Destination Nations Must Insist On Repatriation Of Illicit Funds – Osinbajo

Nigeria’s Vice President, Yemi Osinbajo has come out to beg leaders of destination countries to insist on the repatriation of illicit funds and proceeds.

Osinbajo’s spokesman, Laolu Akande recently revealed this in a statement in Abuja.

According to Osinbajo, there has to be an overhaul of the international tax system in order to tackle the scourge effectively.

He added that the commercial form of illicit financial flows, especially tax evasion and aggressive tax avoidance accounts for up to 65 percent of illicit financial flows.

His words, “The enormity of efforts required to tackle illicit financial flows is evident in the many dimensions the scourge presents itself.

“It manifests through harmful tax policies and practices, abusive transfer pricing, trade mis-pricing and mis-invoicing illegal exploitation of natural resources as well as official corruption, and organised crimes.

“We have to pay particular attention to efforts to reform the international tax system.

“The commercial form of illicit financial flows, especially tax evasion and aggressive tax avoidance accounts for up to 65 per cent of illicit financial flows.

“This means that we must pay particular attention to these issues, which are aided by things such as tax treaties, tax havens, and financial secrecy jurisdictions and indeed tax competition which leads to a ‘race to the bottom’ in terms of tax rates amongst developing countries.”

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Oluyemi Oluleke “Yemi” Osinbajo SAN, GCON (born 8 March, 1957) is a Nigerian lawyer and politician who is the currently serving as the Vice President of Nigeria, in office since 29 May 2015.

Yemi Osinbajo was born into the family of Opeoluwa Osinbajo on 8 March 1957, Creek Hospital, Lagos. Osinbajo is married to Dolapo (née Soyode) Osinbajo, a granddaughter of Obafemi Awolowo. They have three children – two daughters, Damilola, Kanyinsola and a son, Fiyinfoluwa Osinbajo.

Yemi Osinbajo is the Pastor in charge of the Lagos Province 48 (Olive Tree provincial headquarters) of The Redeemed Christian Church of God.

On 31 March 2015 Buhari was confirmed by the Independent National Electoral Commission (INEC) as the winner of the presidential elections. Thus Osinbajo became the Vice President-elect of Nigeria. They were both sworn in on 29 May 2015. On 17 August 2017 VP Yemi Osibanjo described hate speech as a species of terrorism.