ACBF counsels Nigeria to show Africa leadership in fighting illicit financial flows

Wed, Jun 7, 2017 | By publisher


NIGERIA needs to show leadership in tracking, stopping and getting back illicit financial flows that are robbing African countries of the resources needed to develop the continent,  Prof. Emmanuel Nnadozie, executive secretary of the African Capacity Development Foundation, has said.

At an international conference on promotion cooperation in tackling the problem in Abuja, Prof. Nnadozie said, as an economic power house on the continent and as the most adversely affected by the problem, Nigeria has to be at the forefront of efforts to fight the problem.

“The consequences of illicit financial flows are severe as it robs the nation of resources needed for development,” he said.

To successfully confront the menace, Nigeria must develop the capacity to track, stop and get back funds illegally taken out of the country, the executive secretary said. To facilitate this, the country should strengthen leadership of all actors, including the executive arm of government, the legislature, law enforcement bodies, civil society organizations and anti-corruption agencies.

While making a case for a change of the mindset from the prevailing belief that public funds are part of national cake to be looted, Nnadozie called for the creation of awareness against illegal financial flows among all stakeholders in the country, especially among citizens.

As the leading institution and hub of capacity building in Africa, the ACBF, the executive secretary said, has developed the approaches needed to help African countries and regional bodies to successfully tackle the problem.

The conference which was opened by Nigeria’s acting vice president Yemi Osinbajo on June 5, is being attended by experts from Africa, Europe, United Nations agencies, and civil society groups.

—  Jun 7, 2017 @ 18:15 GMT