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Expert warns Nigeria loses $17.8 billion annually to illicit financial flows

1 report, 1 independent Updated Wed 00:00
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What happened

Some supportReported by 1 outlet

Tunji Aworinde, a forensic auditor and international financial expert, spoke at the 11th Annual Conference on Financial Crimes and Government Integrity in Abuja. He stated that Nigeria loses an estimated $17.8 billion each year to illicit financial flows (IFFs). Aworinde warned that this practice undermines economic development and deprives the country of resources needed for essential infrastructure and social services.

From vanguardngr.com

Why it matters

Some supportBrind's analysis of the reports

Aworinde emphasized that defeating corruption and illicit financial flows is necessary for Nigeria to improve its economic standing. He specifically condemned the attitude of communities that celebrate public officials who were convicted abroad for stealing public funds.

From vanguardngr.com

Who's involved

  • NigeriaThe sovereign state facing massive illicit financial flows and corruption.
  • ShellA multinational oil and gas company cited in the context of illicit financial flows.
  • Central Bank of NigeriaThe central bank of Nigeria, which oversees financial stability.
  • nairaThe currency of Nigeria, which is affected by capital draining.
  • Economic and Financial Crimes CommissionThe anti-graft agency in Nigeria, whose mandate is reinforced by the discussion.

Who could feel it

Possible knock-on effects

These are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.

  • nairaSpeculative

    The naira could face sustained downward pressure on its value due to capital draining by IFFs.

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The entities involved

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Coverage

Newest first; wire copies grouped