Victor EzejaChairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for international collaboration in tackling illicit financial flow which poses grave threat to Africa’s economic stability and development.
According to Olukoyede, Africa loses over $88.6 billion to illicit financial flows annually.
The EFCC chairman made the call while delivering a keynote address at the Pan-African Conference on Illicit Financial Flows (IFFs) and Taxation on Thursday in Tunis, Tunisia.
Speaking on the theme “Africa’s Tax Agenda in Combating Illicit Financial Flows: From Words to Action”, Olukoyede underscored the crucial role of the Common African Position on Asset Recovery (CAPAR) in giving African countries a common stance.
He said: “Over $88.6 billion is illicitly siphoned from the continent annually, funds that could otherwise be channelled towards critical infrastructure, healthcare, and education.”
Highlighting the importance of international collaboration, the EFCC chairman mentioned the Stolen Asset Recovery Initiative (StAR), a partnership between the World Bank and the United Nations Office on Drugs and Crime (UNODC), as pivotal in facilitating these efforts.
He noted that recovered funds could help countries tackle infrastructural development, healthcare, and education among others.
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Prime Business Africa reports that the EFCC boss cited how Nigeria successfully repatriated $311 million of the Abacha loot from the United States in 2020, noting that the recovery was made possible by working with foreign partners and that the money had been deployed to important infrastructural projects like the Lagos-Ibadan Expressway and the Second Niger Bridge.
According to him, Nigeria has been using these funds for development initiatives in line with Agenda 2063 of the African Union.
Olukoyede discussed the difficulties in asset recovery, emphasising the political, legal, and technological barriers that make it harder to find, seize, and return illegal money home. In order to more effectively counter Illicit Financial Flows, he advocated the bolstering of institutional and legal frameworks throughout the African continent.
In addition, he emphasised the necessity of strengthening legislative frameworks, increasing coordination and cooperation between national, regional, and international entities, and boosting capacity. In order to enhance asset monitoring and recovery operations, he promoted the use of cutting-edge technology like blockchain, artificial intelligence, and data analytics.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
