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Corruption in Nigeria is a constant phenomenon. In 2012, Nigeria was estimated to have lost over $400 billion to corruption since its independence. [2] [3] Nigerian politicians find themselves in a strong position of power and wealth due to their connections with the oil and gas industries in Nigeria.
The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), [2] which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering. [1] The agency has its head office in Abuja, Nigeria. The EFCC was also set up to ...
The activities that constitute illegal corruption differ depending on the country or jurisdiction. For instance, some political funding practices that are legal in one place may be illegal in another. In some cases, government officials have broad or ill-defined powers, which make it difficult to distinguish between legal and illegal actions.
An indigenisation policy championed by bureaucrats and Nigerian businessmen [5] was pursued within the Federal Government's National Development Plan for 1970–74. [6] In February 1972, the Nigerian Enterprises Promotion Decree was promulgated to be effective in April 1974.
ABUJA (Reuters) -A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get ...
Black money is the proceeds of an illegal transaction, on which income and other taxes have not been paid. Black money is often associated with money laundering, a process used to conceal the illegitimate source of the money. Because of the clandestine nature of the black economy, it is not possible to determine its size and scope.
The court ruled that the government should disclose the "exact amount of money stolen by General Sani Abacha from Nigeria and the total amount of Abacha loot recovered and all agreements signed on ...
A West African court has found the Nigerian government guilty of human rights abuses during its suppression of the 2020 #EndSARS protests against alleged police brutality.