Wednesday, 7 June 2017

It is easier to steal funds in Nigeria - Kemi Adeosun

It is easier to steal funds in Nigeria - Kemi Adeosun

- Kemi Adeosun, the minister of Finance, explained why it has been difficult to recover stolen funds in Nigeria 

- Adeosun revealed how difficult it was for the government to repatriate money starched in foreign countries by treasury looters 

Nigeria’s minister of Finance, Kemi Adeosun, has said it is easier to steal money in the country while recovering such stolen funds takes years. 

Adeosun reportedly made this claim in Abuja at a three-day conference with the theme: ‘Promoting International Cooperation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development’. 

The minister further disclosed that the country had continued to fight for the repatriation of the funds starched in foreign accounts since over 20 years ago by some alleged looters. 

“We are taking steps to improve tax administration, to improve compliance and just to generally make it a little more difficult for people to loot the treasury

“My experience from the little time I’ve spent as a minister is that it’s far too easy to do these things in Nigeria, and we’ve got to make it much more difficult. 

“A lot has been done about speaking about the problem. We need to move to how to solve the problem. From the Ministry of Finance’s perspective, our view is that prevention is better than cure.

“Recovering money is exciting but it’s difficult. It takes years. We’re still battling to recover money that was looted from Nigeria 20 years ago. 

“So, my perspective as minister of Finance and as an accountant is: how do we block the money from getting out in the first place? 

“How do we strengthen our controls? How do we create the early warning systems that tell us to flag certain transactions? 

“Let’s stop the money going out; let’s stop the loss, and then we can work on recovery,” Adeosun reportedly added. 

we had earlier reported that the House of Representatives has summoned former minister of Finance, Ngozi Okonjo-Iweala, as well as her successor, Kemi Adeosun. 

They were reportedly to appear over alleged abuse and breach of the Procurement Act, 2007 as the House committee overseeing the act said they must appear. 

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