Nigeria is responsible for the highest illicit financial flow in Africa – Transparency International
Transparency International, a non-governmental Organization that combat global corruption has ranked Nigeria as the country responsible for the highest illicit financial flow in Africa.
Transparency International, a non-governmental Organization that combat global corruption has ranked Nigeria as the country responsible for the highest illicit financial flow in Africa.
The Organization disclosed this on Monday in Abuja during a media workshop organized by the Civil Society Legislative Advocacy Centre (CISLAC), a local chapter of Transparency International in Nigeria.
Vaclav Prusa, the CISLAC policy advisor, said Nigeria is responsible for the highest illicit financial flow in Africa, adding that the estimated amount lost annually in Nigeria is between $18 to $25 billion, noting that an estimated $5 billion of the stolen assets are frozen.
In his words: “In the case of Nigeria, it is estimated that $5 billion stolen assets are frozen. What does this mean? It means this is money sitting somewhere in Switzerland or somewhere waiting for reparation.”
“It means even though some money have been repatriated from New Jersey, Switzerland back to Nigeria, there is a lot of money still out there. I think it’s important to rely on the media to push for these assets.”
Auwal Musa Rafsanjani, executive director of CISLAC, said lack of transparency with regards to recovered funds in the country creates room for re-looting and mismanagement.
“Currently, various institutions like the EFCC, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Code of Conduct Bureau, Nigeria Customs Service, National Drug Law Enforcement Agency (NDLEA), the Nigeria Police, and other agencies recover assets without synergy,” Rafsanjani said.
“This lack of transparency in respect of recovered assets in Nigeria creates room for re-looting and mismanagement. The much-awaited Proceeds of Crime management Bill has not yet been signed into law, supposedly because of the power struggle within agencies about economically and politically lucrative mandate to confiscate and manage stolen assets.
“CISLAC plans to work with the media to uncover national and international cases of stolen corrupt assets with links to politically exposed persons. These assets need to be recovered, better utilized for a post-COVID-19 economic recovery.”
