When members pull funds together, we use it to buy shares from the Nigeria Stock Exchange and we invest in landed properties in Estates promoted by renowned developers all over the country, and that is what has yielded the money we have today.

“We bought hundreds of plots at N750,000 per plot in 2019 and today each plot is worth N12 million. It is determined by the market price. We subscribed for 600 plots and in Ibeju Lekki we subscribed for five plots.

We are not a publicity quoted company; we are an investment company. We are not answerable to anybody, except to our members, the BOT and the management for our record, unless you bring a court order for us to account to you. Everything we do is published for our members to read. At the AGM, our accounts are approved. We have never invited external auditors to audit our books and every member is satisfied with our books.

It was some greedy members who said they wanted the accounts to be rendered and we said no problem, but that the procedure must be followed.”

He added: “My job never suffered from my attention. I keep awake every night to get information from my command and I respond accordingly, and the evidence is there.”

On the allegation that he is operating a Ponzi scheme, Adeoye stated: “Our outfit is not a Ponzi scheme, Ponzi scheme, means collecting money from new members to pay old ones. We don’t do that. Any money paid by new members is used to pay for the lands we have bought. Running a loan scheme is a feature of every cooperative society.

The loans, which can be up to N1 million are payable in nine months and we have had zero default in the last five years. We also have a land auction system where members who buy at a cheap rate sell when they appreciate.

“Last year, this generated N15 million for us. We also have our internal active stock exchange. Whatever business we do has tax liability imputed.

In terms of membership, we are 1400 strong and those expelled for criminal misconduct are 33. In terms of the size of the business, our assets are in the neighbourhood of around N20 billion. If you divide it by the number of members, it averages N15 million.

So I do not know where this idea of one person being a billionaire came from. I am not the largest shareholder in the club. The largest shareholder works with the Atomic Agency in Vienna and he is a member of BOT.

The second largest shareholder is a medical doctor based in the UK and he is a BOT member also. If anything is going wrong, it is these people who have big investments that will raise the alarm.

The person raising the alarm holds the minimum number of shares 50,000 shares. It is ridiculous that 96% of our members are with us.”

Vanguard News Nigeria

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