The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has revealed that between $88 billion and $94 billion is stolen annually from Nigeria and other African countries, highlighting the massive scale of illicit financial flows from the continent.
This alarming disclosure was made by GIABA's Director General, Edwin Harris, during an asset recovery and management engagement organized in collaboration with the Centre for Fiscal Transparency and Public Integrity (CFTPI) in Abuja on Tuesday.
Harris, who was represented by Tim Melaye, cited former South African President Thabo Mbeki's report under the United Nations Economic Commission for Africa (UNECA), which initially estimated annual losses at $50 billion. However, current figures show the situation has worsened significantly.
"The report stated that over 50 billion US dollars was annually stolen from Africa; that was then, and the most current and realistic amount today is staggering, between 88 and 94 billion US dollars," Harris stated.
He posed critical questions regarding the recovery and management of these stolen funds: "Where is this money? How do we recover them? Those who recovered, how do we manage them? How do we ensure that the recovered loot is not re-looted?"
Call for Improved Asset Recovery Mechanisms
Dr. Umar Yakubu, Executive Secretary of CFTPI, emphasized that asset recovery is crucial for national development and building citizen trust. He noted that illicitly acquired assets represent resources that could have been invested in vital sectors such as education, healthcare, infrastructure, and social welfare.
"The issue of asset recovery is not merely a legal or financial matter; it lies at the very heart of our nation's development and the trust we strive to build between the government and its citizens," Yakubu said.
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Adamu Aliyu, SAN, described asset recovery as key to fighting corruption and called for synergy between agencies.
"Let us come together to recover assets beyond the African continent," Aliyu urged.
Anti-Corruption Agencies Pledge Commitment
The Economic and Financial Crimes Commission (EFCC) Chairman, Olanipekun Olukoyede, represented by Gbolaho Lotana, Director of Asset Recovery at the commission, noted that the EFCC has been intentional in its asset recovery stance in recent years.
"At EFCC, we have come to realise that the anti-corruption fight goes beyond arrest to asset recovery and management," Olukoyede stated.
The panel discussion, which included representatives from Transparency International Nigeria, ICPC, EFCC, and the Code of Conduct Bureau, highlighted the urgent need for improved asset recovery mechanisms in Nigeria and across Africa.
The session was moderated by Emmanuel Akomoye, the pioneering secretary of EFCC, who joined other stakeholders in calling for a more robust approach to recovering stolen assets and preventing their re-looting.
