By Jeph Ajobaju, Chief Copy Editor
Africa has lost $1.26 trillion to illicit financial flows and loses $50 billion yearly, according to the Commonwealth Secretariat.
But Nigeria has in six years recovered $700 million stolen assets which encourages the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to urge Africa to focus on assets recovery at domestic, regional, and global levels.
ICPC Chairman Bolaji Owasanoye listed assets to be recovered to include artworks and artefacts at a virtual Commonwealth regional conference for anti-corruption agencies in Africa.
He presented a paper on “Understanding the Common African Position on Asset Recovery (CAPAR)” in which he argued that prioritisation of recovery of assets at the three levels will facilitate the effort.
“In Nigeria, precisely Benin, Edo State, two major artefacts have been returned while the country has recovered between $600 million and $700 million assets in the last six years,” Owasanoye said.
He advocated the strengthening of legal and financial institutions to further aid recovery, such as establishment of funds, trusts and escrow accounts to be held by regional financial institutions.
In his view, Africa cannot eradicate poverty or meet Sustainable Development Goals (SDGs) without improving domestic resource mobilisation hampered by corruption and illicit financial flows.
“The reality on [the] ground is that domestic resource mobilisation cannot improve if corruption is not diminished; illicit financial flow from the continent is not reversed, and fiscal governance from revenue and expenditure sides is not improved.
“We need to reverse the anomaly of Africa being a net creditor to the world yet burdened by debt.”
Onwasanoye said the Common African Position on Asset Recovery (CAPAR) will enable Africa to identify, repatriate, and effectively manage assets while respecting the sovereignty of member-states.
He urged African countries to ensure accountability, transparency, and measures to boost public confidence in the management of recovered assets, including monitoring of use by the media and civil society organisations.
He sought the adoption of policy on use of recovered assets for development goals and implementation of any other social investment project deemed fit by governments.
Corruption and illicit financial flows
Commonwealth Secretary-General Patricia Scotland stressed the need for African countries to tackle corruption as social and economic resources are increasingly stretched.
She added: “Corruption leads to illicit financial flows. Africa has lost $1.26 trillion to illicit financial flows while $50 billion is lost annually by the continent.
“Corruption and illicit financial flows need to be brought to the front burner as they have continued to pose enormous challenge to the continent.”
Scotland urged anti-corruption agencies to strengthen their oversight functions.
“We need to continue to improve and strengthen our capacities. We, at the Commonwealth Secretariat, will greatly work with member-countries to realise that goal as well as the United Nations Development Goals.”