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

Naira Extends Gains Against Pound, Settles at N1,767

CBN Returns N10.89 Trillion via OMO Maturities in September but Withdraws N6.62 Trillion Net

FMDQ Foreign Exchange Turnover Falls 35.41% to $1.70 Billion as Spot Activity Slows

 

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

Pound Slumps as UK Economic Contraction Exceeds Expectations in July

Naira Extends Gains Against Pound, Settles at N1,767

by Victoria Attah
October 8, 2026
0

The naira continued its recent appreciation against the British pound, closing at N1,767 per pound on the official market on...

CBN Allows Oil Companies to Resume Dollar Sales to Banks in Effort to Boost Supply.

CBN Returns N10.89 Trillion via OMO Maturities in September but Withdraws N6.62 Trillion Net

by Jide Omodele
October 6, 2026
0

The Central Bank of Nigeria repaid approximately N10.89 trillion to the banking system in September 2026 through the maturity of...

FMDQ Markets Record $557.8 Million Turnover Amidst Decrease in Derivatives Activity

FMDQ Foreign Exchange Turnover Falls 35.41% to $1.70 Billion as Spot Activity Slows

by Jide Omodele
October 6, 2026
0

Total foreign-exchange turnover on the FMDQ market declined 35.41 per cent, or $930.18 million, to $1.70 billion in the week...

NGX Fines Banks N76.8 Million for Late Financial Reporting

Court Hits 21 Unlicensed Investment Firms with N30 Million Fines Each

by Victoria Attah
September 29, 2026
0

Nigeria’s capital market regulators have scored a significant enforcement win after a Federal High Court in Nasarawa State convicted 21...

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

World Bank Emphasizes Cash Transfers to Break Poverty Cycle in Nigeria

World Bank: Naira Shows Greater Resilience Than Many African Currencies

October 8, 2026
Pound Slumps as UK Economic Contraction Exceeds Expectations in July

Naira Extends Gains Against Pound, Settles at N1,767

October 8, 2026

Popular Story

  • PayPal to acquire buy now pay later firm Paidy in $2.7B deal

    0 shares
    Share 0 Tweet 0
  • Kakao Pay Cuts IPO to $1.3 Billion As Valuation Concerns Grow

    0 shares
    Share 0 Tweet 0
  • Q1 2024: Eternal Oil Records N3.3 Billion Pre-Tax Loss Due to FX Losses

    0 shares
    Share 0 Tweet 0
  • FIRS Partners EFCC to Boost Tax Compliance in Nigeria

    0 shares
    Share 0 Tweet 0
  • Canadian Fintech Periculum to Setup Operations in Nigeria, Aims to Tackle the Challenge of Domestic Credit

    0 shares
    Share 0 Tweet 0

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}
?>