The oil and gas sector of the Nigeria economy is responsible for 92.9 per cent of illicit financial flows (IFF) with over $217.7 billion said to have flowed out of the country between 1970 and 2008. This is contained in report entitled, “Averting Illicit Financial Flows in Nigeria’s Extractive Industry,” released yesterday by the Nigeria Extractive Industries Transparency Initiative (NEITI). The report, which was supported by Trust Africa, showed that oil bunkering also accounted for about 35 per cent, while commercial transactions in the form of tax evasion, money laundering and transfer pricing by multinationals that dominate the sector account for more than 60 per cent of Nigeria’s illicit financial flows. In his speech, the executive director of NEITI, Mr. Waziri Adio, commended Trust Africa for supporting the project and DataPro for compiling the data, stressing that the issue of illicit financial flows is now getting the required public […]