Nigeria’s missing $700M allegedly stolen from sovereign wealth fund

A row has broken out among Nigerian officials over the whereabouts of 700 million dollars allegedly stolen from the country’s sovereign wealth fund.

Set up by former President Goodluck Jonathan’s administration in 2012, the account was designed to hold excess revenue accrued when oil prices are high.

But with crude now below 50 dollars a barrel, managers of the fund now say they can’t account for 700 million dollars.

The missing funds have become the latest scandal to hit Africa’s largest economy. President Muhammadu Buhari believes about 150 million dollars was stolen from the public purse over the past decade.

He has appointed a committee to advise him on the best way to tackle corruption and reform the legal system.