@NigeriaGov loses about $8.3bn to illegal movements of funds between countries annually - an amount that could potentially create over 200,000 new jobs.
Did you know?
Most of these looting are done via anonymous shell companies & #BeneficialOwnership loopholes.
THREAD!
Did you know?
Most of these looting are done via anonymous shell companies & #BeneficialOwnership loopholes.
THREAD!
A beneficial owner is an individual or group of individuals who ultimately benefits from a company directly or indirectly; but whose identities are often hidden from the public & govt authorities through a complex web of ownership arrangements.
#FixOurOil
Explainer👇
#FixOurOil
Explainer👇
The likes of Gen. Sani Abacha, Diezani Madueke and other former public officials have looted funds through the complex network of companies in which they had hidden beneficial ownership.
Dan Etete's $1.1bn scandal also exploited these loopholes (see infographic)
Although some of these people were caught, there are still several corrupt public officials who are exploiting these loopholes and having a field day with the country's resources.
#FixOurOil
Although some of these people were caught, there are still several corrupt public officials who are exploiting these loopholes and having a field day with the country's resources.
#FixOurOil
@NigeriaGov needs to establish a requisite for beneficial ownership disclosure and risk flagging system to curb the illicit flow of funds.
We need a beneficial ownership register backed by the law and accessible to the public.
#BeneficialOwnershipNG #FixOurOil
We need a beneficial ownership register backed by the law and accessible to the public.
#BeneficialOwnershipNG #FixOurOil
