Nigeria has spent over N6tn to prosecute its war against terrorism since 2008, Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said.
He also said the country lost N5.4tn to tax evasion by multinationals between 2011 and 2021.
Bawa made the disclosure during a paper presentation, ‘combating of crime, corruption and implication for development and security’, at the 38th Cambridge international symposium on economic crime, organised on Friday by the Centre for International Documentation on Organised and Economic Crime, Jesus College, University of Cambridge, United Kingdom.
A statement by spokesman for the commission, Wilson Uwujaren, said Bawa was represented at the event by his Deputy Chief of Staff, Sambo Mayana.
He also stated that since he took over in March, the agency had recovered over N6tn and over $161m from people who committed economic crimes.
The agency also recovered £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 real estates, he added.
“We have arrested over 1,500 internet fraudsters, many of whom are being prosecuted,” he said.
He said till date the EFCC since its creation had secured over 3,400 convictions.
Bawa called on leaders across the world to rise to the challenge of fighting corruption to enhance global economic development and security.
According to the EFCC boss, economic and financial crimes including corruption, which manifest in various forms in different nations, are at the core of global development and security challenges.
Citing a report by the Organization for Economic Cooperation and Development OECD, he said, “Resources that could support a country’s development are lost through criminal acts like corruption, tax evasion, money laundering, and others.
“The ‘spoiler’ effects on countries’ development processes are diverse, and particularly severe for fragile states: economic crime, including illicit financial flows, diverts much needed resources needed to rebuild countries’ public services, from security and justice to basic social services such as health and education.”
The EFCC chair said the absence of substantial improvement in the living condition of the people in Africa and the rest of the developing countries, in spite of their natural resources, could be blamed on pervasive economic crimes taking place in these countries.
He said, “The incidence of illegal mining, smuggling of goods, tax evasion, illegal oil bunkering, illegal arms deals just to mention but a few does not allow the government to receive the full accruals from the continent’s vast resources that are needed for development.
“The revenue generated is embezzled by government officials and their collaborators in the private sector. This does not allow for economic growth and by extension a hindrance to development.”
SERAP sues Buhari over alleged missing N11tn electricity fund
President Muhammadu Buhari has been dragged to court by the Socio-Economic Rights and Accountability Project (SERAP) for allegedly failing probe N11tn electricity fund said to missing.
The money, according to SERAP, was meant to provide regular electricity supply for the country since 1999, and it is suspected to have “been stolen, mismanaged or diverted into private pockets.”
In the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court, Lagos, SERAP sought for “an order of mandamus to direct and compel President Buhari to investigate how over N11 trillion meant to provide regular electricity supply has been allegedly squandered by governments since 1999.”
This is coming after it was reported that Nigeria’s electricity grid has collapsed at least three times within five months, and 130 times in seven years, plunging many households across the country into darkness.
Toyota-Suzuki joint SUV coming in August, Africa listed
The collaboration between Toyota and Suzuki is set to manifest in concrete terms as Toyota says it will start the production of a new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd from August.
The Suzuki-developed SUV will come with mild and strong hybrid variants – made in India for both brands, multiple sources including motorauthority.com report.
The two companies are said to be planning to export the new model to markets outside India including Africa.
Toyota and Suzuki are promoting mutual supply of vehicles globally, which is one of the collaborations in their business partnership.
The two companies signed a memorandum of understanding for a business alliance in 2017. Since then, the two companies have been bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles for joint collaboration in production and in the widespread popularization of electrified vehicles.
The powertrains of the new model to be on sale in India will be equipped with mild hybrid developed by Suzuki and strong hybrid developed by Toyota.
By bringing together strengths of both Toyota and Suzuki through the collaboration, the two companies say they will be able to provide a wide variety of vehicle electrification technologies to customers and contribute to the acceleration of electrification and the realization of a carbon-neutral society in India.
While Suzuki leads and understands the India market, Toyota brings hybrid tech to the table.
Maruti Suzuki India Limited and TKM will market the new model in India as Suzuki and Toyota models, respectively.
Ford to end production of Focus in 2025
Ford has confirmed that it will stop producing the Focus model in 2025, in a move that threatens the longer-term future of its Saarlouis, Germany plant that only makes that model.
Nigeria may not miss the exit of the Focus as it has not really been as popular as other Ford models such as the Escape, the Edge and Everest.
Ford however said that its plant in Saarlouis would continue to produce the Ford Focus passenger car, while the company is also evaluating options for future site concepts.
In Europe, Ford has emphasised the future role for electrified models – which includes its Cologne plant in Germany being a hub for EV production. It will build a new SUV based on VW’s MEB platform from 2023.
Ford also recently announced that its Valencia, Spain, plant would receive investment for making electric vehicles on a next-generation electric vehicle architecture.
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