The Vice Chancellor of the University of Ibadan, Prof Abel Idowu Olayinka has condemend the practice of tax evasions, adding that it is a major factor that stunts the development of a country';;s economy.

The Vice Chancellor made this known at the ongoing international conference organised by the Center for General Stdies and the Office of International Programme, University of Ibadan on the topic ';;Tax Havens and the Developing World: A Global Dimension';;.

Prof Idowu Olayoinka, represented by the Deputy Vice Chancellor of University of Ibadan, Prof Emiola Aiyelari in his welcome adress, further condemned the practice of Tax Havens that seems to be prevalent among wealthy and powerful people.

He stated that the essence of the conference is for people to realise the effect of Tax Havens on developing countries, adding that the economies of the developing world suffer as a result of  Tax Havens.

In her welcome address, the Chairman of the Centre for General Studies, Prof Aduke Adebayo explained that Tax Havens many developing countries grapple with poverty and suffer underdevelopment because the resources meant to fund their eceonomy are transferred to other countries for safe-keeping - a situation that enriches the countries the funds are transferred to.

Also noting the effects of Tax Havens in his welcome Address, Prof Adesina noted the recently leaked Panama Papers have exposed leaders who stash their wealth in secret offshore accounts. he noted that Tax Havens encourages corruption and tax evasion which inadvertently leads to large scale corruption and underdevelopment.

Scholars present acknowledge that the conference will serve as a form of enlightenment for Nigerians to know the effects of Tax Havens on the country';s economy. They also assure that during the course of the conference, solutions shall be proferred on how best to address the menace of Tax Havens.

Details soon...