‘Nigeria loses $50bn to corruption Annually’

The Acting Executive Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, has decried the scourge of corruption in Africa, stating that the country loses over N50billion annually to illicit cash flows.

Magu made this known on Thursday in Uyo, Akwa Ibom State at the commemoration of the African Anti-corruption Day, with the theme, “Towards a Common African Position on Asset Recovery”.

Magu, who was represented by Garba Dugum, Head, Uyo Zonal Office, said the height of corruption in Africa, informed the choice of July 11 every year as the African Anti-corruption Day, by the African Union.

“More than $50billion is being stolen from African continent annually. Most of these monies go on acquiring assets all over the world and we should know that tracing these assets and eventual repatriation of these assets is very difficult for a country. That is why the African nations decided to come together to fight for a cause”, Magu said.

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