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PENULTIMATE week, the Senate approved the 2015 report of its committee on Public Accounts which indicted 59 ministries, departments and agencies (MDAs) of the government, asking them to return over N300 billion to the Federation Account. In addition, it faulted the Nigerian National Petroleum Corporation (NNPC) over its non-remittance of N3.8 trillion realised from crude oil sales in 2015 alone while mandating the anti-graft agencies, the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to go after the government officials responsible for diverting funds during the year under review. For over a year, the Senate Committee on Public Accounts had been investigating the expenditures by federal government agencies from 2015 – 2018 based on audit report by the Auditor-General for the Federation.
Kingsley Nwezeh in Abuja
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, yesterday said the private sector was responsible for over 60 per cent illegal movement of funds from Africa to foreign countries.
Owasanoye made this known during the visit of council members of the African Bar Association (AFBA) led by its President, Mr. Hanniba Uwaifo, to the agency’s corporate headquarters in Abuja.
The ICPC boss was quoted in a statement to have said perpetrators of illicit financial flows (IFFs) channel such funds through commercial activities enabled by the private sector.
“A bulk of corruption going on in the country is caused or perpetuated by the private sector. About 60 per cent of funds taken or stolen away from Africa through illicit financial flows are being done by the private sector, basically through commercial transactions, seemingly harmless transactions that are put together by accountants, audito