Combating Africa’s $88.6 Billion Annual Illicit Financial Drain: EFCC Chairman Calls for Innovative Solutions

• Africa loses over $88.6 billion to illicit financial flows annually, according to the Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede.
• This significant amount of funds being siphoned out of the continent could otherwise be channeled towards critical infrastructure, healthcare, and education.
• Olukoyede emphasized the grave challenge posed by illicit financial flows to Africa’s economic stability and development.
• He discussed the role of the Common African Position on Asset Recovery (CAPAR) in providing a unified stance for African nations to combat this issue.

Newsypeople- Africa needs to face the harsh reality that illicit financial flows (IFFs) cause an annual loss of $88.6 billion.

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede, has issued a warning, pleading with African countries to act swiftly to halt this wave of economic destruction.

The seriousness of the situation was highlighted in Ola Olukoyede’s keynote speech at the Pan-African Conference on Illicit Financial Flows and Taxation in Tunis, Tunisia.

He underlined that if these funds were kept on the continent, they could be used to fund vital investments in healthcare, education, and infrastructure—all of which are necessary for the sustainable development of Africa.

The head of the EFCC cited noteworthy achievements like Nigeria’s 2020 repatriation of $311 million in loot taken from the Abacha regime in the United States.

The international cooperation that led to this recovery’s allocation to essential infrastructure projects demonstrates the transformative power of reclaimed illicit funds.

Olukoyede did, however, also acknowledge the significant difficulties in asset recovery, pointing out the political, legal, and technological roadblocks that make it more difficult to locate, seize, and return illicit funds home.

He advocated for improved coordination and cooperation at the national, regional, and international levels in addition to the reinforcement of institutional and legal frameworks throughout African nations in order to overcome these challenges.

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Olukoyede Decries $88.6billion Lost to Illicit Financial Flows Annually in Africa

The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Olanipekun Olukoyede, has disclosed that a whopping $88.6billion is lost to illicit financial flows in Africa annually.… pic.twitter.com/JG4W4Ocres

— EFCC Nigeria (@officialEFCC) June 28, 2024

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