They’re worried by the high rate at which resource-rich African countries lose huge revenues through corruption, illegal transfers of profits and money laundering abroad. 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 $60b (about N10.08trillion) annually through such transfers.
The report has stirred massive concerns in Nigerian, which is said to account for over $40.9b (about N6.87trillion), or 68% of the total figure. Cumulatively, Nigeria also topped the list of 10 African countries with highest incidence of illicit financial transfers between 1970 and 2008, recording about $217.7b (about N36.57trillion), or 30.5% of the total in the continent…… whats their own? At least Nigerians r nt complaining……
