June 28, (THEWILL) – The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that Africa loses over $88.6 billion to illicit financial flows annually.
Olukoyede disclosed this on Thursday, in Tunis, Tunisia, while delivering a keynote address at the Pan-African Conference on Illicit Financial Flows (IFFs) and Taxation.
Speaking on the theme “Africa’s Tax Agenda in Combating Illicit Financial Flows: From Words to Action”, the EFCC boss emphasised the grave challenge posed by illicit financial flows to Africa’s economic stability and development.
“Over $88.6 billion is illicitly siphoned from the continent annually, funds that could otherwise be channelled towards critical infrastructure, healthcare, and education,” he said.
At the conference that brought together key stakeholders to discuss pioneering approaches to asset recovery and financial reintegration in Africa, Olukoyede discussed the role of the Common African Position on Asset Recovery (CAPAR) in providing a unified stance for African nations.
He also underscored the importance of international cooperation, citing 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.
Olukoyede shared notable success stories, including Nigeria’s repatriation of $311 million of the Abacha loot from the United States in 2020. This recovery, he said, was achieved through collaboration with international partners and has been allocated to vital infrastructure projects such as the Second Niger Bridge and the Lagos-Ibadan Expressway. He detailed how Nigeria is utilising these funds for developmental projects aligned with the African Union’s Agenda 2063.
Addressing the challenges and obstacles in asset recovery, Olukoyede highlighted the technical, legal, and political hurdles that complicate the process of tracing, freezing, and repatriating illicit funds. He called for the strengthening of legal and institutional frameworks across African countries to better combat IFFs.
He also stressed the need for capacity building, robust legal frameworks, and enhanced coordination and cooperation at national, regional, and international levels. He advocated for the use of advanced technologies such as data analytics, blockchain, and artificial intelligence to improve asset tracking and recovery efforts.
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