CRIME
How Nigeria Lost $157.5bn to Illicit Financial Flows-Buhari
![President Muhammadu Buhari](https://dailyasset.ng/wp-content/uploads/2019/07/President-Muhammadu-Buhari.jpg)
By Mathew Dadiya, Abuja
Nigerian President, Muhammadu Buhari has disclosed that the country has lost an estimated $157.5 billion to illicit financial flows in nine years – between 2003 and 2012.
The President revealed this on Wednesday while 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) in New York, United States at the 74th United Nations General Assembly.
Buhari who spoke on the theme, “Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development, ” 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, “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.
He commended 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.”
The Nigerian leader said, “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.
“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, ” President Buhari said.
“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.”
The meeting was also attended by the Presidents of Zambia and Ethiopia.
CRIME
Niger Police Command Arrests Three Suspects over Assault on Council Boss
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From Dan Amasingha, Minna
Days after the Chairman of Katcha local government area of Niger State, Danlami Abdullahi Saku was assaulted and seriously injured over his inability to settle a campaign loan he obtained, the State Police Command said three suspects were now in their custody over the incident.
Niger State Police Command Spokesman, Wasiu Abiodun in a release on Wednesday said On 16/06/2024 at about 1800hrs, information was received at Katcha Div that the Chairman Katcha LGA Hon.
Danlami Abdullahi Saku was attacked by some miscreants along Saku-Gadza village after the Sallah prayer at his village Saku, Katcha LGA.According to the Police Public Relations Officer, the attack was allegedly reported to be linked to a debt issue between the Chairman and one Yanda of the same area.
He noted that the Chairman sustained serious injury during the attack and he was taken to Gen. Hospital Bida, and later referred to another hospital for further treatment.
A preliminary investigation was conducted at Katcha Div and three suspects were later identified, apprehended and transferred to Bida Area Command.
The suspects arrested are; Alh. Abdullahi Kasimu 68yrs of Gadza village, Katcha, Alh. Baba Moh’d 30yrs of the same village and Ahmadu Moh’d 25yrs.
The suspects were transferred to SCID on June 21st for discreet investigation and prosecution.
“During interrogation, Kasimu narrated that he lent the victim over a million naira since August, 2023 and that several attempts to recover the money proved abortive.
“He further said that on June 16th, the victim promised to come and see him, and while he was on the way after the Sallah prayer, his son Ahmadu Moh’d, his in-law Alh. Baba Moh’d among others accosted the Chairman, had an altercation and inflicted serious injuries on the victims”
The State Police Command acknowledged that the victim was about to transfer the money to him at the point before being rushed to the hospital.
However, the suspects are under investigation in SCID, Minna. Efforts are ongoing to apprehend others at large, and they will be charged to court for prosecution immediately after investigations.
CRIME
Chief Imam’s Sallah Ram Stolen in Jos
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There was a drama as the sacrificial ram of the Chief Imam of the Mista Ali community in Bassa Local Government Area of Plateau State, Imam Abdulkadir went missing on the eve of the Ed-el-Kabir.
Abdulkadir’s ram was reportedly stolen during a downpour in the area on the eve of the Ed-el-Kabir.
An Imam in the community, Haruna Yaqub, disclosed this during the sermon, shortly after the two Raka’at prayers.
Yaqub, who condemned the incident, described it as “insensitive”.
He added that the act showed that people lack fear for God.
The Imam said, “The Ram of our Chief Imam, which he purposely brought to sacrifice, has been stolen in the night.
We are really shocked by the incident. We were surprised to hear this story. This means that people are not God-fearing.“It is scary that people have gone to the extent of stealing ram meant for religious activity.”
Speaking further, he urged people to be God-fearing and not engage in either stealing or any act of criminality.
He stressed that everyone will account for their actions on earth and hereafter.
“It is high time people repented and took the path of Allah. It is not too late. People should stop committing bad things and act according to Allah’s commandments,” he urged.
CRIME
AAUA Student Found Dead after church Vigil
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A Student of the Adekunle Ajasin University, Akungba Akoko (AAUA), Modupe Ayandare, was found dead on Monday after attending a church vigil.
The death of Ayandare, who is of the Department of Agronomy, was made known by the Students’ Union Government (SUG) of the institution.
“We express in strong terms our dissatisfaction and agony with respect to the death of one of our students, Miss Modupe Ayandare of the Department of Agronomy.
“According to report, the deceased was said to have committed suicide in the early hours of today at about 4:00am after she returned from a vigil in her church.
“The incident happened beside the church she attended, around Spotless Villa.
“The law enforcement agency has been informed already, and all hands are on deck to get to the root of the situation.
“Be assured that justice will be served and the law enforcement agency will undertake thorough investigation,” Mr Emmanuel Olaogbebikan, the Public Relations Officer (PRO) of the SUG, stated.
He asked anybody with useful information regarding the incident to give to the concerned authorities to come forward.
Also mourning the death of the student, the Nigerian Association of Agricultural Students (NAAS), AAUA Chapter, said the loss deeply affected the department.
Faith Igba, the PRO of the department, said the demise of Ayandare was a profound loss to the department.
Igba urged the members of the department to come together and be of help to one another, asking those going through challenges to seek help.
“During this difficult time, we urge everyone to come together in support of each other. The mental well-being of our members is of utmost importance, and we encourage anyone who may be struggling to seek help.
“Our faculty offers counselling services, and we are here to support you in any way we can.
“Please join me in extending our deepest condolences to Comrade Modupe’s family, friends and colleagues.
“Let us honour her memory by fostering a compassionate and supportive environment for all,” he said.
Speaking on the death of Ayandare, Victor Akinpelumi, the Public Relations Officer of the institution, said that the institution had confirmed the incident but was yet to know the cause of the death.
Akinpelumi, who sympathised with the family of the deceased, said that the institution would make an official statement known to the public as regards the death later.