The Minister of Finance, Mrs. Kemi Adeosun, says Africa loses over $50 billion, yearly, to illicit financial flows through money laundering, corruption and tax evasion.

Adeosun said this at the opening of a capacity building workshop on the use of beneficial ownership information and the recovery of assets in Africa on Wednesday in Abuja.


The Minister was represented by the Director, Technical Services in the Ministry, Mrs. Larai Shuaibu.

“As a result of illicit financial flows, an estimated $50 billion is lost every year in Africa. I, therefore, enjoin all participants to continue to work with us and all other countries across the continent to address this key problematic area.

‘’We hope that this kind of collaboration will continue in earnest and we will use the opportunity of our gathering to further strengthen relations between our various institutions and organisations.

“The Nigerian government has put in place a number of processes and has undertaken a lot of activities to trace these assets. I believe some of you have been witnessing some of the recent revelations that have been going on and a lot of things that have been coming to light,” she said.

Adeosun expressed concern that tax evation, money laundry, corruption and other issues have also continued to be a problem within the society, adding that motions have been set in place and a number of steps taken toward tackling corruption.

She urged the participants to put in their best to bring in ideas that would help to move, not only Nigeria ahead, but also other nations in terms of tackling illicit financial flows.

Meanwhile, the Economic and Financial Crimes Commission (EFCC) says the commission will soon introduce anti-corruption course to universities

Its Acting Chairman, Mr. Ibrahim Magu, said the commission would soon launch its anti-corruption programme in universities across the country.

Magu disclosed this to newsmen in Abuja on Wednesday on the sidelines of the opening ceremony of a capacity-building workshop on the use of beneficial ownership information and the recovery of assets in Africa.

He said the anti-corruption programme would be similar to that of “Women Against Corruption.”

“We are already talking with the universities; we are looking at starting with University of Lagos and Ahmadu Bello University (ABU) where we will launch the programme.

“There is something on ground to also reach out to the universities as student’s union leaders have disturbed me over issues in the sector.

“The National Association of Nigerian Students (NANS) leadership visited me last week and this was part of their complaints.

“We assured them that we are going to join them and launch the anti-corruption programme and we need them too because we are protecting their future,“he said.

On stolen assets, Magu said that government was working with global partners to fast-track the return of stolen assets abroad.

He said that the commission was planning to clamp down on tax evaders as part of plans to bring succour to the economy.

“We are going to collaborate with FIRS and set up a unit that will exclusively deal with tax fraud, tax evasion and related offences. We are going to see that we work on this seriously.

“We have just discussed it with the FIRS chairman; we will give the operatives a special training to operate very well,“Magu said.

He urged every Nigerian to be part of the fight against corruption, adding that the commission was making progress in the anti-corruption fight.

Mr Tunde Fowler, The Chairman, Federal Inland Revenue Services (FIRS), said that tax evasion was a global problem.

Fowler said that to succeed in Africa, given the economic challenges, stakeholders must join forces to block all revenue leakages.

He said that Africa had remained porous in terms of financial security, adding that the African Union (AU) had given a mandate that “we as tax officials should ensure that we generate enough money to secure its financial independence”.

“The issue of tax is a global problem and the issue of revenue is equally a global problem.
more at http://www.akelicious.com/2017/04/corruption-costs-africa-50bn-annually.html

....and 80% of that comes from Nigeria for the 6 years the ineffectual thing was there.
God save Nigeria!!

*PMB is not the problem of Nigeria*

Please read this post by VOA (Victor Okechukwu Anyaegbuna)
I repeat, PMB is not the problem of Nigeria. Take it or leave it.
So
WHO ARE THE KLEPTOCRATS?
Read this intriguing and provocative piece; yet Nigerians refuse to be provoked instead holding one man, Buhari, responsible for all their woes!
How far can you push a Nigerian before he reacts like an angry lion?
Isn't it a ridiculous mockery and insult that Nigerians are the only world citizens that when pushed to the wall, spend more energy to break the wall and cross over rather than fight back?
Read this and let's know who our real enemies and shameless oppressors are - GOVERNORS, EX-GOVERNORS, SENATORS, REPS. Can't we do something to get rid of these big thieves that use our power against us?
ENOUGH IS ENOUGH!
NIGERIANS WAKE UP!
A lion never shies away from a fight when it is hungry, neither does it blame the buffalo for resisting or refusing to be eaten.
How come our forefathers dared death and everything to give us a sane society?
Shaaaaaame!!!
Please endeavour to read this very interesting piece!

STATE OF THE NATION
A SELF DECEIVING COUNTRY CALLED NIGERIA

Twenty-one senators currently receiving pensions from government as ex-governors and deputy governors.

The current senators who once served as governors are Bukola Saraki of Kwara, Rabiu Musa Kwankwaso of Kano, Kabiru Gaya of Kano, Godswill Akpabio of Akwa Ibom, Theodore Orji of Abia, Abdullahi Adamu of Nasarawa, Sam Egwu of Ebonyi, Shaaba Lafiagi of Kwara, Joshua Dariye of Plateau Jonah Jang of Plateau, Aliyu Magatakarda Wamakko of Sokoto, Ahmed Sani Yarima of Zamfara, Danjuma Goje of Gombe, Bukar Abba Ibrahim of Yobe, Adamu Aliero of Kebbi, George Akume of Benue and Isiaka Adeleke of Osun.

The former deputy governors in the Senate are Ms Biodun Olujimi of Ekiti and Enyinaya Harcourt Abaribe of Abia. Danladi Abubakar Sani served as the acting governor of Taraba state.

Many former governors are also in Buhari's Cabinet as Ministers. This includes: Ngige, Fayemi, Amaechi and Fashola (SAN).).

In Akwa Ibom State, the law provides that ex governors and deputy governors receive pension equivalent to the salaries of the incumbent. The package also includes a new official car and a utility vehicle every four years; one personal aide; a cook, chauffeurs and security guards for the governor at a sum not exceeding N5 million per month and N2.5 million for his deputy governor.

In Rivers, the law provides 100 percent of annual basic salaries for the ex-governor and deputy, one residential house for the former governor “anywhere of his choice in Nigeria”; one residential house anywhere in Rivers for the deputy, three cars for the ex-governor every four years and two cars for the deputy every four years.

It is alledged that in Lagos, a former governor will get two houses, one in Lagos and another in Abuja, estimated at N500 million in Lagos and N700 million in Abuja. He also receives six new cars to be replaced every three years; a furniture allowance of 300 percent of annual salary to be paid every two years, and a N30 million pension annually for life.

This is the reality for all the 21 ex govenors and deputy governors who are currently serving as senators. This same is also true of ex governors who are now serving as Ministers.

NOW I ASK:
How many years did these guys serve their states as governors and deputy governors? Is it more than 8years? Is that a reason to be entitled to pensions for life? Even if they are entitled to pension for life, must it be so outrageous?

As if that is not enough: HOW on earth can any public servant with conscience collect salaries and allowances as a senator or minister, and still have the audacity to claim pensions equivalent to the salaries of a serving governor in Nigeria?

IT ISN'T ROCKET SCIENCE......

Once you are elected a senator or appointed a minister, you must forfeit any pension accruing to you from government at any level until you vacate office. This should also apply to senators collecting military pensions like former Senate President David Mark.

Yet these senators are in the Senate that is inviting the current finance minister to discuss the recession of Nigeria's economy. A senator pockets approximately 30 million naira monthly as salary and allowances. Our "honourables" are not interested to make laws that could restructure our country into economically autonomous federating States/Regions to save the country from sectional agitations that is threatening to destroy Nigeria. The sad and hopeless situation is that the rest of Nigerians are busy arguing based on party, ethnic and affiliations while these enemies of state continue to rape us.

Do you know that it costs tax payers 290m Naira yearly to maintain each member of our National Assembly in a country where nothing works & 80% of population earn below 300 Naira a day ? A working day earning of a senator is more than a yearly income of a doctor; it's more than the salary of 42 Army generals or 48 professors or 70 commissioners of police or more than twice the pay of the US President or 9 times the salary of US congressmen.

It's high time the country had a referendum on those outrageous salaries of Senators, House of Representative members and other political office holders.

*If you are seriously against the looting of our commonwealth in Nigeria, in the name of democracy, you can let this piece go viral by sharing it with as many of your co

A this money wey una dey call self don tire me oooh. We dey hear but can't touch d cash self

If this estimation was done during the tenure of the Ogogoro drinking Buffoon, then it's way too underestimated. The billions of dollars only Nigeria lost to corruption during his regime alone cannot be quantified. Probably 80% of this amount as every Tom, Dick and Harry was a beneficiary of the legendary looting in his govt.
I don't believe the remaining 54 countries in corruption ridden govt in Africa lost just $10b to corruption.