Teaching Comparative Government and Politics

Friday, April 14, 2017

Spare money in Nigeria

When you find an apartment full of cash, you have to suspect some kind of illegal activity. Or maybe someone who just doesn't trust banks.

Nigeria's EFCC 'finds $43m in Lagos flat'
More than $43m (£34m) has been seized from a flat in Nigeria's main city, Lagos, the anti-corruption agency says... 

The money was believed to be from unlawful activity, but no arrests have as yet been made, the agency added.

This is the latest in a series of raids which uncovered bundles of cash in Nigeria, Africa's biggest economy.

In March, the agency said it had found "crispy" banknotes worth $155,000 (£130,000) at the airport in northern Kaduna city.

Apart from US notes worth $43.4m, investigators found nearly £27,800 and some 23m naira ($75,000) at the four-bedroom flat in Lagos's affluent Ikoyi area…

The "neatly arranged" cash was stashed in "sealed wrappers" in wardrobes and cabinets in the seventh-floor flat, the EFCC added.

Guards told investigators that no-one lived in the flat…

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