RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

ICPC Chairman Says “Private Sector Aids 60% Illicit Financial Flows Out Of Africa”

Rate Captain by Rate Captain
July 27, 2021
in Business, Money Market, News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

 

AlsoRead

Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

Dangote Refinery Suspends Petrol Sales and Cancels Contracts as Crude Supply Issues Bite

US Exports to Nigeria Surge 60% in First 10 Months of 2025

 

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye, has said that the private sector was responsible for over 60 per cent illegal movement of funds from Africa to foreign countries.

He made this known during the visit of council members of the African Bar Association (AFBA) led by its President, Mr Hanniba Uwaifo to the corporate headquarters of the ICPC recently.

The ICPC boss stated that the perpetrators of illicit financial flows (IFFs) channeled the funds through commercial activities enabled by the private sector.

“A bulk of corruption going on in the country is caused or perpetuated by the private sector. About 60 per cent of funds taken or stolen away from Africa through illicit financial flows are being done by the private sector, basically, through commercial transactions, seemingly harmless transactions that are put together by accountants, auditors and bankers.” He added.

Professor Owasanoye, who also commented on attacks on staff of the commission and other anti-corruption agencies by suspects under investigations, said that it was fuelled by impunity and weak laws.

He, therefore, listed some of the progress made by the commission to include: de-emphasizing confession-based investigation, a world-class forensic lab, staff auditing, and capacity building.

He charged the African Bar Association (AFBA) to play a positive role in regulating lawyers’ effectiveness in the fight against corruption and pledged the commission’s commitment to supporting the upcoming Anti-Corruption Conference of the AFBA scheduled to hold in Niamey, Republic of Niger.

Earlier, the AFBA President, Mr Hanniba Uwaifo traced the problem in Africa to corruption which, according to him, has led to the underdevelopment of the continent.

He stressed that the continent cannot grow unless corruption was uprooted, adding that the world is worried about the level of corruption in Africa.

Uwaifo lamented that public sector corruption by government officials has held the country back from achieving its great potentials.

Previous Post

Global Gold Bullion Market Expected to Reach USD 115,175.8 Million by 2027, With a CAGR Of 12.1%

Next Post

NOVA Merchant Bank States Investment Strategy For H2: 2021

Related News

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

by Stephen Akudike
January 27, 2026
0

Nigeria and the United Arab Emirates have signed a Comprehensive Economic Partnership Agreement (CEPA) that removes tariffs on thousands of...

Dangote Refinery Obtains License to Process 300,000 Barrels of Crude Daily

Dangote Refinery Suspends Petrol Sales and Cancels Contracts as Crude Supply Issues Bite

by Stephen Akudike
January 27, 2026
0

Africa’s largest oil refinery, the Dangote Petroleum Refinery in Lekki, has temporarily halted sales of Premium Motor Spirit (PMS, commonly...

Naira Depreciation Forces Imports Down By 65% in Q3, 2023

US Exports to Nigeria Surge 60% in First 10 Months of 2025

by Victoria Attah
January 26, 2026
0

The United States recorded a significant $1.45 billion goods trade surplus with Nigeria during the first ten months of 2025,...

OPEC – Nigeria’s oil production decreases to 972 tb/d

Oil Prices Steady Above Nigeria’s $64.85 Budget Benchmark as Middle East Tensions Persist

by Akpan Edidong
January 26, 2026
0

Global oil prices held firm on Monday, trading comfortably above Nigeria’s 2026 budget benchmark of $64.85 per barrel, supported by...

Next Post

NOVA Merchant Bank States Investment Strategy For H2: 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

January 27, 2026
 Top Story: Central Bank Raises MPR by 200 Basis Points to 24.75%

National Grid Collapses Again, Plunging Nigeria into Nationwide Blackout

January 27, 2026

Popular Story

  • LIRS Shuts 34 Companies Over Tax Non-Compliance

    LIRS Warns Banks, Employers and Others: We’ll Deduct Unpaid Taxes Directly from Your Funds

    0 shares
    Share 0 Tweet 0
  • Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

    0 shares
    Share 0 Tweet 0
  • Dangote Refinery Suspends Petrol Sales and Cancels Contracts as Crude Supply Issues Bite

    0 shares
    Share 0 Tweet 0
  • US Records $1.45 Billion Trade Surplus with Nigeria in First 10 Months of 2025 as Exports Surge 60%

    0 shares
    Share 0 Tweet 0
  • Nigeria Customs Service Surpasses N7.2 Trillion Revenue Target in 2025

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>