ICPC: Private sector responsible for 60% illicit financial flows out of Africa

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says the private sector is responsible for 60 percent illegal movement of funds from Africa to foreign countries.

Bolaji Owasanoye, ICPC chairman, made this known during the visit of council members of the African Bar Association led by Hanniba Uwaifo, its president, to the commission’s headquarters in Abuja.

He said the perpetrators of illicit financial flows (IFFs) channelled the 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,” a statement by Azuka Ogaga, ICPC spokesperson, quoted Owasanoye as saying.

“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.”

Commenting on attacks on ICPC staff and other anti-corruption agencies by suspects under investigations, Owasanoye said that it was fuelled by impunity and weak laws.

He listed some of the progress made by the commission to include: de-emphasising confession-based investigation, a world-class forensic lab, staff auditing, and capacity building.

He charged the African Bar Association (AFBA) to play a positive role in regulating lawyers’ effectiveness in the fight against corruption and pledged ICPC’s commitment to supporting the upcoming anti-corruption conference of the AFBA scheduled to hold in Niamey, Republic of Niger.

In his remarks, Uwaifo traced the problem in Africa to corruption which, according to him, has led to the underdevelopment of the continent.

He lamented that public sector corruption by government officials has held the country back from achieving its great potentials.

Uwaifo added that the continent cannot grow unless corruption is uprooted.