A report by Civil Society Legislative Advocacy Centre (CISLAC), indicated that Nigeria loses over four trillion Naira annually in the extractive industry due to lack of laws and policies.
Mr. Adesina Oke, Director of Legal, CISLAC, disclosed the development at a stakeholders’ meeting Today, Sunday, 24th March, 2019. in Lagos.
The stakeholders’ meeting is a collaborative effort of CISLAC, Connected Development (CODE) and Oxfam.
He added that Africa also loses over 50 billion dollars every year due to Illicit Financial Flows (IFF).
Mr. Oke, however, noted that pending laws before the National Assembly, as well as policies yet to be implemented by the executive, could have curbed these losses.
He further explained that out of the 15.2 billion dollars losses, the oil-dominated extractive industry alone represented 95.2 per cent of the figure, amounting to 14.5 billion dollars (N4.44 trillion).
he listed the Petroleum Industry Bill (PIB), Proceeds of Crime Bill, Whistle Blower Protection Bill and the policy to know the beneficial owners of registered companies as the laws that could have curbed and eventually stopped these loses.