Tobacco multinationals in Nigeria and other African Countries are contributing significantly to illicit financial flows in the continent mainly through tax avoidance and evasion, a new report said. The report titled 'Tobacco Industry and Illicit Financial Flows in Africa" was conducted by the Civil Society Legislative Advocacy Centre in collaboration with Tax Justice Network…
The report profiles leading tobacco companies, their subsidiaries, domicile and revenue trends between 2010-2021 in South Africa, Malawi, Tanzania, Kenya, Nigeria, Cote’s Ivoire, Ghana, Egypt and Morocco. He said: “We have to show the world the negative effects and manner in which tobacco companies are destroying the health of Africans, and at same time, promote corruption in the continent. Over the years, tobacco have done a lot of harm to the health and wellbeing of Nigerians and Africans. In abroad, especially in the Western world, the tobacco consumption is reducing but in Africa the consumption rate is increasing.
He said the Civil Society Organisations are working with ECOWAS to highlight and show the danger and the risks for the continuation of allowing the tobacco companies to have their way. Noting that the incentives offered to tobacco firms by African government were not commensurate with their contribution to the economy, the don warned government of host countries to be wary of higher taxes even as it is beneficial.