Nigeria, Africa Lose Over $50bn Annually to Corruption

Abuja — Nigeria and other African countries have been estimated to be losing over $50 billion annually as a result of corruption, money laundering and other criminal activities.

The Vice President, Prof. Yemi Osinbajo, stated this on Monday in Abuja at the eighth Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa (ACA).

Osinbajo who represented President Muhammadu Buhari at the occasion, said much had been lost and still being lost in Nigeria and the African continent as a result of corruption.

He stressed that while the public sector has been the major focus of anti-corruption drive, the private sector is one of the main enabler and equally enmeshed in all manner of corrupt practices.

According to him, the public-private sector collaboration is one of the most complex web of corruption to deal with.

“Developing countries loses over $1 trillion annually due to corporate theft.

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