Prof. Emmanuel Nnadozie, has called on heads of African countries to formulate and adopt workable continental approach in the recovery of illicit funds stashed in developed countries.

Nnadozie, an economist and development expert, who is also the Executive Secretary, African Capacity Building Foundation (ACBF) said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.

He said it was difficult for individual nations to recover the monies taken away illegitimately to foreign countries without a collective framework.

“Since a lot leaves the continent every year, the continent is bleeding, what will happen is to put together some sort  of continental arrangement, that will be championed by certain heads of states so that they can effectively engage with the destination countries where the funds are taken to.

“ If you leave African countries to individually engage the strong and more developed country, it becomes difficult them to recover the illicit outflows.

“So having some coordinated efforts, working under the African Union I think would be the best.

“A country like Nigeria had been successful, but it was difficult. Egypt has not been able to recover a lot of the money that their former President took outside.”

Former President Thabo Mbeki of South-Africa, had in February 2015 presented a report on Illicit Financial Flows (IFF) from Africa to other developed nations to the African Union and United Nations Economic Commission for Africa.

According to the report had found that Africa losses on average, 50 billion dollars annually through IFF, and commercial activities by the private sector contributed largely to IFF, followed by organised crime, and then the public sector.

Nnadozie maintained that the best approach to curbing IFF from the continent was for all African governments to also have workable a policy that would prevent money from leaving illicitly.

“ I was supporting the secretariat that was providing support to the panel that was working on the IFF.

“We had a slogan; track, stop it, recover it.’’

“So we believe very strongly that the best policy is to prevent the money from leaving illicitly in the first place illicitly.’’

On fears that the monies recovered will not be transparently utilised for developmental purposes, the Don said;

“Weather it is money that is recovered or money that is raised as revenue within a country, if it is not properly managed and accountability is not maintained, chances are that the money  will not be properly invested or utilised to promote development.“

He said it was important for the accountability organs of every African country, particularly the parliament, to be proactive in carrying out its oversight functions.

This, he said would ensure proper and prudent utilisation of the revenue recovered or raised for developmental purposes.

He also advised others such as the media, civil society groups and anti corruption agencies to play their roles checkmate those saddled with the responsibility of utilising the funds. (NAN)

– Sept. 12, 2018 @ 16:49 GMT |