Africa loses $50bn yearly to tax evasion, fraud — ANAN

0
148

The Association of National Accountants of Nigeria, ANAN, has said that Africa is losing more than $50 billion every year in illicit financial outflows as governments and multinational companies engage in fraudulent schemes aimed at avoiding tax payments to some of the world’s poorest countries.

Speaking at the ANAN’s International Fraud Summit, Chairman of the summit, Prof. Adebayo Adejola, stated: “Africa is losing more than $50bn every year in illicit financial outflows as governments and multinational companies engage in fraudulent schemes aimed at avoiding tax payments to some of the world’s poorest countries, impeding development projects and denying poor people access to crucial services.

“A great need of the moment in the fight against fraud is the need of leaders who can neither be bought nor sold, leaders who in their inmost souls are true and honest, and are true to their duties as the needle to the pole, leaders who will stand for the truth, even though the heavens fall.”

Adejola said that for the continent to be free from financial corruption, anti-graft agencies like the Economic and Financial Crimes Commission(EFCC) and the Independent Corrupt Practices Commission (ICPC) have major roles to play.

-Advertisement-

Also speaking at the event, the President and Chairman of the Council of ANAN, Rev. Canon Benjamin Osisioma, said the pervasiveness and destructiveness of fraud and corruption in most parts of the world, particularly in Africa informed the need for the Association to put the summit together.

[READ ALSO] Cyber Fraud: Court Jails Notorious Fraudster Ishola 235 Years