The World Bank, at the instance of President Olusegun Obasanjo, in 1999, compiled and released a list of top 20 Nigerians with allegedly looted funds and unexplained wealth in foreign banks. The list was, however not broad enough as it omitted Obasanjo’s allies and focused mostly on a random few and the Abachas. (Abacha was a former president who jailed Obasanjo.)

Although the list has shortcomings it throws light on the manner and magnitude of coruption in Nigeria. The report was first published in the Financial Time of London on 23rd July, 1999.

List of Nigerians with unexplained wealth in foreign bank accounts

1. Ibrahim Babangida
2. Abdulsalam Abubakar
3. Mike Akhigbe
4. Jerry Useni
5. Ismaila Gwarzo
6. Umaru Dikko
7. Paul Ogwuma
8. Sani Abacha
9. Mohammad Abacha
10. Abdu Abacha
11. Wada Nas
12. Tom Ikimi
13. Dan Etete
14. Don Etiebet
15. Major Mustapha
16. Bashiru Dalhatu
17. Wushishi
18. Hassan Adamu
19. T.Y Danjuma
20. Ishaya Bamaiyi

SN. Name. Amount in London. Amount in Switzerland. Amount in USA. Amount in Germany. Total. Naira equivalent (1999 exchange rate)

1. Ibrahim Babangida
   6.256b
   $7.416
   $2.00b
   Dm 9.00b
   N2.4635 Trillion

1. Abdulsalam Abubakar
   1.131b
   $2.33b
   $800b
   Dm 16
   N0.4938 Trillion
2. Mike Akhigbe
   1.24b
   $2.426b
   $671b
   Dm 900
   N0.8059 Trillion
3. Jerry Useni
   3.04b
   $2.01b
   $1.03b
   Dm 900m
   N0.8059 Trillion
4. Ismaila Gwarzo
   1.03b
   $2.00b
   $1.03b
   Dm 700m
   N0.50176 Trillion
5. Umaru Dikko
   4.4b
   $1.46b
   $700m
   Dm 345m
   N0.89465 Trillion
6. Paul Ogwuma
   300m
   $1.42b
   $200m
   Dm 500m
   N35 Billion
7. Sani Abacha .
   5.01b
   $4.09b $800m
   Dm 3.01m
   N1.2107 Trillion
8. Mohammad Abacha
   300m
   $1.2b $150m
   Dm 535
   N0.2107 Trillion
9. Abdu Abacha
   700m
   $1.21b
   $900m
   Dm 417m
   N0.3384 Trillion
10. Wada Nas
    300m
    $1.32b
    Dm 300m
    N0.2374 Trillion
11. Tom Ikimi
    400m
    $1.39b
    $153m
    Dm 371m
    N0.252553 Trillion
12. Dan Etete
    1.12b
    $1.03b
    $400m
    Dm 1.72b
    N0.32743 Trillion
13. Don Etiebet
    2.5b
    $1.06b
    $700m
    Dm 361m
    N0.56747 Trillion
14. Major Mustapha
    600m
    $1.001b
    Dm 210
    N0.2374 Trillion
15. Bashiru Dalhatu
    2.9b
    $1.09b
    $360m
    Dm 1.66b
    N0.252553 Trillion
16. Wushishi
    2.3b
    $1.001b
    $161m
    Dm 1.43b
    N0.32743 Trillion
17. Hassan Adamu
    300m
    $200m
    $700m
    N0.1305 Trillion
18. T.Y Danjuma
    1.36b
    $1.02b
    $300m
    Dm 190m
    N0.3427 Trillion
19. Ishaya Bamaiyi
    120m $800m
    N94.0 Billion

Source: Financial Times of London (23rd July, 1999)