The sad story of Africa’s underdevelopment and other developing economies was masked or hidden under the wall of secret corporate ownership of assets in the extractive industry.
This was what Vice President Yemi Osinbajo told the opening session of the two-day conference on ‘Beneficial Ownership’ conference in Jakarta, Indonesia, on Monday
Professor Osinbajo revealed that Africa lost over one trillion dollars over a fifty year period and more than fifty billion dollars annually to illicit financial flows.
He suggested that anonymous corporate ownership could serve as vehicles for masking conflicts of interest, corruption, tax evasion, money laundering, and even terrorism financing.