The staggering sum of $88 billion to $94 billion is siphoned from Nigeria and other African nations each year through illicit financial flows, according to a revelation by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
The disclosure came during a high-level engagement on asset recovery and management in Abuja on Tuesday, organized by GIABA in partnership with the Centre for Fiscal Transparency and Public Integrity (CFTPI).
GIABA’s Director General, Edwin Harris, cited a report by former South African President Thabo Mbeki, produced under the United Nations Economic Commission for Africa (UNECA), which initially estimated annual losses at $50 billion. However, Harris noted that the figures have since surged dramatically.
“According to President Thabo Mbeki’s report under the auspices of the United Nation’s Economic Commission for Africa (UNECA), over 50 billion US dollars was annually stolen from Africa; that was then, and the most current and realistic amount today is staggering, between 88 and 94 billion US dollars,” Harris stated, as delivered by his representative, Tim Melaye.
He posed critical questions: “Where is this money? How do we recover them? Those recovered, how do we manage them? How do we ensure that the recovered loot is not re-looted? So many questions begging for answers. I leave you with the answers in your hearts.”Dr. Umar Yakubu, Executive Secretary of CFTPI, emphasized that asset recovery is crucial for national development and restoring public trust.
“The issue of asset recovery is not merely a legal or financial matter; it lies at the very heart of our nation’s development and the trust we strive to build between the government and its citizens,” Yakubu said.
“Illicitly acquired assets, whether stashed away in foreign lands or concealed within our borders, represent resources that could have been invested in vital sectors such as education, healthcare, infrastructure, and social welfare. Their recovery is, therefore, not just about reclaiming stolen wealth but about reclaiming opportunities for a better future for all Nigerians.”
Anti-Corruption Agencies Pledge Action
Musa Adamu Aliyu, SAN, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), stressed the importance of inter-agency cooperation in asset recovery.
Meanwhile, the Economic and Financial Crimes Commission (EFCC) reaffirmed its commitment to asset recovery. Represented by Gbolaho Lotana, Director of Asset Recovery, EFCC Chairman Olanipekun Olukoyede stated: “At EFCC, we have come to realise that the anti-corruption fight goes beyond arrest to asset recovery and management.”
Panelists, including Transparency International Nigeria’s Country Director Auwal Rafsanjani and representatives from ICPC, EFCC, and the Code of Conduct Bureau, called for enhanced mechanisms to track and repatriate stolen assets. Moderated by Emmanuel Akomoye, former EFCC Secretary, the discussions highlighted the need for systemic reforms to curb corruption and ensure recovered funds benefit the public.
The event underscored the urgent need for Africa to unite in reclaiming its stolen wealth and securing a more transparent future.
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