By Salim Yunusa
The Attorney General of the Federation 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 has been returned to the country in the last four years
Offences Commission (ICPC), also disclosed that over $700 million stolen funds from Nigeria has been returned to the country in the last four years.
He said: “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.”
The Minister, who was represented at the conference by the Senior Special Adviser to the President on Justice Sector Reforms, Barr. Juliet Ibekaku-Nwagwu, 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.
His words: “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 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.
He said: “Illicit Financial Flows deny developing countries of vital resources that belong to them; resources that should have be spent on their development priorities. It reduces tax revenues, hinders development endeavours, undermine constituted authorities and threaten 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.
“The most effective deterrent remains ensuring 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.”
The Minister reiterated that Nigeria will not succumb to any stringent condition as it fights to ensure the return of funds and assets stolen from the country by corrupt people.
According to him, “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 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.”