The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Olanipekun Olukoyede, has revealed that annually there is a loss of $88.6 billion due to illicit financial flows in Africa.
He conveyed this in Tunis, Tunisia on Thursday, June 27, 2024 while delivering a keynote address at the Pan-African Conference on Illicit Financial Flows (IFFs) and Taxation.
Speaking on the theme “Africa’s Tax Agenda in Combating Illicit Financial Flows: From Words to Action,” the EFCC chief stressed the major challenges posed by Illicit Financial Flows to Africa’s economic stability and development.
He noted that more than $88.6 billion is illegally siphoned from the continent every year, funds that could have been channeled to critical infrastructure, health services and education.
At a conference that brought together key stakeholders to discuss pioneering approaches to asset recovery and financial reintegration in Africa, Olukoyede discussed the role of the Common African Position on Asset Recovery (CAPAR) in providing a unified stance for African countries. He also underscored the importance of international cooperation, citing the Stolen Assets Recovery Initiative (StAR), a partnership between the World Bank and the United Nations Office on Drugs and Crime (UNODC), as critical in facilitating these efforts.
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The EFCC chief shared remarkable success stories, including Nigeria’s repatriation of $311 million worth of Abacha loot from the United States in 2020. This recovery, he said, was achieved through collaboration with international partners and has been earmarked for critical infrastructure projects such as the Second Niger Bridge and the Lagos-Ibadan Expressway. He detailed how Nigeria has utilized these funds for development projects in line with the African Union’s Agenda 2063.
Olukoyede also included the outcomes of the recent high-level technical stakeholders meeting held in Addis Ababa on 28-30 May 2024. The meeting, hosted by the African Union Anti-Corruption Advisory Council (AUABC) and the African Union Commission – Department of Political, Peace and Security Affairs (AUC-PAPS), in collaboration with the GIZ Global Programme on Illicit Financial Flows (GP-IFF), focused on the establishment of a Pan-African Asset Recovery Practitioners Forum.
To address the challenges and obstacles in asset recovery, Olukoede highlighted the technical, legal and political obstacles that complicate the process of tracing, freezing and repatriating illegal funds. He called for strengthening legal and institutional frameworks across African countries to better combat IFF.
He also emphasized the need for capacity building, a strong legal framework, and increased coordination and cooperation at national, regional and international levels. He advocates the use of advanced technologies such as data analytics, blockchain, and artificial intelligence to improve asset tracking and recovery efforts.
Concluding his presentation, the anti-corruption chief called for continued advocacy and international pressure to ensure cooperation from tax havens and low-tax jurisdictions. He stressed the importance of stopping resources from leaving Africa in the first place, urging a collective effort to turn words into actions for the betterment of the continent.
By: Dele Oyewale
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