Jun 15, 2021

Mawazo Writing Africa

Writing about the main

Multinationals complicit in Nigeria’s $18b loss to IFF, CISLAC alleges | The Guardian Nigeria News – Nigeria and World News —

Presidency alone cannot stop corruption, says PACAC
The Civil Society Legislative Advocacy Center (CISLAC) says Nigeria is losing about $ 18 billion annually due to illicit financial flows (IFFs) sponsored by multinational corporations and overseas.

The organization said the loss is mainly on. attributable to tax evasion, fueled by widespread corruption, organized crime and other legal and illegal practices.

The Executive Director of CISLAC and Transparency International, Nigeria, Mr. Auwal Rafsanjani, stated this yesterday in Abuja at the IFF conference on Corruption in an arbitration.

He noted that although Nigeria could be an extreme case, the threat was repeated across Africa.

According to him, a United Nations body (UN ) recently calculated that for every dollar gained through foreign direct investment (FDI) overseeing development aid, Africa loses two dollars due to illegal financial outflows.

Citing the arbitration Process & Industrial Developments Limited (P&ID), In which Nigeria was ordered to pay the company $ 6.6 billion plus interest, Rafsanjani pointed out that such an inadequacy was possible because niger Iranian public contracts, especially those in the raw materials sector, would be kept secret.

He complained that Nigeria had already suffered enormous economic and reputational damage during the P&ID process.

The chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, pointed out that corrupt leaders, their foreign accomplices and multinational corporations are carrying out IFFs in Nigeria.

Meanwhile, the Executive Secretary of the Presidential Advisory Committee Against Corruption (PACAC), Mr Sadiq Radda, argues that the country will not progress until corruption is defeated.

Noting that President Muhammadu Buhari and Vice President Yemi Osinbajo alone could not fight corruption, Radda claimed that the legislature That the judiciary, religious leaders, civil society organizations and other stakeholders had a role to play in the fight against corruption refraction.