Nigeria Losing Billions Of Dollars To Poorly Structured Contracts, Says ICPC Chairman

He said this in Abuja during a conversation with the Chairman of the inter-agency committee on stopping illicit financial flows in Nigeria, Dr Adeyemi Dipeolu.

The conversation was based on the dangers of illicit financial flows, tax evasion, financing development, which has resulted in massive resource leakages and has destroyed Nigeria’s development.

Bolaji during the course of the conversation gave an insight on the importance of improving tax base of the economy and ensuring there are more resources for the country’s development.

Bolaji lamented that the drain on resources and tax revenues caused by IFFs, has affected the expansion of basic social services and infrastructure programs that are targeted at improving the wellbeing of all citizens particularly the poor.

He stressed the effects of IFFs in Nigeria, which he noted has led to fewer schools, hospitals, roads and job opportunities as well as lower pensions.

The ICPC Boss claimed that setting up a standard to counter IFFs must be established to produce an unbroken chain of work from tracing, freezing, seizure, confiscation and recovering of illicit obtained assets.

Adeyemi identified poorly negotiated and hidden contract as one of the most identifiable ways through which IFFs are perpetrated.

However, he offered practical tips for successful negotiations and stressed on the need to have a strong inter-disciplinary committee.

Adeyemi further noted that training was necessary to develop a group of Nigerian officials skilled in international negotiations in general.

He emphasized that the capacity building is being organized to help investigators, prosecutors, and tax inspectors cope with international obligations.

Adeyemi said, “We want to develop core people who will make sure that agreement signed for the country and government do not lead to illicit financial flows.

“It is very important that you pay close attention to the other causes on disputes settlement matters, the agreements must comply with Nigeria’s legal regulations.”

Adeyemi advised the participants at the workshop to focus on areas of disputes during negotiations of contract agreements.