The chairman of the Economic Financial Crimes Commission EFCC, Abdulrasheed Bawa, has revealed that the federal government has spent N6 trillion on the war against insurgency since 2008, and lost N5.4 trillion to tax evasion by multi-national corporations operating in the country between 2011 and 2021.
This was contained in a statement by EFCC spokesman, Wilson Uwujaren, while presenting a paper entitled, ‘combating of crime, corruption and implication for development and security’, at the 38th Cambridge international symposium on economic crime, organised by the Centre for International Documentation on Organised and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom.
The spokesman said Bawa was represented by Sambo Mayana, his deputy chief of staff.
Citing a report by the organisation for economic cooperation and development, Bawa 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,” he said.
Bawa said records show that as of August 2021, the EFCC has over 3,408 convictions.
“From the time I took over as the Executive Chairman, on the 5th of March 2021, we have recovered over N6 billion, over $161 million, over £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 Real Estates. We have arrested over 1500 internet fraudsters, many of whom are being prosecuted,” he added.
The EFCC chairman said the absence of substantial improvement in the living condition of the people in Africa and the rest of the developing countries, despite their natural resource endowment, can be blamed on pervasive economic crimes including embezzlement by government officials.
