Prof. James Ihemeje, a Lecturer from the Department of Banking and Finance, Michael Okpara University of Agriculture, Umudike,(MOUAU) Abia State, is proposing a solution against illicit financial flow which he believes will bring poverty to an end in Nigeria.
Prof. Ihemeje who disclosed this in an interview with newsmen in MOUAU admitted that this illicit financial flow is used in fueling terrorism.
In his words: “illegality represents a loss for the region, it exposes individuals or citizens to violence, insecurity, health risk plus other financial transfers that contravenes national and international laws.
“Funds are illegally earned from corruption and smuggling, then transferred through tax invasion and used for financing terrorism and insecurity. You can see it in Nigeria today in reports of killings and bloodshed.
“The only solution that can solve this entirely and wholely is operation research approach.”
Prof. Ihemeje recalled the insecurity bedeviling Nigeria and affirmed that the illicit financial flow is responsible for youth restiveness.
“Today in Nigeria, it is not new that there exist elicit financial flow practices that has robbed Nigeria of a capital that would have been invested in development.
“It produceses inequality, the rich becomes richer while the poor lower, less efficient economic actor which lowers the rate of poverty reduction. It also reduceses state capacity in development.” Prof. James Ihemeje revealed.