[Vanguard]Reports of financial scams, fraudulent activities involving highly placed private and public officials, children of powerful politicians, money laundering, abuse, misuse, waste of public funds and bribe scandals were rife in the media in 2012, pointing inevitably to a leaking national treasury; which had been recklessly looted over the years. Funds misappropriated, stolen or missing, worsened by profligate spending habit of government could amount to trillions of naira.

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