Private Sector Aids 60% Illicit Financial Flows Out Of Africa — ICPC

The Chairman of the Independent Corrupt Practices and Other
Related Offences Commission, ICPC, Prof. Bolaji Owasanoye, has
disclosed that the private sector was responsible for over 60
percent illegal movement of funds from Africa to foreign
countries.

He made this known during the visit of council members of the
African Bar Association, AFBA, led by its President, Mr. Hanniba
Uwaifo to the corporate headquarters of the ICPC in Abuja.

According to a statement by the Commission’s spokesperson, Mrs.
Azuka Ogugua, the ICPC boss explained that the perpetrators of
illicit financial flows (IFFs) channeled the funds through
commercial activities enabled by the private sector.

He said, “A bulk of corruption going on in the country is caused
or perpetuated by the private sector. About 60 percent of funds
taken or stolen away from Africa through illicit financial flows
are being done by the private sector, basically, through commercial
transactions, seemingly harmless transactions that are put together
by accountants, auditors, and bankers.”

Owasanoye, who commented on attacks on staff of the Commission
and other anti-corruption agencies by suspects under
investigations, said that it was fuelled by impunity and weak
laws.

He stressed that corruption was debilitating the country,
maintaining that the ICPC is focusing on public sector corruption
because of its impact on the country and the private sector.

Meanwhile, he charged the African Bar Association (AFBA) to play
a positive role in regulating lawyers’ effectiveness in the fight
against corruption and pledged the Commission’s commitment to
support the upcoming Anti-Corruption Conference of the AFBA
scheduled to hold in Niamey, Republic of Niger.

To this end, he listed some of the progress made by the
Commission to include: de-emphasizing confession-based
investigation, a world-class forensic lab, staff auditing, and
capacity building.

Earlier in his remarks, the AFBA President, Mr. Hanniba Uwaifo
traced the problem in Africa to corruption which, according to him,
has led to the underdevelopment of the continent. He stressed that
the continent cannot grow unless corruption was uprooted, adding
that the world is worried about the level of corruption in
Africa.

Uwaifo lamented that the public sector corruption by government
officials has held the country back from achieving its great
potentials.

He also highlighted some of the corrupt practices perpetrated by
government officials to include: election malpractices, banditry,
and influencing the employment of lackeys into anti-corruption
agencies in order to aid their corrupt practices.

Speaking on the profitable solutions, Uwaifo noted that issues
of preventing corruption from taking place in the anti-graft
agencies can be enhanced through constant audits of staff and
materials.

He commended the ICPC for its due diligence and rule of law in
the prosecution of accused persons.

“I want to commend the ICPC for performing creditably and not
engaging in media trial and abuse of the rights of accused persons.
I hope the Commission will continue to perform its duties as
constitutionally required,” he said.

The Chairman of the Independent Corrupt Practices and Other
Related Offences Commission, ICPC, Prof. Bolaji Owasanoye, has
disclosed that the private sector was responsible for over 60
percent illegal movement of funds from Africa to foreign
countries.

He made this known during the visit of council members of the
African Bar Association, AFBA, led by its President, Mr. Hanniba
Uwaifo to the corporate headquarters of the ICPC in Abuja.

According to a statement by the Commission’s spokesperson, Mrs.
Azuka Ogugua, the ICPC boss explained that the perpetrators of
illicit financial flows (IFFs) channeled the funds through
commercial activities enabled by the private sector.

He said, “A bulk of corruption going on in the country is caused
or perpetuated by the private sector. About 60 percent of funds
taken or stolen away from Africa through illicit financial flows
are being done by the private sector, basically, through commercial
transactions, seemingly harmless transactions that are put together
by accountants, auditors, and bankers.”

Owasanoye, who commented on attacks on staff of the Commission
and other anti-corruption agencies by suspects under
investigations, said that it was fuelled by impunity and weak
laws.

He stressed that corruption was debilitating the country,
maintaining that the ICPC is focusing on public sector corruption
because of its impact on the country and the private sector.

Meanwhile, he charged the African Bar Association (AFBA) to play
a positive role in regulating lawyers’ effectiveness in the fight
against corruption and pledged the Commission’s commitment to
support the upcoming Anti-Corruption Conference of the AFBA
scheduled to hold in Niamey, Republic of Niger.

To this end, he listed some of the progress made by the
Commission to include: de-emphasizing confession-based
investigation, a world-class forensic lab, staff auditing, and
capacity building.

Earlier in his remarks, the AFBA President, Mr. Hanniba Uwaifo
traced the problem in Africa to corruption which, according to him,
has led to the underdevelopment of the continent. He stressed that
the continent cannot grow unless corruption was uprooted, adding
that the world is worried about the level of corruption in
Africa.

Uwaifo lamented that the public sector corruption by government
officials has held the country back from achieving its great
potentials.

He also highlighted some of the corrupt practices perpetrated by
government officials to include: election malpractices, banditry,
and influencing the employment of lackeys into anti-corruption
agencies in order to aid their corrupt practices.

Speaking on the profitable solutions, Uwaifo noted that issues
of preventing corruption from taking place in the anti-graft
agencies can be enhanced through constant audits of staff and
materials.

He commended the ICPC for its due diligence and rule of law in
the prosecution of accused persons.

“I want to commend the ICPC for performing creditably and not
engaging in media trial and abuse of the rights of accused persons.
I hope the Commission will continue to perform its duties as
constitutionally required,” he said.