Nigeria lost a total of $7.92billion in illegal capital smuggled of out the country in 2012, Global Financial Integrity (GFI) reports.
The report, according to the US-based non-profit research and advisory, indicates that in the year 2012, only Nigeria and South Africa were the two African countries ranked in the top 20 countries for illicit financial outflows.
It said Nigeria was ranked 17th behind South Africa, which ranks 9th with cumulative illicit financial outflows of $29.13 in 2012.
According to the report, “Illicit Financial Flows from Developing Countries: 2003-2012,” emerging economies lost a whopping $991.2billion in facilitating crime, corruption and tax evasion.
The report says, in the 10-year period between 2003 and 2012, Nigeria was ranked 10th with a cumulative of $157.46billion, surpassing South Africa which was ranked 12th with a cumulative $122.14billion.
Also, Nigeria and South Africa are the only two African countries that were ranked for illicit financial outflows in the 10-year period between 2003 and 2012.
“The fraudulent mis-invoicing of trade transactions was revealed to be the largest component of illicit financial flows from developing countries, accounting for 77.8 percent of all illicit flows, highlighting that any effort to significantly curtail illicit financial flows must addressed”, it further revealed.
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