IFFs: Africa Loses $148bn To Corruption Yearly – Malami

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IFFs: Africa Loses $148bn To Corruption Yearly – Malami
IFFs: Africa Loses $148bn To Corruption Yearly – Malami

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, has said that developing countries in Africa lose over $148 billion to corruption annually partly due to Illicit Financial Flows (IFFs).

Mr Abubakar Malami – Channels Television
Malami said this at the International Conference on IFFs and Asset Recovery organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), as duly represented by the Senior Special Adviser to the President on Justice Sector Reforms, Barr. Juliet Ibekaku-Nwagwu.

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According to him, Nigeria has, through proactive and collaborative efforts with other countries, recovered and ensured the return of over $700 million from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years.

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Adding that the nation is still working with her international partners and other countries to ensure that all Nigeria’s assets that are identified are recovered, Malami disclosed that over $700 million stolen funds from Nigeria has been returned to the country in the last four years.

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Malami further expressed worries that IFFs have become rife and growing at 20.2 percent annually in Africa because of weak national and regional capacity to stem the tide. He lamented that the illicit movement of huge funds out of Africa has resulted in underdevelopment and insecurity across the continent.

IFFs: Africa Loses $148bn To Corruption Yearly – Malami

“No doubt, the impact of such criminal flow of funds means lack of health and education services, low levels of growth, high level of poverty and lack of infrastructure in many African countries”, he said.

IFFs: Africa Loses $148bn To Corruption Yearly – Malami

 

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