Nigeria, the world’s seventh largest producer of
hydrocarbon, accounts for about 68.1 per cent of
the total revenue Africa is losing annually as a
result of illegal transfer of revenues abroad.
The report of the Thabo Mbeki High Level Panel
on Illicit Financial Flows from Africa adopted on
Sunday by African Union Heads of State and
Government at their summit in Addis Ababa,
Ethiopia said about $40.9billion (about
N6.87trillion) of an estimated $60billion (about
N10.08trillion) lost through such transfers from
Africa are traced to Nigeria.
The funds are stolen through corruption, tax
evasion and illegal transfer of profits by
multinationals, the AU said.
Nigeria, which produces an average of 2.3million
barrels of oil daily as the leading hydrocarbon
producer in Africa, is being ravaged by poverty
and underdevelopment.
The report also identified Egypt and Morocco as
the other countries with the largest estimates of
illicit financial flows statistics of $28.2billion and
$20.3billion respectively.
Cumulatively, Nigeria and Egypt topped the list of
ten African countries by illicit financial transfers
between 1970 and 2008, with $217.7billion
(about N36.57trillion), or 30.5 per cent, and $
105.2billion (about N17.67trillion), or 14.7 per
cent respectively, while South Africa had $
81.8billion (about N13.74trillion), or 11.4 per
cent.
Concerned by the high losses through these illegal
transfers, which was identified in 2011 as one of
the threats to the inability of most resource-rich
countries in Africa to meet their millennium
development goals, MDGs, the AU at its 4th Joint
African Union Commission/United Nations
Economic Commission for Africa, AUC/ECA,
Conference of African Ministers of Finance,
Planning and Economic Development constituted
the Mbeki Panel to review the underlying issues
stalling Africa’s accelerated and sustained
development objective.

calebo101:
"Nigeria and Egypt topped the list of ten African countries by illicit financial transfers between 1970 and 2008"...

We know the leaders then. Buhari, Abacha, Obasanjo and the thieves in-between get case to answer here for sure.

The '53 suitcases' and the phantom N25 Billion stolen under Buhari’s watch as PTF chairman comes to mind. Interestingly Nigeria was rated most corrupt country in the world by Transparency international under Obasanjo and Abacha.

bizlifelines:
Today in the newspaper, it was 30trillion naira now it's $41 billion dollars. I wonder how people in government sleep at night

owobokiri:
... It is a corruption bazzar.

BlackTechnology:
Lies

How can the money stolen be more than the money Nigeria can generate annually



APC propaganda

double0seven:


did you hit your head on the ground? What does APC have to do with this?

bizlifelines:
Today in the newspaper, it was 30trillion naira now it's $41 billion dollars. I wonder how people in government sleep at night

calebo101:
"Nigeria and Egypt topped the list of ten African countries by illicit financial transfers between 1970 and 2008"...

We know the leaders then. Buhari, Abacha, Obasanjo and the thieves in-between get case to answer here for sure.

The '53 suitcases' and the N25 Billion allegedly stolen under Buhari’s watch as PTF chairman comes to mind. Interestingly Nigeria was rated most corrupt country in the world by Transparency international under Obasanjo and Abacha.

owobokiri:
If they stole and invested that in the country, that will be easier to deal with,. But here, they steal, allow multinationals and foreign nationals to steal too as if there is a competition to loot the country down. It is a corruption bazzar.

barcanista:
Thanks to Jonathan that isn't doing anything about corruption

owobokiri:


Politics aside; do you actually see Tinubu, Saraki, Sylva, Atiku and Amechi as people who will remind Buhari to fire from all cylinders on his much vaunted promise to unleash an anti corruption crusade?? Talk true make shame catch devùù