$148bn looted from Africa annually – Malami

The Attorney General of the Federation and Minister of Justice, Mallam Abubakar Malami SAN, at the International Conference on IFFs and Asset Recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), revealed that over $148 billion is being looted from African countries annually, noting that the funds were lost in the continent through Illicit Financial Flows (IFFs).

The minister also said 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,” Malami stated.

The Justice Minister, represented by the Senior Special Adviser to the President on Justice Sector Reforms, Juliet Ibekaku-Nwagwu, protested that IFFs have become rife and growing at 20.2 per cent annually in Africa because of weak national and regional capacity to stem the tide. This was noted to have expanded the frontiers of corruption in the African continent.

Malami decried the illicit movement of huge funds out of Africa, which he said has culminated in underdevelopment and insecurity crises in 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,” the Minister lamented.

The ICPC Chairman, Prof. Bolaji Owasanoye, had remarked that the impact of IFFs on developing countries in Africa is huge. He advocated the imperative to contain the practice; stating that it has become paramount in order to shore up the dwindling revenue of the Federal Government.

Malami highlighted: “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, the Minister of Foreign Affairs, Geoffrey Onyeama, represented at the conference by the Permanent Secretary of the Ministry, Ambassador Gabriel Aduda, emphasized that the Ministry is working hard to ensure the return of stolen funds and assets to Nigeria.

Onyeama also lamented that IFFs has been responsible for many of the societal ills and underdevelopment Nigeria is contending with; he disclosed that the Federal Government has put in place measures to block illicit outflows of funds.

“Illicit Financial Flows deny developing countries of vital resources that belong to them; resources that should have been spent on their development priorities. It reduces tax revenues, hinders development endeavours, undermines constituted authorities and threatens the stability and sustainable development of all affected states.

“IFFs also provide the financial network that supports terrorist activities, fuels conflict and leads to internal displacement and refugees conditions, divert money from public priorities, and hampers government effort to mobilise domestic resources.

Advertisement

“The most effective deterrent remains to ensure that proceeds of IFFs are recovered and returned to countries of origin. It is for this reason that the government of Nigeria will continue to call on leaders whose countries are the main destination for IFFs to take concrete steps to prevent and stop the receipt of such funds into their countries, assist in tracing, freezing, seizing and returning illicit assets and its proceeds, already in their countries,” Onyema declared.

He affirmed that Nigeria will not succumb to any stringent conditions as it fights to ensure the return of funds and assets stolen from the country by corrupt people.

“Let me also add that any imposition of tough conditions for returning proceeds of illicit origin, in the face of the current financial difficulties and the economic hardship and recession occasioned by the rampaging impact of COVID-19 pandemic would be counter-productive. I, therefore, encourage representatives of countries of destination to consider waiving, or reducing to the barest minimum, the processes and costs of recovery.

“Nigeria’s delegation will continue to initiate and negotiate, on behalf of all developing countries, resolution on IFFs, with emphasis on asset recovery and return within the United Nations system.

“Our diplomats will remain bold and assertive in telling representatives of countries whose policies assist in habouring proceeds of IFFs that their actions and or inactions affect the lives of millions of people and deprive developing countries of resources required to achieve the 2030 Agenda for sustainable development,” Onyema said.

The Minister of Finance, Budget and National Planning, Zainab S. Ahmed, noted that IFFs, if not tackled, would continue to hamper economic development across the African continent, including Nigeria.

Ahmed, represented by the Permanent Secretary (Special Duties) in the Finance Ministry, Alhaji Aliyu Shinkafi, advocated for mutual cooperation between Africa and countries of destination of IFFs. She, however, pointed out that leadership and political will are key in addressing the issue of illicit financial flows.