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Financial Flows

Nigeria Loses $17.72bn Annually To Illicit Financial Flows — Minister

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illicit financial

The federal government has stated that Africa loses an estimated $88.6 billion annually to illicit financial flows, with Nigeria accounting for approximately 20% of these losses. Estimation brings the amount lost by Nigeria to $17.72 billion. This was disclosed by the Minister of State for Finance, Dr. Doris Uzoka-Anite, at the United Nations (UN) Headquarters […]

Combating Corruption and Illicit Financial Flows in Nigeria: Measures Taken By the EFCC

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Ibrahim Magu

The Chairman of the Africa Union High Level Panel on Illicit Financial Flows, and former South African President Mr. Thabo Mbeki, in 2015 reported in the findings of the Panel, that the African continent was annually losing a staggering $50 billion, due to illicit financial outflow. In the 2015 report, Mr. Mbeki estimated that about […]