Nigeria Lost $7.92bn To Corruption In One Year’ A total of $7.92billion in illicit capital flowed of out Nigeria in 2012, according to the latest report released by the US-based non-profit research and advisory organisation, Global Financial Integrity (GFI). For the year 2012, only Nigeria and South Africa are the two African countries ranked in the top 20 countries for illicit financial outflows. Nigeria was ranked 17th behind South Africa, which ranks 9th with cumulative illicit financial outflows of $29.13 in 2012. According to the report, “Illicit Financial Flows from Developing Countries: 2003-2012,” emerging economies lost a whopping $991.2billion in facilitating crime, corruption and tax evasion. However, in the 10-year period between 2003 and 2012, Nigeria was ranked 10th with a cumulative of $157.46billion, surpassing South Africa which was ranked 12th with a cumulative $122.14billion. Also, Nigeria and South Africa are the only two African countries that w...
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