Tax Evasion: How Nigeria Lost ₦5.4trn In 10-Years – Bawa

Tax Evasion How Nigeria Lost N5.4trn In 10-Years - Bawa
EFCC Chairman, Abdulrasheed Bawa
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The Chairman of Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has revealed that the West African country lost at least ₦5.4trillion to tax evasion by multinationals from 2011 to 2021.

Speaking on Friday, the anti-corruption chief explained that the figure is apart from the theft of resources in the nation’s oil and gas sector.

Bawa called on leaders across the world to rise to the challenge of corruption in order to enhance global economic development and security.

He presented a paper at the 38th Cambridge International Symposium on Economic Crime, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom.

Read Also: EFCC Releases List Of Nine Internet Fraud Hubs In Lagos

Represented by his Deputy Chief of Staff, Sambo Mayana, Bwa stated that economic and financial crimes manifest in various forms in different nations.

The senior police officer lamented how resources that could support a country’s development are lost through corruption, tax evasion, money laundering, and the likes.

He said the ‘spoiler’ effects on countries’ development processes are diverse and particularly severe for fragile states.

Bawa disclosed that as at August 2021, the EFCC had secured over 3408 convictions.

‘From the time I took over on the 5th of March 2021, we have recovered over ₦6billion, over $161million, over £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 property.

‘We have arrested over 1,500 internet fraudsters, many of whom are being prosecuted,’ he added.

AFRICA DAILY NEWS, NEW YORK

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