Purpose Banditry and terrorism constitute serious security risks in Nigeria. This follows the fact that Nigeria is rated as one of the leading states in the world that is plagued by terrorism. Terrorists and bandits usually embark on predicate crimes such as kidnapping, smuggling, narcotics trade, and similar trades to finance their terrorist enterprises in Nigeria. The funds realized by criminals from nefarious sources such as sales of narcotics and ransom from kidnapping are usually laundered to make their criminal enterprises self-sustaining. Thus, all “dirty” money is laundered so as not to attract the attention of law enforcement agents. The funds realized through receipt of ransom from kidnapping, smuggling or funds from sponsors are laundered through channels such as bureau de change, which are difficult to monitor by the Nigerian authorities due, in part, to flaws and loopholes in the current anti-money laundering and anti-terrorist laws. This paper aims to adopt a doctrinal and qualitative desktop research methodology. In this regard, the current anti-money laundering and anti-terrorist laws are discussed to explore possible measures that could be adopted to remedy the flaws and loopholes in such laws and combat money laundering and financing of terrorism in Nigeria. Design/methodology/approach The article analyses the regulation and combating of money laundering and terrorist financing activities in Nigeria. In this regard, a doctrinal and qualitative research method is used to explore the flaws in the Nigerian anti-money laundering laws so as to recommend possible remedies in respect thereof. Findings It is hoped that policymakers and other relevant persons will use the recommendations provided in this article to enhance the curbing of money laundering and terrorist financing activities in Nigeria. Research limitations/implications The article is not based on empirical research. Practical implications This study is important and vital to all policymakers, lawyers, law students and regulatory bodies in Nigeria and other countries globally. Social implications The study seeks to curb money laundering and terrorist financing activities in Nigeria. Originality/value The study is based on original research which is focused on the regulation and combating of money laundering and terrorist financing activities in Nigeria.

Informal dispute resolution is increasingly becoming relevant in the dispensation

No abstract

Widespread corruption in the Nigerian public service is having a far-reaching detrimental effect on the economy. Public officers and other policy makers that formulate socio-economic policies are the main perpetrators of corruption in Nigeria. This article focusses on the viability of lifestyle audits for public officials as a strategy for combating such corruption, the proceeds of which are usually laundered and warehoused either offshore or in Nigeria with the assistance of professionals such as bankers and lawyers. If such warehoused wealth is discovered it is usually forfeited to the treasury of the government of Nigeria, after the trial of the offenders. This article interrogates the adequacy of the relevant legislation and the efficacy of the statutory bodies responsible for lifestyle audits in Nigeria, such as the Code of Conduct Bureau, which is discussed, as are the Code of Conduct Bureau and Tribunal Act, 2010, the Economic and Financial Crimes Commission Act, 2004, and the income tax reporting framework administered by the Federal Inland Revenue Service. It appears that the provisions relating to lifestyle audits under the Nigerian statutes are not robust enough to curb corruption and tax evasion. In addition, the enforcement of such lifestyle audits is hindered by the immunity granted to certain Nigerian public officers and jurisdictional conflicts in prosecuting corruption cases.

The damage caused by the coronavirus disease (COVID-19) pandemic to the fragile Nigerian economy is incalculable. The Nigerian economy was further weakened by the corruption of government officials involving the palliative measures put in place to provide financial relief to companies and individuals affected by the COVID-19 pandemic. Since the Nigerian economy relies mostly on crude oil revenue, its focus on tax is less emphasised and tax evasion is pervasive. Consequently, the Nigerian tax on gross domestic product (GDP) is only about 6 per cent. This article examines the adequacy of the legal and/or statutory measures aimed at curbing tax evasion in Nigeria. The post-COVID-19 revenue shortfall has made the Nigerian federal and state governments raise the existing taxes, introduce new taxes, and adopt more aggressive tax collection methods. Consequently, taxpayers now use tax exemptions and incentives as devices for tax evasion. Moreover, there is rampant non-remittance of tax proceeds by government ministries, departments, and agencies to the tax authorities. Thus, despite the introduction of various laws, policies, and directives to curb tax evasion, especially after the COVID-19 pandemic, tax evasion challenges still persist. Accordingly, it is submitted that good governance, integrity, and transparency in handling public funds are required to reduce and combat tax evasion in Nigeria.