The Independent Corrupt Practices and Other Related Offences Commission has uncovered about 2,000 corporate entities involved in tax evasion while operating in Nigeria.

Fielding questions from journalists at the end of a capacity-building forum for ICPC investigators on investigating Illicit Financial Flows, on Tuesday, in Abuja, Bolaji Owasanoye, the ICPC Chairman, revealed that the culprits would be dealt with accordingly.

Mr Owasanoye explained that the ICPC had dragged the entities into the country’s tax net following investigations it conducted and had since forwarded the names of the entities to the Federal Inland Revenue Service for profiling.

“Some of these entities are not registered and do not pay tax, while others are registered but still do not pay tax. The ICPC has been able to recover significant amounts in taxes for the government,” said the ICPC boss.

Mr Owasanoye said the capacity-building programme would help investigators track illicit financial flows, money laundering, and other areas the government lost revenue and recover such funds.

“The loss of revenue is a major challenge to developing countries, particularly Nigeria. The meeting is, therefore, designed to build the capacity of our investigators to enable them to trace the areas in which the government is losing money.

“One of the takeaways from here is the kind of question an investigator needs to ask in tracking IFFs and money laundering,” Mr Owasanoye explained.

He added, “Also, to look for the likely places people hide money, stop the illicit financial flows, and recover the funds.

“We are already working with the FIRS and getting a lot of tax evaders and defaulters into the nation’s tax net.”

He stressed the need to widen the revenue base, improve tax collection, combat tax evasion, and illicit financial flows, and asset recovery to improve the country’s finances.

Meanwhile, Mathew Page, an associate fellow of Chatham House, London, has advised the ICPC investigators to focus on real estate and education sectors when tracking illicit financial flows and money laundering.

He advised in a paper he presented titled, ‘IFFs through the Real Estate and Education Sectors: Implications for Investigators.’ during the programme.

Mr Page stressed that focusing on the two sectors had become necessary as IFFs had provided opportunities for politically exposed persons (PEPs) in Nigeria to launder money through real estate and education sectors.

“Most of the property held by Nigerian politicians in London and Dubai are held by proxies, family, and shell companies. Over 800 property worth over $400 million have been linked to Nigerian PEPs,” Mr Page said.

(NAN)