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Nigeria loses N53 2tr to illicit financing in 14 yrs

Fri May 07 2021 The House of Representatives has called for stringent measures in tackling Illicit Financial Flows (IFF) as Nigeria has lost $140 billion (about N53.2 trillion) to this in 14 years. The call followed the adoption of a motion by Rep. Ochiglegor Idagbo during plenary on Thursday with emphasis on anti-graft agencies and the Central Bank of Nigeria (CBN) helping to tackle this. Citing Global Financial Integrity 2014 report, Idagbo said Nigeria lost $140bn to illicit financial flows between 2000 and 2014 executed through crude oil and commercial activities mispricing. He said Nigeria was ranked among the global top 30 countries having Illicit Financial Outflows by dollar value adding that, $8.3bn was involved in 2015 alone.

Ochiglegor idagboDevelopment aidCentral bankMultinational corporationIllicit financial flowsGlobal financial integrityIllicit financial outflowsFinancial crimesActuarial mattersவளர்ச்சி உதவிமைய வங்கிபன்னாட்டு நிறுவனம்சட்டவிரோத நிதி பாய்கிறதுஉலகளாவிய நிதி நேர்மைநிதி குற்றங்கள்இயல்பான விஷயங்கள்

Reps probe reports on $348bn illicit financial flow, loss of public funds

Reps probe reports on $348bn illicit financial flow, loss of public funds
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Lake chadNigeria generalOgun stateMuhammad namiOchiglegor idagboAbdulrasheed bawaBolaji owasanoyeZainab ahmedModibbo tukurGodwin emefieleMele kyariFinancial crimes commissionOther related offences commissionRevenue serviceDevelopment aidInternational monetary fund

House Summons Finance Minister, FIRS, Others over Loss of Revenue to Illicit Financial Flows

By Adedayo Akinwale The House of Representatives has summoned the Minister of Finance, the Heads of the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), the Central Bank of Nigeria (CBN) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigerian Financial Intelligence Unit (NFIU), the Nigerian Export-Import Bank (NEXIM), and the Nigerian National Petroleum Corporation (NNPC) over the continuous loss of government revenue to illicit financial flows (IFFs). The House issued the summons following the adoption of a motion moved at plenary on Thursday by Hon. Ochiglegor Idagbo. Moving the motion, Idagbo explained that illicit financial flow (IFF) is the cross-border transfer of capital that was illegally earned, transferred or utilised and often consists of commercial money laundering, tax evasion and proceeds of corruption and criminal activities.

Lake chadNigeria generalOchiglegor idagboAdedayo akinwaleFinancial crimes commissionOther related offences commissionInternational monetary fundCentral bankNational planningEconomic developmentUnited states agency for international developmentNigerian national petroleum corporationHeads of the federal inland revenue serviceTax justice networkFederal inland revenue serviceIndependent corrupt practices

NCRIB wants insurance laws to foster brokerage growth

Punch Newspapers Sections Nike Popoola The Nigerian Council of Registered Insurance Brokers has said it expects insurance laws to foster sustainable growth and development of the brokerage profession. The President, NCRIB, Mrs Bola Onigbogi, said this during the December edition of the brokers’ evening, which was sponsored by Allianz Nigeria Insurance Plc. She said, “It is most heartening that our council was one of the notable stakeholders invited to make input at the public hearing on the insurance bill before the House Committee on Insurance and Actuarial Matters in Abuja from December 14 to 15, 2020. “The council definitely put up a good showing at the event, and all the views that had been submitted by all members were part of the submission made at the public hearing.

Abuja federal capital territoryHouse committee on insuranceNational insurance commissionInsurance institute of nigeriaAllianz nigeria insurance plcNigerian council of registered insurance brokersNigerian insurers associationInstitute of loss adjusters nigeriaNigerian councilRegistered insurance brokersMrs bola onigbogiAllianz nigeria insuranceHouse committeeActuarial mattersChartered insurance instituteLoss adjusters

NIA canvasses introduction of risk-based capital

Ganiyu Musa. PHOTO: Innovation Village The Nigerian Insurers Association (NIA) has recommended the introduction of risk-based capital to the Consolidated Insurance Bill, describing it as the right model for the insurance industry to align with the market to reposition for growth. The Deputy Director, Corporate Communications, Human resources & Administration, NIA, Davis Iyasere, who spoke to The Guardian, noted that the recommendation was made during the association’s presentation at the two-day public hearing on the Consolidated Insurance Bill 2020 by the House of Representatives Committee on Insurance and Actuarial Matters in Abuja. He said the Chairman of the Association, Ganiyu Musa, stated that in adopting the risk-based capital adequacy template, the Association took cognisance of the need to consider insurance, market, credit and operational risks as well as the need to apply such capital charges on assets and liabilities.

Abuja federal capital territoryDavis iyasereGaniyu musaInternational monetary fundCorporate communicationsNational insurance commissionHouse of representatives committee on insuranceNigerian insurers associationConsolidated insurance billDeputy directorRepresentatives committeeActuarial mattersMonetary fundகூட்டாட்சியின் மூலதனம் பிரதேசம்கனியு மூசாசர்வதேச பண நிதி