The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, disclosed that Africa loses a whopping $88.6 billion annually to illicit financial flows. Olukoyede made this statement at the Pan-African Conference on Illicit Financial Flows (IFFs) and Taxation in Tunis, Tunisia, on Thursday, June 27, 2024.
Olukoyede emphasized the significant challenge posed by illicit financial flows to Africa's economic stability and development. He noted that the funds lost could be channeled towards critical infrastructure, healthcare, and education. The EFCC boss also shared success stories, including Nigeria's repatriation of $311 million of the Sani Abacha loot from the United States in 2020.
The conference aimed to address the significant challenge of illicit financial flows from Africa, which undermine economic development and governance. Olukoyede called for the strengthening of legal and institutional frameworks across African countries to combat illicit financial flows better. He also stressed the need for capacity building, robust legal frameworks, and enhanced coordination and cooperation at national, regional, and international levels.
The event provided a platform for sharing success stories, identifying obstacles, and formulating strategic recommendations to enhance the continent's capacity to combat illicit financial flows and reclaim its assets. Olukoyede's revelation highlights the urgent need for African nations to address illicit financial flows and work together to combat corruption and promote economic development.