Home » Nigeria lost $157bn to financial fraud – PMB
Featured Finance Headlines News Nigeria

Nigeria lost $157bn to financial fraud – PMB

President Muhammadu Buhari says Nigeria lost an estimated US$157.5 billion to illicit financial flows between 2003 and 2012.

The President stated this in New York, on the margins of the 74th United Nations General Assembly, under the theme, “Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development.

A State House statement says the President quoted the figure from the 2014 Global Financial Integrity Report.

Also addressing a High-Level National Side-Event organised by the African Union Development Agency and New Partnership for Africa’s Development (AUDA-NEPAD) and the Economic and Financial Crimes Commission (EFCC), President Buhari noted that such massive loss of assets, resulted in dearth of resources to fund public services or to alleviate poverty in Nigeria.

President Buhari said such retrogressive disposition of commonwealth looters had compelled African leaders to explore ways of breaking the back of corruption.

Acknowledging lack of sufficient capital and corruption as impediments to the socio-economic development of the continent, the President emphatically restated his administration’s anti-corruption campaign:

Significant progress in curbing corruption

Stressing the need to strengthen good practices on asset recovery and return, President Buhari said his administration had made significant progress in curbing corruption in the last 5 years, leading to the recovery of millions of dollars stolen from the country.

Stressing the need to strengthen good practices on asset recovery and return, President Buhari said his administration had made significant progress in curbing corruption in the last 5 years, leading to the recovery of millions of dollars stolen from the country.

He noted, however, that due to international laws, different jurisdictions, and justice systems, the government was experiencing difficulties in retrieving funds stuck in foreign bank accounts.

Citing tax avoidance as another form of illicit financial flow, he quoted the Tax Justice Network and the International Monetary Fund to have estimated over US$200 billion per year as being lost by developing countries when multinational enterprises refused to pay taxes in the countries where they made the profit.

President Buhari emphasised that any lasting solution to the challenges would require international cooperation and coordination of African countries and their international counterparts.

Leave a Reply

%d bloggers like this: