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News: Private Sector Fraud Is Enormous – Itse Sagay

Chairman of the Presidential Advisory Committee Against Corruption, Professor Itse Sagay, says there’s enormous fraud in the country’s private sector particularly in the banking industry

He said this at a conference on financial system integrity improvement which held in Abuja.

“Much has been achieved although this is not appreciated by the general public. There is nothing like subsidy scam anymore. At its height, over two trillion was being siphoned out of the country, people were collecting the money with the names of sea vessels that were either non-existent or were in faraway territories – that bleeding has been stanched, much has been recovered in terms of stolen assets – a lot has been recovered.

“Although not much has yet been achieved in the area of conviction for corruption and financial fraud, there have been some which tend to be overlooked,” he added.

Sagay also used the occasion to explain some of the Federal Government’s successes in the fight against corruption.

About Toluwalope Daniel

Toluwalope Daniel an Associate in lekkies Media lnc. A Blogger, Music Lover, a disc jockey and a fashion lover.

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