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ICPC: Nigeria loses $10bn to illicit financial flows every year

Nigeria Loses $10bn to Illicit Financial Flows – ICPC Chairman

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Prof. Bolaji Owasanoye, SAN, has revealed that Nigeria accounts for 20 percent (about $10 billion) of the estimated $50 billion that Africa was losing to Illicit Financial Flows (IFFs). Prof. Owasanoye made the disclosure in his welcome remark at a physical and virtual zoom meeting to review the report on IFFs in relation to tax. According to the ICPC Chairman, “The African Union Illicit Financial Flow Report estimated that Africa is losing nearly $50 billion through profit shifting by multinational corporations and about 20 percent of this figure is from Nigeria alone.” The ICPC boss explained that taxes were “very strategic role in the nation’s political economy.”

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