CISLAC Director of Legal, Mr Adesina Oke, disclosed this at a stakeholders’ meeting on Sunday in Lagos.Oke added that Africa also loses over 50 billion dollars every year due to Illicit Financial Flows .
Oke explained that out of the 15.2 billion dollars losses, the oil-dominated extractive industry alone represented 95.2 per cent of the figure, amounting to 14.5 billion dollars . In an interview with News Agency of Nigeria, Oke said that the losses coupled with corruption and mismanagement was the reason the nation has yet to reap measurable benefit from the sector.
“Laws like the PIB are yet to be passed, the Proceed of Crime Bill is yet to be passed, and we also have the Anti-money laundering and other anti-corruption bills. Oke pointed out that those pushing for the bill to be passed might have to start afresh if the 8th National Assembly failed to pass the bills before it winds up in June.
“The PIB has come a long way and we have been struggling to ensure these bills are passed, but it has been going front and back.“It is not even as though what is contained in the bill is all that is desired, but it is better to have a law in place that you can amend than not to have any law at all.
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