More than 88 billion dollars are lost illegally to African countries every year. This was denounced yesterday, June 27, by the Executive Chairman of the Nigerian Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, in his speech at the Pan-African Conference on Illicit Financial Flows (IFF) in Tunis.
Tunis — More than 88 billion dollars are lost illegally to Africa n countries every year. This was denounced yesterday, June 27, by the Executive Chairman of the Nigerian Economic and Financial Crimes Commission , Olanipekun Olukoyede, in his speech at the Pan- Africa n Conference on Illicit Financial Flows in Tunis.
The violent protests in Kenya these days are fueled not only by the announcement of a major tax increase in the Finance Bill, which was later withdrawn , but also by the population's awareness that these financial resources are being siphoned off by the state through corruption. Olukoyede pointed out the technical, legal and political obstacles that make it difficult to trace, freeze and repatriate illicit funds. He therefore emphasized the need for African countries to have a solid legal framework in place and called for greater coordination and cooperation at national, regional and international level. He also advocated the use of advanced technologies such as data analytics, blockchain and artificial intelligence to improve asset tracing and repatriation.
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