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

Victoria Ogunrinde

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.

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.”

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.