Illegal Finance outflow: EFCC recorded how $217.7bn is taken out of Nigeria in 38 years.

The Economic and Financial Crimes Commission has disclosed that Nigeria recorded illicit financial outflows of $217.7bn in 38 years. The EFCC chairman, Ibrahim Magu, said individuals and groups both in the private and public sectors were wreck corruption in Nigeria.

Magu noted that Nigeria ranked has become first among ten African countries by cumulative illegal financial flows between 1970 and 2008 The Economic and Financial Crimes Commission (EFCC) has disclosed that Nigeria recorded illegal financial outflows of $217.7bn in 38 years, specifically between 1970 and 2008.

The reporter reported that the disclosure was made by the acting chairman of the EFCC, Ibrahim Magu, on Wednesday, January 16 at a one-day conference organised by Online Publishers Association of Nigeria with the theme: Free press and objective reporting in the 2019 election year.

The reporter also reported that Magu, who was represented by the commission’s acting spokesperson, Tony Orilade, said the various investigations, arrests, prosecution and assets recoveries over the years had confirmed that the level of corruption in Nigeria had been truly staggering. Magu said individuals and groups both in the private and public sectors were perpetrating corruption in Nigeria. The EFCC boss identified former state governors, ministers, high ranking military officers, chief executives of parastatals and top bureaucrats in state and federal agencies as culprits involved in the staggering theft in the public sector.

Magu said: The alarming rate of corruption committed by these unpatriotic elements can be partly seen in the number of convictions secured by the EFCC from Nigerian courts since I assumed duty as the head of the commission in 2015. The figure stands at 103 in 2015, 195 in 2016, 189 in 2017 and 312 for the period of January to December 2018. The total figure for the period of 2015 to 2018 is a mind-blowing 799 convictions. In the process of such convictions, the EFCC recovered N794.5bn, $261m, £1.1m, €8.1m and CFA86, 500. “One of the most graphic ways through which the absence of democratic accountability manifests itself in Nigeria today is through the prevalence of rampant corruption at all levels of governance. For example, Transparency International reported that Nigeria was the most corrupt country in the world for years: 1996, 1997, 2000 and second in the line for remaining years up to 2003. In February 2015, a high-level panel on illicit financial flows from Africa constituted by the African Union, under the chairmanship of a former president of South Africa, Thabo Mbeki, revealed that Nigeria ranked first among ten African countries by cumulative illicit financial flows between 1970 and 2008.

The total outflow from Nigeria for the period was $217.7bn constituting about 30.5 per cent of Africa’s total share.

The reporter has previously reported that the EFCC, boasted that it secured the conviction of no fewer than 312 Nigerians who were arrested and tried for various acts of corruption between January and December 24, 2018. The anti-graft agency, in a statement by its acting spokesman, Tony Orilade, described the record of convictions as ‘undoubtedly’ a significant improvement on the 189 convictions recorded in 2017.