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Nigeria loses $10bn to illicit financial flows_____ ICPC
the chairman of the Independent Corrupt Practices and Other Related Offences Commission revealed that Nigeria accounts for about $10 billion of the estimated $50 billion that Africa was losing to Illicit Financial Flows (IFFs).
Prof. Bolaji Owasanoye, the chairman of the Independent Corrupt Practices and Other Related Offences Commission revealed that Nigeria accounts for about $10 billion of the estimated $50 billion that Africa was losing to Illicit Financial Flows (IFFs).
The chairman made the disclosure in his welcome remark at a physical and virtual zoom meeting to review the report on IFFs in relation to tax.
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According to him, “The African Union Illicit Financial Flow Report estimated that Africa is losing nearly $50 billion through profit shifting by multinational corporations and about 20 per cent of this figure is from Nigeria alone.”
Against this backdrop, he underscored the importance of the meeting, noting that it would afford participants the opportunity to openly discuss how to effectively use the instrumentality of taxation to curb IFFs through “risk-based approach to monitoring and audit; due process in tax collection; structured tax amnesty framework especially that which is skewed in the public interest; data privacy; timely resolution of audits and payment of tax refunds; and intelligence sharing among revenue-generating; regulatory; and law enforcement agencies.”