He lamented that the funds could otherwise be directed towards critical infrastructure, healthcare, and education.
A statement on Thursday by the Commission’s spokesperson, Dele Oyewale, said Olukoyede stated this in Tunis, Tunisia, while delivering a keynote address at the Pan-African Conference on Illicit Financial Flows and Taxation.
At the conference that brought together key stakeholders to discuss pioneering approaches to asset recovery and financial reintegration in Africa,
The statement partly read, “The Executive Chairman of the Economic and Financial Crimes Commission, Mr Olanipekun Olukoyede, has disclosed that a whopping $ 88.6 billion is lost to illicit financial flows in Africa annually.
“The EFCC’s boss emphasized the grave challenge posed by Illicit Financial Flows to Africa’s economic stability and development. He noted that over $88.6 billion is illicitly siphoned from the continent annually, funds that could otherwise be channelled towards critical infrastructure, healthcare, and education.”
The EFCC boss shared notable success stories, including Nigeria’s repatriation of $311 million of the Abacha loot from the United States in 2020.
The statement added, “This recovery was achieved through collaboration with international partners and has been allocated to vital infrastructure projects such as the Second Niger Bridge and the Lagos-Ibadan Expressway. He detailed how Nigeria is utilizing these funds for developmental projects aligned with the African Union’s Agenda 2063.
“Olukoyede also incorporated outcomes from the recent high-level technical stakeholders meeting which was held in Addis Ababa from May 28-30, 2024. This meeting, organized by the African Union Advisory Board against Corruption (AUABC) and the African Union Commission – Political Affairs, Peace and Security Department (AUC-PAPS), in collaboration with the GIZ Global Program on Illicit Financial Flows (GP-IFF), focused on the establishment of the Pan-African Asset Recovery Practitioners Forum.”
Addressing the challenges and obstacles in asset recovery, Olukoyede highlighted the technical, legal, and political hurdles that complicate the process of tracing, freezing, and repatriating illicit funds.
He called for the strengthening of legal and institutional frameworks across African countries to better combat IFFs.
The statement further said, “He also stressed the need for capacity building, robust legal frameworks, and enhanced coordination and cooperation at national, regional, and international levels. He advocated for the use of advanced technologies such as data analytics, blockchain, and artificial intelligence to improve asset tracking and recovery efforts.
“While rounding up his presentation, the anti-graft czar called for continuous advocacy and international pressure to ensure cooperation from tax havens and low-tax jurisdictions. He emphasized the importance of stopping resources from leaving Africa in the first place, urging collective efforts to turn words into action for the betterment of the continent.”
