Nigeria announces crackdown on fraud

Nigerian President Olusegun Obasanjo todaydeclared a war against corruption and fraudsterswho have extorted millions from foreigners…

Nigerian President Olusegun Obasanjo todaydeclared a war against corruption and fraudsterswho have extorted millions from foreigners and scaredmany investors away from Nigeria.

"There will be no hiding place for these criminalindividuals who tarnish the image of Nigeria," Mr Obasanjo declared as he inaugurated a new parliament that emerged from disputed elections last month.

Mr Obasanjo, re-elected for a second term, said his toppriority would be salvaging Nigeria's oil-dependent economy,battered during 15 years of military dictatorship that ended in 1999.

He called on the new National Assembly, packed with membersof his Peoples Democratic Party, to join the executive infighting corruption after the failure of a similar campaign to make any impact in his first term.

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The president, sharply criticised at home for failing so farto end prolonged economic stagnation in Africa's most populous country, said corruption and fraud were the major obstacles.

In the past four years, Nigeria has featured at the top ofan index of most corrupt nations compiled by Berlin-basedTransparency International, whose board Mr Obasanjo sat on before his first election in 1999.

Mr Obasanjo singled out Nigerian conmen who send out fraudulent letters to foreigners promising a share of large sums of money in return for help moving out corruptly held funds in Nigeria, usually in the form of over-invoiced government contracts.

Western governments have been pressing Nigeria to tacklefinancial crimes, including money laundering.