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Reps worry over Nigeria’s loss of $8.8tn to capital flight
The House of Representatives has expressed worry that Nigeria is losing huge amount of money to capital flight, especially medical tourism.
Indeed, the House said it was aware of the Central Bank of Nigeria’s bulletin in 2015, which showed that the net flow of capital flights from Nigeria from 1986 to 2015 was quite worrisome, with Nigeria losing over $8.8tn.
It therefore urged the Federal Government to develop an effective mechanism and strategy to prevent the persistent occurrence of capital flight in Nigeria
It also advised the Federal Government to partner private institutions to build world-class medical facilities in major cities in Nigeria or upgrade and equip the existing ones with adequate facilities.
It said the agreement should be based on a build, operate and transfer policy by private investors in a way that would allow the investors to manage same for an agreed period.
The Committee on Legislative Compliance was mandated to ensure implementation.
This followed a motion on the Urgent Need to Address the Menace of Capital Flight in Nigeria by Hon. Afolabi Rasheed Olalekan on Tuesday.
The House noted that capital flight had been one of the unresolved and persistent macroeconomic problems plaguing the nation for over four decades.
The House also noted that ironically, Nigeria is ranked among the highest producers of crude oil in the world and earns a huge amount of foreign exchange from its exports but still falls short of capital to develop, maintain and upgrade her infrastructure due to the magnitude of capital flight from the country when compared to accumulated domestic investments.
The House further noted that the United Nations Conference on Trade and Development estimated that about $88.6 billion per year leaves the African continent through money laundering, tax evasion, diverted revenues, offshore investments and other forms of capital flights, with Nigeria accounting for an estimated 46 per cent of the total capital flight or $40.7 billion per year.
It worried at the alarming rate of foreign medical services being sought by Nigerians, both private individuals and government officials, amounting to more than $6.5 billion based on the statistics released by the Ministry of Foreign Affairs in 2015, while expenses on foreign education amounted to more than $3 billion based on estimates released by the Tertiary Education Trust Fund (TETFUND) in its 2014 annual report.
“The House is cognizant of the recent series of pleas by successive governments to foreign banks and other international financial institutions to release and repatriate stolen and diverted funds in millions of dollars stockpiled abroad by corrupt leaders;
“The House is concerned that capital flight exerts detrimental effects on both short and long term growth of the economy by reducing domestically available investable capital as it represents a foregone investment in manufacturing plants, infrastructure, social welfare, reduction of a country’s tax base and a contribution to the high debt profile, among others,” the lawmakers said.
News
More trouble for Yahaya Bello as immigration places him watchlist
More trouble for Yahaya Bello as immigration places him on watchlist
The Nigeria Immigration Service has ordered the arrest of former Governor of Kogi State, Alhaji Yahaha Bello, if found at any entry/exit point of the country.
The NIS said on Thursday night that Yahaya Bellowas placed on its watchlist after evading arrest by the Economic and Financial Crimes Commission (EFCC) over allegation of N80 billion fraud.
This notice came a few hours after the EFCC had declared the former governor wanted.
The NIS, in a letter addressed to the Director-General, Department of State Services (DSS), the Inspector-General of Police, the Director-General of the National Intelligence Agency as well as other formations declared that Bello had been placed on its watch list.
The letter was signed by the Assistant Comptroller of Immigration (Suspect Index), D S Umar, on behalf of the Comptroller General of the Immigration Service.
Part of the letter read, “Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for Conspiracy, Breach of Trust and Money Laundering vide letter Ref: CR: 3000/EFCC/LS/EGCS.1/TE/V 1/279 dated 18th April 2024, if seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.”
News
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
The Economic and Financial Crimes Commission (EFCC) on Thursday declared former Kogi State Governor, Yahaya Bello, wanted.
The anti-graft agency said Bello is wanted for alleged offences relating to economic and financial crimes to the tune of N80.2 billion.
The EFCC called on Nigerians with information as to his whereabout to report immediately to the Commission or the nearest Police Station.
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“The public is hereby notified that YAHAYA ADOZA BELLO (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC) in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).
Bello, 48-year old Ebiraman, is a native of Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.
Anybody with useful information as to his whereabouts should please contact the Commission in its lbadan, Enugu, Kano, Lagos, Gombe, Port Harcourt and Abuja offices or through these numbers 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5; its e-mail address: info@efccnigeria.org or the nearest Police Station and other security agencies, ” a public notice issued by the EFCC read.
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
News
BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has called on the immediate-past governor of Kogi State, Alhaji Yahaya Bello, to submit himself for probe.
More trouble for Yahaya Bello as immigration places him watchlist
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