$62.9b Capital Flight: Senate Probes Alleged Fraud

Investigations by the Senate into alleged Capital flight by some international oil companies and some banks, has resulted in the unearthing of discrepancies.

During plenary, it was revealed that between 2009-2014, the country has allegedly lost $62.909 billion in capital flight.


Accordingly, the searchlight is being beamed on alleged misdeeds in collaboration between a few banks and some International Oil Companies (IOCs), which, the upper chamber believed had seriously defrauded the country.

The investigation which has to do with  "the pre-shipment inspection of export activities in Nigeria" is being conducted jointly by the Senate committees on Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, Insurance and other Financial Institutions, Judiciary, Human Rights and Legal Matters, as well as the committee on Customs and Excise.