Financial leakages filling insecurity in Nigeria

The Minister of Interior, Rauf Aregbesola, has linked the spate of insecurity in the country to financial leakages.

According to him, criminals are still in business of the money getting into their hands.

The Minister added that insecurity would drastically reduce when the sources of their finances are blocked.

Aregbesola, according to a statement on Friday by the Director of Press, Ministry of Interior, Afonja Ajibola, spoke at the formal inauguration of a 10-member Inter-Ministerial Committee, set up to implement the adoption and implementation of the assigned roles to the Ministry of Interior, on the Financial Action Task Force.

The statement partly read, “Let me reiterate the Federal Government’s unflinching commitment to the eradication of money laundering, financing of terrorism and related corrupt practices. This has made us willing and active partners with other African and indeed global partners in this advocacy and fight.

“Some of the security challenges we face at the moment could be resolved if the financial lifeline of the actors are cut off. That some of them are still in business suggests strongly that they have strong internal or external financial leakages.”

The minister promised that Nigeria would work with the International Community to overcome the challenge, adding that “money laundering undermines the legitimate private sector and the integrity of financial markets, loss of control of economic policy, causes economic distortion and instability as well as loss of revenue, among other untoward consequences.”

The 10-Member Committee is headed by the Permanent Secretary, Ministry of Interior, Shuaib Belgore.

The committee is expected to report to the Honorable Minister every two weeks for progress assessment.

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