Nigeria Loses $17bn Annually to Illicit Financial Flows, Says TI


Kasim Sumaina and Udora Orizu in Abuja

Transparency International (TI) on Wednesday disclosed that Nigeria loses not less than $17 billion annually through illicit financial flows.

The Executive Director of TI and Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, stated this in Abuja during a meeting of his organisation with its West Africa chapters.

While insisting that the political and business elite have deprived Nigerians of their entitlements through corruption in procurement, Rafsanjani said: “Our countries experience enormous challenges with public procurement, political integrity, illicit financial outflows, migration and many others. In Nigeria alone, $17 billion is lost annually to illicit financial outflows.

“Procurement is said to be responsible for 70% of corruption proceeds. Detached political representation and unaccountable political and business elite have deprived Nigeria, and I believe most of the other African countries,…

Source: Thisday Newspaper