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…Over $700m Stolen Funds Returned To Nigeria In Four Years The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, has said that developing countries in Africa lose over $148 billion to corruption annually partly due to Illicit Financial Flows (IFFs). Malami, who spoke at the International Conference on IFFs and Asset Recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), also disclosed that over $700 million stolen funds from Nigeria has been returned to the country in the last four years. He said, “Nigeria, th...

Kunle Aderinokun Nowadays, it is easy for money to flow across borders and this connectivity between international financial systems promotes economic growth, but it also gives rise to a global problem referred to as Illicit Financial Flows (IFF). Illicit Financial Flows are financial flows that are illicit either by virtue of their origin (stemming from organised crime), their utilisation (to finance terrorism) or the nature of the transfer itself (money laundering). Interestingly, the effects of IFFs are particularly devastating for developing countries and increasingly undermine internatio...

Daily Monitor Saturday March 13 2021 Oil and gas sector analysts interviewed for this article recommend that government do something almost immediately to plug IFF way before commercial exploitation of the country’s oil begins to flow Advertisement Should commercial production of oil and gas begin before the government tightens loopholes that drives illicit financial flows (IFFs), the country should expect very little and in some cases nothing at all in any form or shape of the much needed oil revenues. Oil and gas sector analysts interviewed for this article recommend that government do so...