Private Sector Responsible For Over 60% Of Funds Stolen From Africa – ICPC

The chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Bolaji Owasanoye, has said that more than 60 percent of funds moved illegally from Africa to foreign countries are aided by the private sector.

Owasanoye disclosed this while playing host to members of the African Bar Association (AFBA) led by its President, Hanniba Uwaifo, at his office in Abuja.

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According to him, perpetrators of illicit financial flows channel such funds through commercial activities enabled by the private sector.

“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,” he said.

Speaking further, Owasanoye explained that the Commission was focusing on public sector corruption because of its impact on the country and the private sector.

He noted the Commission’s achievements to include: “De-emphasizing confession-based investigation, a world-class forensic lab, staff auditing, and capacity building.”

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Owasanoye charged AFBA to play a positive role in regulating lawyers’ effectiveness in the fight against corruption and pledged the Commission’s commitment to supporting the up-coming anti-corruption conference of the body scheduled to hold in Niamey, Republic of Niger.

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

The President AFBA, Hanniba Uwaifo traced some of the problems facing 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 was worried about the level of corruption in Africa.

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

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He also highlighted some of the corrupt practices perpetuated 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.

On the way forward, Uwaifo said corruption prevention could be enhanced through constant audits of staff and materials.

He commended the ICPC for its due diligence 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,” AFBA president said.

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