August 22nd, 2017Nigeria has joined 71 other countries to combat tax evasion as the Federal Inland Revenue Service has signed two major multilateral instruments.
These instruments are the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and the Common Reporting Standard (CRS)...
August 11th, 2017Nigeria’s anti-graft agency said it traced at least $615 million of allegedly illegally acquired cash and properties to the West Africa nation’s former oil minister, Diezani Alison-Madueke.
In addition to “boxes of gold, silver and diamond jewelry, worth several million pounds” found at her residence, the Economic and...
July 25th, 2017Some federal lawmakers from Nigeria, together with their counterparts from other African countries, have pledged to tackle modern slavery and related issues like human trafficking, forced labour and commercial sexual exploitation.
The lawmakers promised to combat modern slavery through the reviewing and strengthening of the existing...
July 24th, 2017Nigeria’s former oil minister faces charges only at home but her name crops up in a growing number of international cases that lift the lid on the scale of alleged corruption in the country’s oil sector.
Since leaving office in 2015, Diezani Alison-Madueke has been implicated in bribery, fraud, misuse of public funds, and money...
July 17th, 2017The U.S. Justice Department on Friday (July 14 2017) filed a lawsuit seeking to recover assets that include a $50 million Manhattan apartment and an $80 million yacht that it said were bought using money generated from a scheme to pay millions of dollars in bribes to a former Nigerian oil minister.
The civil lawsuit alleged that two...
July 7th, 2017Addax Petroleum has agreed to pay 31 million Swiss francs ($32 million) to settle charges of suspected bribery of foreign officials, the Geneva prosecutor's office said on Wednesday.
Prosecutors for the Swiss canton of Geneva investigated the company, whose chief executive officer and legal director were also charged, over several...
June 16th, 2017The Federal Government lost about $1trillion last year to tax evasion and avoidance by multinationals, acting President Yemi Osinbajo has said.
The acting president, who was speaking at the end of the Executive Council of the Federation meeting on Wednesday, said the country also lost about $178 billion to illicit financial flows in...
June 13th, 2017Nigeria's anti-corruption agency is investigating the speaker of the lower chamber of parliament, part of an anti-graft campaign waged by President Muhammadu Buhari's government.
Yakubu Dogara, the speaker of the House of Representatives, is under investigation over allegations he illegally added figures to Nigeria's 2016 budget after...
May 31st, 2017Nigerian lawmakers passed a bill aimed at cracking down on money laundering by urging foreign countries where currency crooks are hiding to cooperate in prosecuting them, a senior official said on Tuesday (May 30 2017).
According to the bill, Nigeria may ask any country where a money launderer is hiding to help it prosecute the...
May 30th, 2017The Centre for Anti-Corruption and Open Leadership, CACOL, has hailed the anti-corruption war of the President Muhammadu Buhari administration, saying it has achieved unprecedented successes.
A statement by CACOL’s Media Coordinator, Mr Wale Salami, quoted the Executive Chairman, Mr Debo Adeniran, as saying that the successes of the...
