The regime of general Ibrahim Babangida or IBB, has been seen as the body that legalized corruption.
His administration refused to give an account of the Gulf War windfall, which has been estimated to be $12.4 billion.
He rigged the only successful election in the history of Nigeria on June 12, 1993.
He lives in a very exquisite mansion in his home state of Niger. During IBB's tenure, corruption became a policy of the state.
Vehicles and cash gifts were routinely disbursed to earn loyalty, and the discipline of the military force eroded.
The term "IBB Boys" emerged, meaning fronts for the head of state in the business realm, someone who will transact dirty deals from drug dealing with money laundering.
IBB used various government privatization initiatives to reward friends and cronies, which eventually gave rise to the current class of nouveau riche in Nigeria.
From banking to oil and import licenses, IBB used these favors to raise cash for himself and his family and is regarded as one of the richest ex-rulers of Nigeria supposedly with significant investment in Globacom—one of the largest telecom operators in Nigeria, regarded as a front for his empire.
By Chuddi iyz anyanwu
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