Nigeria and the African Union Report

Lagos — The recent report by the Africa Union (AU) revealed that Nigeria, the world's seventh largest producer of hydrocarbon, accounts for about 68.1 per cent of the total revenue the continent loses annually to ilicit transfer of revenues abroad.

The report of the Thabo Mbeki High Level Panel on Illicit Financial Flows from Africa adopted on Sunday by African Union Heads of State and Government at their summit in Addis Ababa, Ethiopia said about $40.9 billion (about N6.87 trillion) of an estimated $60 billion (about N10.08 trillion) lost through such transfers from Africa are traceable to Nigeria.

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