Nigeria Is The Biggest Loser Of N18 Trillion Annual Illegal Money Flow
An estimated $50 billion, about 18 trillion naira flows out of Africa illegally every year and Nigeria is the biggest loser.
This means a considerable chunk of this sum originates from Africa’s biggest economy, Nigeria.
A week ago, the United Nations Secretary General, Antonio Guterres decried the trend, noting that monies flowing out of Africa illegally is far greater than the money it receives in aid.
Minister of Finance, Kemi Adeosun echoed this on Thursday when she spoke at the UN headquarters in New York.
Adeosun was speaking during a panel discussion on ‘Revenue Leakages: Illicit Financial Flows’ at a tax conference organised by the Organisation for Economic Cooperation and Development.
She decried the situation and the frustrations of government when trying to recover some of the illicit funds.
She said it was regrettable that countries do not question sources of funds “and yet when we turn up and say this money was stolen, then they give you an entire questionnaire.”
“We’ve been battling with the Swiss on Abacha. Abacha loot sat in the Swiss Bank account – 320 million dollars – for 22 years. We’ve been battling through the courts and we still have more recent cases,” she lamented.
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