Nigeria as well as some other African countries are losing about $50 billion yearly to illegal financial outflows.
This was stated by the Executive Secretary/Chief Executive Officer of rhe Nigerian Shippers’ Council (NSC) Mr. Pius Akutah, during a debate competition organised by some members of the National Youth Service Corps in collaboration with industrial trainees of the council.
The event was held recently in Lagos with the theme “Effective whistleblowers protection mechanism: A critical tool in the fight against corruption”.
Akutah, represented by the Director of Human Resources at the NSC, Mrs Ada Okam, explained that illicit financial outflows negatively impact the quality of life in Africa.
According to him, efforts at lifting Africans out of poverty and the provision of basic services to Africans had been retarded.
“From research, it is noted that Africa loses more than $50bn annually through illicit financial outflow,” the NSC boss stated.
According to Akutah, illicit financial outflows make it difficult for Africa to grow as a continent and achieve the African agenda and the Sustainable Development Goals.
He stated that corruption has negatively affected the coutrt as “its effect is negatively permeative and all-encompassing, touching on every facet of human society, as it retards national advancement, stability and prosperity.
“It is on this premise that the African Union has set aside July 11 every year as a day to remind everyone of the menace of corruption. This is according to the United Nations’ campaign to ensure a reduction in corruption and the promotion of transparency,” he stated.
He revealed that the council has a policy to protect the whistleblower as provided in the NSC Code of Conduct.
“The NSC Anti-Corruption and Transparency Unit is also responsible for the protection of whistleblowers in the council,” he said.
