Nigeria lost N5.4trn in 10-year tax evasion by multinationals – EFCC chair, Bawa

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Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa says Nigeria lost N5.4trillion to tax evasion by multinationals from 2011 to 2021.

On Friday, the anti-graft chief said the figure is apart from the theft of resources in the nation’s oil and gas sector.

Bawa urged 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.

Represented by his Deputy Chief of Staff, Sambo Mayana, Bwa said 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.

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Bawa blamed the poor living conditions of people in developing countries on pervasive economic crimes going on.

“Illegal mining, smuggling of goods, tax evasion, illegal oil bunkering, illegal arms deals do not allow the government to receive the full accruals from the continent’s vast resources.

Nigeria loses N17B to tax evasion by agencies – FIRS

“The revenue generated are embezzled by government officials and their collaborators in the private sector. This does not allow economic growth.”

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 N6billion, 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.

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