Nigeria demands return of stolen crude oil, calls for global cooperation against illicit financial flows

Nigerian Foreign Minister Yusuf Tuggar has called for international cooperation to combat illicit financial flows and ensure the return of crude oil stolen from London.

Speaking at the 6th Annual General Assembly of the West African Anti-Corruption Network, Tuggar stressed the need for global action to address corruption and illicit financial flows, which he said are closely interlinked.

“African countries are estimated to lose $8.6 billion each year to illicit financial flows, equivalent to about three percent of the continent’s Gross Domestic Product,” Tuggar said. “These funds, often hidden in tax havens and opaque financial systems, represent stolen resources that could be used to build schools, hospitals, roads and other critical infrastructure.”

Tuggar stressed that regional cooperation alone is not enough to curb illicit financial flows and called for international support to ensure transparency in local financial systems and end the provision of safe havens for illicit funds. He also highlighted the need for advanced technologies, such as AI and blockchain, to track and stop stolen crude oil.

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Tuggar further stressed the importance of considering country specificities when formulating universal laws and challenged the formulation of a single criterion for measuring corruption and money laundering. He advised developing countries to be concerned about the activities of cryptocurrency robbers, citing Nigeria’s experience with Binance.

In his remarks, President Bola Tinubu, who was represented at the event by Vice President Kashim Shettima, called on member states to intensify their fight against corruption, stressing that corruption is a significant obstacle to progress and prosperity in the region.

He stressed the need for joint action, harmonizing the legal framework, and strengthening anti-corruption institutions to combat corruption effectively.

Nigeria demands return of stolen crude oil, calls for global cooperation against illicit financial flows first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.