‘Africa loses $148bn to corruption every year’

It is estimated that the African continent loses about $148 billion every year due to corruption and money laundering.

Commonwealth Secretary-General, Patricia Scotland, gave the estimate on Monday, when she spoke at the opening of the 8th Annual General Meeting and Conference for Heads of Anti-corruption Agencies in Commonwealth nations across Africa, in Abuja.

According to her, the world is facing a Tsunami of corruption, adding, that all over the globe, about $800 billion to $300 trillion had been lost to money laundering.

She pointed out that Africa loses $148 billion to corruption every year.

“Globally, we are facing a Tsunami of Corruption. In 2015, UNDY estimated that the amount of money laundered globally each year is 2 – 5% of global Domestic Product of between $800 billion to $300 trillion.

“It is estimated that corruption costs the African continent over $148 billion per annum,” Patricia said.

She commended efforts made to curtail the scourge so far in the continent, particularly in Nigeria, noting that over $3 billion of the ill-gotten wealth has been recovered in the country.

Declaring the event open, Vice President Yemi Osinbajo said the ongoing war against corruption would amount to nothing if the proceeds of corruption are not fully and promptly repatriated.

According to him, fighting corruption is futile without ensuring that the proceeds of corruption do not find a safe haven, adding that, “Recovering stolen assets not only accomplishes the goal of restitution, it also serves as potential deterrent to future corruption.”

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Osinbajo, however, called on African leaders on the need for effective funding of anti-corruption agencies in the continent to efficiently wage war against corruption.

“I call on governments of African States to actively provide funding for anti-corruption agencies. The fight against corruption is far more sophisticated, vicious and nuanced than ever before.

“In many of our countries, it is in the nature of State Capture, where the strongest arms of the polity is the corrupt superstructure represented in the formal and informal structures of the state and society.

“So when corruption fights back in such systems, the courage and commitment of agency operatives is not enough, we must provide adequate resources to investigate, adequately equip operatives, protect their families, protect whistleblowers and witnesses,” he said.

In his remark, Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, said the anti-corruption agency is behind none in terms of having better, focused and committed team in Africa under the current leadership of President Muhammadu Buhari.

The Vice President was at the conference with three former Presidents – General Yakubu Gowon, General Abdulsalami Abubakar, and Thabo Mbeki of South Africa. Other dignitaries at the conference include: Chief Justice of Nigeria, Justice Walter Onnoghen, Noble Laureate Professor Wole Soyinka and the Secretary-General of Commonwealth, Patricia Scotland.

Also present at the conference are Heads of anti-corruption agencies of Commonwealth member countries, including the Acting Chairman of EFCC, Mr. Ibrahim Magu.

 

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