Wired News: Nigerian Net Grifters Doing Fine Nuhu Ribadu, head of the Economic and Financial Crimes Commission, says cash and assets worth more than $700 million were recovered from suspects between May 2003 and June 2004. More than 500 suspects have been arrested, more than 100 cases are before the courts and 500 others are under investigation, he said.

The “recovered” $700 million went where? Of course the money should go back to the people from whom it was extracted. My guess is that the money will largely stay in Nigeria (though I would be delighted to be proven wrong).

Follow the money - if the money stays is Nigeria, what we have is a new racket extorting money from grifters.