Chairman of the Independent Corrupt Practices Commission (ICPC), Prof. Bolaji Owasanoye says Nigeria is losing about 60% of its financial income to illicit financial flows. The ICPC boss stated this claim when a delegation from the News Agency of Nigeria (NAN) lead by its Managing Director, MD, Mr. Buki Ponle paid him a courtesy visit in his office in Abuja.
An illicit finical flow is a term used to describe an illegal transferring of money from one country to another often shrouded in trade over-invoicing.
In most cases, it is being aided by an exporter or an importer who deliberately misreport the value, quantity, or nature of goods and services he partakes in with the intension of evading taxes, avoid capital controls, launder money or take advantage of tax incentives provided by the government.
Owasanoye disclosed that the attitude is taking its toll on the country’s economic development.
According to the ICPC boss, he blamed the practice on the delinquent expatriates who are the highest conduit of sharp practices, evade tax, and compromise the internally generated revenue of their host community.
Meanwhile, he seeks the support of Nigerians to help the agency get rid of such corrupt individuals who specialize in such a crime.
The ICPC chairman revealed that our government is channeling mist of its energy on corrupt individuals and public office holders while the illicit financial flow is booming.
He explained that foreign companies are the major threat of such criminality in Nigeria and need to be tackled.
In his earlier remarks, Ponle described corruption as the major bend in the Nigerian system, while calling on the government to re-strategize continuously to free the country from its shackle.
He applauded the anti-graft agency for its unrelenting campaign on corruption in the country where he pledged to partner with the commission on the mission.
Ponle explained that NAN had evolved from a text-only agency to a multimedia outfit offering a bouquet of services that include audio, video, and pictures.
Meanwhile, he enjoined the commission to subscribe to the numerous services being offered by NAN ranging from SMS, NAN General News Service, NAN PR Wire as well as its flagship NAN Forum.
