…As country ranks 7th in money laundering index
Global Financial Integrity (GFI), a Washington-based research and advocacy organization, in its newly released report, has said that out of the 20 biggest exporters of illicit financial flows for decades, Nigeria occupies the 7th position with $19.66 billion (N3.047trn).
It said Nigeria, termed the 7th biggest money laundering country in the world, exported $19.66 billion by leaders who had access to the nation’s money between 2000 and 2010.
The report, which was co-authored by GFI’s Lead Economist, Dev Kar, and GFI’s Economist, Sarah Freitas, is the first by the organisation in incorporating a new, more conservative estimate of illicit financial flows. It facilitates comparisons with previous estimates from GFI updates and identifies crime, corruption and tax evasion as biggest channels with nearly $6 trillion stolen from poor countries within the decade and $859 billion in 2010.
According to the report, China is leading the pack with $274 billion average ($2.74 trillion cumulative); followed by Mexico with $47.6 billion avg. ($476 billion cum.); Malaysia, $28.5 billion avg. ($285 billion cum.); Saudi Arabia, $21.0 billion avg. ($210 billion cum.); Russia, $15.2 billion avg. ($152 billion cum.); and Philippines, $13.8 billion avg. ($138 billion cum.). “Astronomical sums of dirty money continue to flow out of the developing world and into offshore tax havens and developed country banks.
Regardless of the methodology, it’s clear developing economies are hemorrhaging more and more money at a time when rich and poor nations alike are struggling to spur economic growth. “This report should be a wake-up call to world leaders that more must be done to address these harmful outflows,” Raymond Baker, GFI director said. Kar explained further: “The estimates provided by either methodology are still likely to be extremely conservative as they do not include trade mispricing in services, same-invoice trade mispricing, secret transactions, and dealings conducted in bulk cash. This means that much of the proceeds of drug trafficking, human smuggling, and other criminal activities, which are often settled in cash, are not included in these estimates.”
The report goes further, “The $858.8 billion of illicit outflows lost in 2010, is a significant uptick from 2009, which saw developing countries lose $776.0 billion under the new methodology. “This has very big consequences for developing economies.
Poor countries lost nearly a trillion dollars that could have been used to invest in healthcare, education, and infrastructure. It’s nearly a trillion dollars that could have been used to pull people out of poverty and save lives.”
SHAME ON ALL THOSE WHO SIPHON THE WEALTH OF THIS COUNTRY AND USE IT TO DEVELOP EUROPE AND AMERICA WHILE THEIR COUNTRYMEN DIE OF ABJECT POVERTY.SHAME!SHAME!S-H-A-M-E!!
where are our dear student union, Had the politicians seal their mouth too, let them occupy the street
We all know the Nigeria leaders that are involved in this illicit act namely, GORGE BODE, AHMED TINUBU , TARFA BALOGUN , LAWAL FAROUK , BANKOLE DIMEJI, OBASANJO OLUSEGUN, IGBINEDION LUCKY, THEO ORJI, ELECHI MARTINS, OHAKIM IKIRI IKEDI , UDENWA ACHIKE, ONAFE IBORI , IBRU MRS, AKINGBOLA ERASMUS , FMR GOV NNAMANI, MBADINUJU, I consult my archives for more revelations, if that lazy EFCC can swung into action.
ANENE, BABALAKIN , ORUBAME, AKALA, SEN AHMED SANI, EL RUFAI, LAMIDO AND HIS SON, THEO ORJI,S SON, MARTINS ELECHI’S SON, BAMANGA TUKUR,S SON, ARISOKOLA ALAO’S SON, more list are on the way, still tuned.
If GFI, through research can find such money and expose the countries, why can’t they link them to their individual sources and expose them publicly too?
Who are the so called leaders? It is better they are named. Thanks.
How much did obasanjo alone steal out of this whooping sum ? I want to know ?
Oyinbos…dem don start again o,una no try at all.Even our first position,dem no wan give us! This is a shame and greater shame on those countries that accept all stolen funds because as long as these monies remain in their economies,the economies of the source nations will continue to be impoverished and they should stop pointing accusing fingers at us,they are the greater thieves because they are the ones keeping all stolen monies.As for all our pasts “steal-leaders” , I mean “thief-leaders” ,ti oba aye o ba mu yin, ti orun nwo yin ” (If the leaders on earth refuse to bring you to books,the supreme being is waiting for you all). One day, the tables will turn in Nija !
Owerri bastard u failed to mention Ojir Kalu name. Is it delibrate or by lost of memory?.
kola, what kind of human are u? is like u if guys don’t insult den u aint started, he said dat u should stay tuned even if he did not mention kalu u still dont have 2 call him bastard comon men.
Rubbish
Kola, owerri said stay tuned meaning that more names are on the way. You should have allowed him before the abuse. I think that you are trouble maker or tribalist
Is AMERICA not the biggest thieves? you guys should shut up and keep quiet.first take out the dirts in your eyes before you talk about other countries.
This figure is not correct because Obasanjo alone stole N2.8trn. in 8 years.
Nigeria is a country of thieves, for the thieves , and by the thieves. Almost everybody is usually on the look-out to steal something, for if you don’t steal it, somebidy else will steal it. This is far from Nigeria I grew up in the 60s and 70s, where integrity and honesty were preciously valued. Currrent Nigerian leaders are nothing but criminals, and the common people just follow their foot steps instead of fighting the criminals. No country ever developed under this type of current level of epidemic corruption and indiscipline as currently going on in Nigeria. Without killing this type of systemic corruption, there is no hope for Nigeria for any serious development. The scale of corruption in depth and breadth is unbelievable.
They are all living in a glass house, how then do u expect them to throw stone.
All those in senate and house of reps are all ex criminals who have stolen millions before coming to power. How do u expect them to make laws that will take them off guard.
Senate President have been governor in many states including Lagos. He was an amry general, he was telecom Minister. He is a silent billionaire. So they cannot make law that will allow them severe punishment.
So there is no end in site. they will actually sale the country when there are nothing else to steal.
Obasanjo is corruption personified. Just from 1999-2010 barely a decade #3.047t was laundered. All the reprobate leaders are living in seventh-heaven but the poor masses are hauled on mud of abject poverty. God judge our callous leaders, amen.
May God have mercy on us, one day the leaders of this nation will account for their stewardship! Poor people are dying everyday due to treatable illnesses but the money is not there for them to assess health services. Could you imagine that and the worst is that as day go by, hospital bills keep increasing without any considerations. God will surely fight for us, its a promise. Let us on our own start to build integrity and value people who possess such for the future of our children is in our hands. Its shall be well.