Nigeria Tops List Of African Countries With Highest Illicit Financial Transfers – AU Panel

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Worried by the high rate at which resource-rich African
countries lose huge revenues through corruption, illegal transfers of profits
and money laundering abroad, the African Union, AU, has asked President
Goodluck Jonathan and other African leaders to openly declare their assets and
subject their wealth to public scrutiny, according to Premium Times.
A report on Illicit Financial Flows from Africa, compiled by
an AU panel led by former South African President Thabo Mbeki, said Africa
loses an estimated $60billion (about N10.08trillion) annually through such
transfers. The report was presented Sunday at a summit in Addis Ababa,
Ethiopia.

The report has stirred massive concerns in Nigeria, which is
said to account for over $40.9billion (about N6.87trillion), or 68 per cent of
the total figure.

Cumulatively, Nigeria also topped the list of ten African
countries with highest incidence of illicit financial transfers between 1970
and 2008, recording about $217.7billion (about N36.57trillion), or 30.5% of the
total in the continent.

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