This article discusses the impact of illicit financial flows on economic growth in Africa and examines strategies to address and assuage these losses.

The Oyo State Government may soon be using legal action against residents and business owners domiciled in the state who evade the payment of taxes, an official said on Friday. Mr Olufemi Awakan, the Executive Chairman of Oyo State Board of Internal Revenue, disclosed in a statement in Ibadan it was time to clear all…

Taxation is a crucial part of any nation’s economy, acting as a primary source of government revenue used for public goods and services. In Nigeria, the federal government faces significant challenges in tax collection, which limit its ability to harness the country’s full potential.

About 99 per cent of Nigeria's wealthiest individuals do not pay tax, while the richest Nigerian could spend N1 million daily for 42 years without exhausting his wealth, exposing the deepening inequality crisis in the country, new reports by Oxfam, a global organization that fights inequality to end poverty and injustice, have revealed. Despite being…

The Osun State Government has accused Segilola Gold Mining Company of evading tax for three years and engaging in unethical business practices. The allegations were made on Thursday by the Special Adviser to Governor Ademola Adeleke on Mining and Mineral Resources, Lukman Jimoda while addressing a press conference in Osogbo, the capital of the state.…

Telecommunications operator, MTN, has faulted claims by the Osun State government that it owed the state N900 million for unpaid taxes on the rollout of its fibre cables in the state.

Notwithstanding the challenges in tackling offshore tax evasion and illicit financial flows, the Federal Inland Revenue Service (FIRS) has said that Nigeria has taken necessary steps to overcome the hurdles through the implementation of the Automatic Exchange of Information (AEOI) Common Reporting Standard (CRS) procedures. Deputy Director, FIRS, Kehinde Kajesomo, said this during a tax…

The Federal Inland Revenue Service (FIRS) has filed an amended four-count charge against Binance Holdings Limited and its executive, Tigran Gambaryan, on alleged tax evasion. FIRS lawyer, Moses Ideho, made this known on Friday before Justice Emeka Nwite of a Federal High Court, Abuja. Ideho informed the court that following the escape of Nadeem Anjarwalla…

During a sitting on 8th May 2024, Spanish prosecutors moved to close Shakira’s tax fraud case after months of opening proceedings against the Latin pop star over unpaid tax worth over $7 million. "The Barcelona provincial prosecutor's office for financial crimes has requested the closure of proceedings against Shakira," stated the prosecutor's office, citing "insufficient…

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has teamed up with the Federal Inland Revenue Service (FIRS) to curb tax evasion and meet up with the FIRS projected N1.9 trillion tax from the public sector.

The sudden escape of Binance executive, Nadeem Anjarwalla, from custody of the National Security Adviser has been eliciting reactions, especially criticism of Nigeria’s security architecture.