African continent losing N50bn to illegally acquired assets – EFCC

The Africa continent is losing over $50bn to illegally acquire assets, the Economic and Financial Commission (EFCC) has said Wednesday

EFCC’s zonal head in Ilorin, Mr Ishiaku Sharu, stated this in Ilorin during a walk to mark the 3rd African Union (AU) Anti-Corruption Day rally with the theme: “Towards a Common African Position on Asset Recover”.

Speaking during the rally, Sharu said there was the need to strengthen International Cooperation among anti-corruption agencies in Africa for the purpose of developing a common position framework on assets recovery and return.

“The continent is losing over $50 billion yearly due to illegally acquired assets allocated all over the world and the process of tracing, freezing, management and eventual repatriation of assets is a long process, hence the need for the involvement of relevant instruments through international cooperation to repatriate stolen assets back to Africa,” he said.

He said the aim of the walk was to bring together all relevant anti-corruption stakeholders (Domestic and international) to reflect on the challenges of assets recovery in Africa and solicit contributions and support towards developing a framework for an African Common Position on Assets Recovery.

As well as to create awareness and engage the citizens in assts recovery efforts. 

Sharu also said the aim of President Muhammadu Buhari’s administration in the fight against corruption in Nigeria had brought significant recovery of looted assets aquired through mismanagement of public finds.

Kwara State Director of National Orientation Agency, Mr Segun Adeyemi, who said that the presence of EFCC in the state is making impact with securing of conviction of some internet fraudsters, called on the society to guide against corruption. 

The walk which commenced from EFCC office took pqrticipants through the Ahmadu Bello way, challenge, post office, offa road, tanke junction and ended at the EFCC office. 

Shaku therefore appealed to all the stakeholders to join hands with the commission to ensure recovery of our common patrimony carted away by the looters, most importantly with the recent whistle blowing policy of the Federal Government. 

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