The Presidential Advisory Committee Against Corruption, PACAC, was constituted in August 2015. It was the very first committee President Buhari set up after he was sworn into office on May 29th 2015. PACAC commenced work on August 10, 2015 with the mandate to, inter alia – promote the reform agenda of the government on the anti-corruption effort, to advise the present administration in the prosecution of the war against corruption and the implementation of required reforms in Nigeria’s criminal justice system.
On June 5th-7th 2017 PACAC in collaboration with the Ministry of Justice organized its inaugural conference, Promoting International Cooperation in Combating IFF and Enhancing Asset Recovery to Foster Sustainable Development. ANEEJ participated in and contributed her bit to stemming Illicit Financial Flows. The Report is here:
On September 11 – 12 2018, it would hold a second conference on Combating Illicit Financial Flows and enhancing Asset Recovery to foster sustainable development. ANEEJ executive director, the Rev David Ugolor, has been invited as a panelist at this auspicious conference to talk on Best Practices in Managing Returned Assets for the SDGs.
The Thambo Mbeki Report says that Africa losses at least $50 billion annually to illegal transactions. Some reports suggest the continent may have lost up to $1 trillion in the past 50 years. Such losses come from nefarious commercial activities of multinational companies, drug trafficking and smuggling, and bribery and embezzlement. Some companies also engage in over-invoicing or under pricing trade deals, transfer pricing (avoiding taxes by setting prices in trading between their divisions), offshore banking and the use of tax havens (https://www.un.org/africarenewal/magazine/april-2016/mbeki-panel-ramps-war-against-illicit-financial-flows)