Lack of beneficial ownership register costs Nigeria US$17 billion a year
Nigeria is losing an estimated US$17 billion annually to illicit financial flows (IFFs) due to the federal government’s failure to honour its 2016 commitment to establish a beneficial ownership register according to Transparency International and the Civil Society Legal Advocacy Centre (CISLAC) based in the Nigerian capital, Abuja.
This has prompted executive director of CISLAC, Auwal Musa Rafsanjani, to criticise Nigerian President Muhammadu Buhari’s for his dismissal of statistics used to calculate IFFs from the International Monetary Fund (IMF), the World Bank and other global agencies.
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