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Nigeria loses over $140bn to illegal cash flows – Oteh

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The Director General, Securities and Ex¬change Commission (SEC), Ms. Arunma Oteh has disclosed that Nigeria had lost over $140 billion to illicit financial flows within a 9-year period even as it is estimated to need about $50 billion investment to ensure stable electricity.
According to Oteh the fund are not lost only by embezzled public funds but a lot of it was lost through the illicit commercial activities of multinational companies.
She said the development has bring Nigeria to have a situation where the illicit out-flows are not only depriving it of desperately needed capital but are also being used to finance terrorism abroad and within its shores. Continue Reading

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