• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, July 31, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CISLAC, Stakeholders Deepen Engagements To Curb $18bn Illicit Financial Flows

by Chika Izuora
2 years ago
in Business
Auwal Musa Rafsanjani

Auwal Musa Rafsanjani

Share on WhatsAppShare on FacebookShare on XTelegram

The Civil Society Legislative Advocacy Centre(CISLAC) has deepened its stakeholder engagement strategy aimed at entrenching transparency in Nigeria’s extractive industry.

Advertisement

The ongoing engagement also seeks at plugging fraudulent conveyor channels through which the country loses over $18 billion annually as a result of Illicit Financial Flows (IFF).

The organisation said, the loss was largely due to tax evasion, caused by grand corruption, organised crime and other licit and illicit practices.

Speaking at the opening of a two-day workshop organised by the Accountability in Extractive Sector cluster with support from the United States Agency for International Development (USAID) in Lagos, the executive director and CISLAC, Mr. Auwal Ibrahim Musa, stated that, although Nigeria might be an extreme case, the menace was replicated throughout Africa.

According to him, recognition of the need to expand the frontiers of Nigeria’s collective struggle for transparency and accountability has necessitated the workshop.

RELATED

Port Harcourt Refinery Not For Sale — NNPC

Port Harcourt Refinery Not For Sale — NNPC

14 hours ago
[EDITORIAL] The World Against Trafficking In Persons

EU Announces Extra €6m Support To Fight Human Trafficking In Nigeria

17 hours ago

He stated that while legitimate corporate businesses have an integral role in national development, the involvement of Politically Exposed Persons who conceal corruptly acquired wealth through the complex networks of companies deliberately created to hide their identities has further increased the risks they pose to non-fortified economies.

Musa pointed out that without transparent ownership of Nigerian and international companies operating within the Nigerian jurisdiction, we will not be able to stop the bleeding from illicit financial outflows, which costs us around 18 billion US dollars, annually.

To him, “being the backbone of our economy, the extractives industry must be run transparently and accountably. Nigeria proved its desire to implement beneficial ownership transparency (BOT) commitments when it participated in the beneficial ownership pilot in 2015, signed up to the Open Government Partnership initiative in 2016 and complied with the principles and requirement of the global Extractive Industries Transparency Initiative (EITI) to establish a beneficial ownership (BO) register by 1st January 2020. 

Speaking further, he said, the course of these achievements, civil society partners sustained interventions to galvanize support from government and non-state champions for the advancement and realization of this commitment towards a more transparent and accountable extractive sector governance regime.

“We must however not rest on our oars as the register is not an end in itself but a means to an end. While it remains a significant effort in the fulfillment of the commitments to strengthen anti-corruption reforms and corporate accountability, it is only as important as its utilization in detecting, preventing, reporting and sanctioning corruption in the sector.

“It is towards the above end that we have convened this workshop in recognition of the crucial role of the media as the fourth pillar of democracy and the need for building local stakeholders’ capacity on the importance of quality and timely beneficial ownership data, and to share skills, tools and methodologies to analyse and use the data”, he said.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: CISLAC
SendShareTweetShare
Previous Post

CPPE Calls For Palliatives To Cushion Reforms’ Headwinds

Next Post

Cleric Urges Federal Govt To Harness Nigeria’s Tourism Potential

Chika Izuora

Chika Izuora

You May Like

Port Harcourt Refinery Not For Sale — NNPC
Business

Port Harcourt Refinery Not For Sale — NNPC

2025/07/30
[EDITORIAL] The World Against Trafficking In Persons
Business

EU Announces Extra €6m Support To Fight Human Trafficking In Nigeria

2025/07/30
Lekki Port Moves 40,000TEUs Transhipment Cargoes Across West African Seaports
Business

Lekki Port Moves 40,000TEUs Transhipment Cargoes Across West African Seaports

2025/07/30
Sub-Saharan Africa’s 3.4% 2024 Growth Inadequate To Curb Poverty – World Bank
Business

World Bank Advocates Strong Policies, Action To End Gas Flaring

2025/07/30
Chams Unveils Driving Forces Of Stellar Performance
Business

Chams Holding Rebrands, Restructures For Future Growth

2025/07/30
Ecobank Nigeria To Reward  500 Customers
Business

Ecobank Group Reports $398m Pre-tax Profit, $1.1bn Net Revenue In H1

2025/07/30
Leadership Conference advertisement

LATEST

Tinubu Meets Kwankwaso’s Ally Jibrin Amid Defection Rumour

Sokoto Gov’t Begins Sale Of N5.3bn Fertilizer To Farmers

MTN Doles Out N290m In Ongoing Mega Promo

Bayelsa Gov’t Donates N100m To Support Adamawa Flood Victims

JUST-IN: Federal Gov’t Increases Scholarship Grants By 50%

Coalition Not About Atiku’s 2027 Ambition — ADC

JUST-IN: Gov Alia Sacks Cabinet, Appoints New Chief Of Staff

CAS Tasks 30 New Pilots On Integrity, Commitment To Professionalism

IAWPA Inducts Amb Calvaliereh As Africa’s ‘Most Peaceful Man 2025’ In Ethiopia

INEC, NOA Close Ties To Strengthen Voter Education, Mobilisation

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.