Civil Society Legislative Advocacy Centre (CISLAC),says the recent Pandora papers scam involving Nigerians and companies was a manifestation of weaknesses in the Nigerian financial systems and regulatory deficiencies.
The group said the development paved way for the annual loss of $18billion to illicit financial flows out of Nigeria.
Auwal Musa Rafsanjani, Executive Director of CISLAC told newsmen in Abuja that while the Panama and Paradise papers led to protest across the globe, including fall of governments, dismissal of officials, criminal investigations, asset confiscation, both had minimal impact in Nigeria as the Federal Government failed to take decisive actions against corruption by bringing all those indicted to account.
“The Pandora papers release is coming when Nigeria is reeling under the deleterious impact of the Covid-19 and the debt pileup that has continued to stoke serious concerns across political divides and among Nigerians and its development partners.
“Therefore, it is a meaningful opportunity for the Buhari administration to act decisively against corruption, aggressive tax planning and other financial practices of politically exposed persons and companies that threaten our country’s economic stability and corporate existence.
“The coalition of CISLAC, Transparency International in Nigeria and the Premium Times Centre for Investigative Journalism urgently calls on President Buhari, the Minister of Justice and Attorney General of the Federation and all anti-corruption agencies to immediately commence actions to investigate all the people and companies indicted in the stories and revelations of dirty financial deals so far published,” the group noted in its remarks before the media.
