MONEY LAUNDERING CASES AMONG PUBLIC OFFICE HOLDERS UNDER JONATHAN’S ADMINISTRATION IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study  
The issue of money laundering among office holders is now a culture among politicians and has become an issue worthy of attention. Over the years, money laundering has been a plague in the economy of Nigeria with almost all the public office holders having the intention of enriching their pockets at any given opportunity. This has almost changed the politics in Nigeria to a market as everyone is striving to hold a post so as to have access to the national fund.
In the case of ex-President Goodluck Jonathan’s administration, a whole lot of unaccounted fund was experienced based on Punch (2015: Sept.) report. This unaccounted fund is no doubt the money these office holders use in becoming wealthy overnight. Hardly can you see a public office holder that doesn’t have a property in Lagos, Abuja or outside the country. Abiola (2014) is of the standing that the inability to question the source of the wealth of the public office holders is poverty. He also added that many citizens have lost their moral capacity to ask questions as to the source of the office holder’s wealth because they believe that public office holders can settle everything with influence. There are a lot of studies on the issue of money laundering in Nigeria (Okunlola, 2014; Abiola, 2014), this study seeks to extend this line of research by focusing on the administration of the former President Goodluck Ebele Jonathan.
1.2 Statement of the Research Problem
Money laundering don’t just happen, it is planned, facilitated by at least a financial institution and sometimes, combined effort of more than one office holder. Most of these office holders influence bank managing directors and financial executives either by bribe or by intimidation due to the office they hold. On the other hand, these office holders sometimes evade prosecution or set free even by some judges due to influence or political lobbying. This has brought a huge drawback in the economy of Nigeria. We bless God for the urge burning in President Buhari to eradicate corruption, but a whole lot of damage is already done. The issue of money laundering is always accompanied with a lot of consequences. Nigeria yearning for development in all the sectors, the increase in dollar, the inability to diversify the economy and other plaguing factors has made the consequences of the unaccountability in the administration of ex-President Goodluck Jonathan to be felt hugely.
Flowing from the above, the study seeks to address the following research questions.
1.    What are the money laundering cases in Goodluck Jonathan’s administration?
2.    What are the consequences of money laundering done duringGoodluck Jonathan’s administration?
1.3 Objectives of the Study
The main objective of this study is to examine the money laundering cases in Nigeria; specifically in ex-President Goodluck Jonathan’s administration. The specific objectives of the study are to:
1.    examine the money laundering cases in Goodluck Jonathan’s administration; and
2.    ascertain the consequences of money laundering done during Goodluck Jonathan’s administration.
1.4 Research Hypotheses
In line with the objectives of the study, the following hypotheses will be tested in null forms.
1. There is no significant money laundering case in Goodluck Jonathan’s administration.
2. There is no significant consequence of money laundering.
1.5 Scope of the Study
This study adopts a country-specific approach. The study examines the administration of ex-President Goodluck Jonathan and the illegal transactions that took place during his stay in the office. The study covers a period of 5 years which is from 5th of May, 2010 to 29th of May 2015. The only period of Goodluck Jonathan’s administration considered is the period he was the president. Data will be sourced from various sources like newspaper publications on unaccounted fund, Central Bank of Nigeria, the World Bank and International Monetary Fund Global Dialogue series will be used for comparative analysis where necessary. The study will adopt a descriptive analysis to scrutinize all cases of money laundering and also investigate the things that were left undone due to such unaccountability.
1.6 Significance of the Study
The importance of this study cannot be overemphasized. The issue of money laundering is a critical one and worthy of attention. This study serves as an eye opener to high office holders and also enlightens them on how to spot out an illegal transaction. Money laundering don’t just happen, it is facilitated by a number of persons, this study also suggests a strategic transparent communication amongst office holders. In developed countries, money laundering cases hardly occur; this is as a result of proper administration. When there are loopholes and funds not properly monitored, there tends to be looting and stealing. This study proffered a suggested recommendation as to how these loopholes can be blocked.
1.7 Organisation of the Study
The layout of the study is sequential and orderly. After the background to the study, the study gave a statement of problem which is followed by the objectives of the study. The hypotheses, the scope of the study and the importance of the study is discussed also in chapter one. Chapter two reviews cases of unaccounted funds under Goodluck Jonathan’s administration, activities prone to money laundering, initiatives in combatting money laundering, implications of money laundering and also a conceptual and theoretical review of the  framework for the study. On the other hand, chapter three discusses the research design, the source of data, the method of data analysis. Chapter four analyses the data for the study with emphasis on the cases of money laundering under Jonathan’s administration. Chapter five summarises and concludes the study with policy recommendations.