Stella Dimoko Buhari Says Nigeria Lost $157.5BN To IllicitT Financial Flow Between 2003-2012


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Thursday, September 26, 2019

Buhari Says Nigeria Lost $157.5BN To IllicitT Financial Flow Between 2003-2012

President Muhammadu Buhari has disclosed that Nigeria lost an estimated US$157.5 billion to illicit financial flows between 2003 and 2012.

Quoting from the 2014 Global Financial Integrity Report in his address to the High-Level National Side-Event organised by the African Union Development Agency and New Partnership for Africa’s Development (AUDA-NEPAD) and the Economic and Financial Crimes Commission (EFCC) on Wednesday in New York, on the margins of the 74th United Nations General Assembly, under the theme, “Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development,” the Nigerian leader noted that such massive loss of assets, resulted in dearth of resources “to fund public services or to alleviate poverty,” in the country.

According to him, “This is why, as Africans, we have no choice but to break the back of corruption.”

Acknowledging lack of sufficient capital and corruption as impediments to socio-economic development of the continent, the President emphatically restated his administration’s anti-corruption campaign:

“That is why our government has made it a war we intend to win. We will give all it takes to ensure there is no hiding place for purveyors of corrupt practices who are truly enemies of the people.”

Stressing the need to strengthen good practices on asset recovery and return, President Buhari said that, “In the last five years, our government has made significant progress to curb corruption,” adding: “We have recovered millions of dollars stolen from our country.”

He noted, however, that “there are still a lot of other funds that are stuck in foreign bank accounts due to international laws, different jurisdictions and justice systems that make it difficult for repatriation.”

Describing Illicit Financial Flows as “illegal movement of funds from one country to another,” President Buhari lamented that, “These flows deplete Africa’s internally generated revenues, foreign exchange earnings, reduce tax revenues, drain natural resources, facilitate corruption and stunt private sector development.”

Citing tax avoidance as another form of illicit financial flow, he quoted the Tax Justice Network and the International Monetary Fund to have estimated over US$200 billion per year as “being lost by developing countries when multinational enterprises do not pay taxes in the countries where they made the profit.”

“This amount is significantly higher than the annual development aid received by these countries which are estimated to be about US$143 billion,” he added.

Commending the organisers of the meeting designed to finding “pragmatic ways to promote international cooperation to combat illicit financial flows and strengthen good practices on asset recovery and return, as an arm of sustainable development policies in Africa,” President Buhari also lauded their “shared commitment to root out corruption from our continent.”

According to the Nigerian President, “I am motivated by the belief that, if we join hands, we can bequeath to our children an Africa that is not defined by corruption.”

Emphasizing the imperative of international cooperation towards stemming the incidence of illegal financial flows, President Buhari said, “Any lasting solution to the above challenges will require international cooperation and coordination,” of African countries and their international counterparts.

“This is one reason why the Nigerian Government supports this initiative of AUDA/NEPAD and remains committed until we ensure that there are no safe-havens for stolen assets from Africa,” he declared.

On his expectations of the outcome of the meeting, the Nigerian leader said:

“I have high expectations for this meeting. At the end of the deliberations, I expect other African leaders, to see the pragmatic ideas on how to strengthen our anti-corruption institutions to reduce or effectively eliminate Illicit Financial Flows.

“We need ideas on how to return the stolen assets to their countries of origin. We also need strategies on how to plug the loopholes that enable companies to avoid paying commensurate taxes in their countries of operations. You should deliberate on practical ideas to enhance global acceptable assets tracing and freezing, and boost the recovery governance framework.”

Wishing the meeting also attended by the Presidents of Zambia and Ethiopia successful discussions, President Buhari said he looked forward to reading its resolutions and recommendations.


  1. If I hear say na Buhari said this thing

    1. Have you seen him addressing Nigeria without reading it from paper or script handed over to him? Did you see the disgrace he brought to us at the ongoing UNGA74? He was asked about his plans towards the growing Nigerian youth and uncle started reading what obviously could have being written by Adesina and co about Climate change. Funny thing is that he was serious reading it. Maybe he thought that was what he will be asked. This is the sole reason he has refuse to grant presidential media chat on national broadcast.

      Currently, he is being dragged on twitter. This is what you get when you opted for a 'certificateless' man over a professor.

    2. This unimaginative administration. They keep referring to things from 20yrs when they should facing the moment and try to figure out how to get us out of this mess they are now creating. The 500m that is CBN and his colleagues list in a saudi deal earlier this year they have covered that up. The billions of police pension fund that maina stole and Malami when to share with him in Dubai, they have covered it up, the 500b that mtn shred with Kyari they have covered it up. Many high level corruption that is one sided. Very unfair administration-the worst in our history. Enough already.

  2. So, since he came to power, how much has Nigeria gained? Guy man is too DUMB, irritatingly DUMB.
    I do wonder if this guy man felt the post of the President is Ceremonial or ..., I don't know sef.

  3. Please why are they directing all these statements to us?? Why were you voted in the first place?? Are you not Mr Integrity..How much has been recovered from looters and whistleblowers since your administration..Abeg 2nd base jare...

  4. Buhari we the good people of Nigeria are no longer begging you to fix what past administration damaged before you came into power but to fix the ones your five years now in power have done. Is that too much a thing to ask for? Aren't we lenient with that? Why always blame your predecessors? It shows how stupid people who brought you in the first place to redeem the country are. I bet you, those people are regretting now but are ashamed to say it.

    1. I am tired of this government. We need a breathe of fresh air.

  5. How much has Nigeria lost since 2015 to unnecessary expenses on government officials?
    All those furniture and car allowances collected every year?
    Let’s first start with that one.
    If all that crap still obtains under this government, then they haven’t yet started the fight against corruption.
    Charity begins at home, they need to start the fight from within.

  6. According to the Nigerian President, “I am motivated by the belief that, if we join hands, we can bequeath to our children an Africa that is not defined by corruption.”

    Just imagine, when his Presidency is corruption itself. The recovered money cannot be accounted for, the Citizens are getting poorer, this man is sure dumb.

  7. He has spent over 6 million pounds on his ear infection alone.


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