Chairman of the Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has revealed that the federal government has spent N6 trillion on the war against insurgency since 2008.
He also revealed that the federal government has lost N5.4 trillion to tax evasion by multi-national corporations operating in the country between 2011 and 2021.
This was contained in a statement by Wilson Uwujaren, EFCC spokesman, who revealed that Bawa said this on Friday while presenting a paper entitled, ‘combating of crime, corruption and implication for development and security’, at the 38th Cambridge international symposium on economic crime, organised by the Centre for International Documentation on Organised and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom.
The spokesman stated that Bawa was represented by Sambo Mayana, his deputy chief of staff.
Also Read: Verify Documents Presented By Customers For Forex, EFCC Tells Banks
Citing a report by the organisation for economic cooperation and development, Bawa stated that resources that could support a country’s development are lost through criminal acts like corruption, tax evasion, money laundering, and others.
“The spoiler effects on countries’ development processes are diverse, and particularly severe for fragile states: economic crime, including illicit financial flows, diverts much needed resources needed to rebuild countries’ public services, from security and justice to basic social services such as health and education,” he said.
Bawa said records show that as of August 2021, the EFCC has over 3,408 convictions.
“From the time I took over as the Executive Chairman, on the 5th of March 2021, we have recovered over N6 billion, over $161 million, over £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 Real Estates. We have arrested over 1500 internet fraudsters, many of whom are being prosecuted,” he added.