Based on report from the 14 Global Financial Integrity Report, Nigeria lost an estimated $157.5 billion to illicit financial flows between 2003 and 2012.

According to the NCV, two foreign companies allegedly own 84% stake in LADOL.

And Nigeria is losing revenue due to this.

It’s not a bad thing for any foreign company to be interested in doing business in Nigeria but it becomes a problem when said foreign companies are disguising themselves as indigenous ones in order to escape tax and enjoy benefits tied to the locals in various industries.

The NCV has urged the president to direct the NCDMD and CAC to investigate LADOL in order to get to the root of this matter. It doesn’t also help issues that LADOL is still allegedly owing the FG 16 Billion naira.

Read more here: https://m.guardian.ng/energy/probe-ladols-nigerian-ownership-claim-group-tells-buhari/