Nigeria’s attorney general and minister of justice, Abubakar Malami, SAN, has said that developing countries in Africa lose over $148 billion to corruption annually partly due to Illicit Financial Flows (IFFs).
Malami, who spoke at the International Conference on IFFs and Asset Recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), also disclosed that over $700 million stolen funds from Nigeria have been returned to the country in the last four years.
“Nigeria, through proactive and collaborative efforts with other countries has recovered and ensured the return of over $700 million from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years. We are still working with our international partners and other countries to ensure that all Nigeria’s assets that are identified are recovered,” he said.
Represented at the conference by the Senior Special Adviser to the President on Justice Sector Reforms, Barr. Juliet Ibekaku-Nwagwu, Malami, expressed worries that IFFs have become rife and growing at 20.2 percent annually in Africa because of weak national and regional capacity to stem the tide.
He lamented that the illicit movement of huge funds out of Africa has resulted in underdevelopment and insecurity across the continent.
“No doubt, the impact of such criminal flow of funds means lack of health and education services, low levels of growth, high level of poverty and lack of infrastructure in many African countries,” he said.
The ICPC Chairman, Prof. Bolaji Owasanoye, in his welcome address, noted that the effect of IFFs on developing countries in Africa was huge.
He stressed that the need to tackle the menace, which falls under the mandate of the Commission, has become paramount in order to shore up the dwindling revenue of the Federal Government.
He said, “Estimates of the quantum of IFFs lost globally varies, but it is generally agreed that a significant proportion of the loss is suffered by developing countries. African countries are particularly affected by loss through IFFs thus depriving the continent of much-needed resources for development.”
Also speaking at the conference, the Minister of Foreign Affairs, Geoffrey Onyeama, who was represented by the Permanent Secretary of the Ministry, Ambassador Gabriel Aduda, said the Ministry was working assiduously to ensure the return of stolen funds and assets to Nigeria.
Onyeama said IFFs was responsible for many of the societal ills and underdevelopment the country is grappling with, adding that the Federal Government has put in place measures to block illicit outflows of funds.
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