Buhari Rallies IMF, World Bank for Repatriation of Stolen Funds
Buhari Rallies IMF, World Bank for Repatriation of Stolen Funds
President Muhammadu Buhari thursday in
New York, United States, solicited the support of International Monetary
Fund (IMF) and the World Bank in repatriating stolen funds from
Nigeria.
The president made the appeal while
addressing participants at a media launch with the theme: “Illicit
Financial Flows and the Fight against Corruption: Curbing the Existence
of Safe Havens – the Role of Africans in the Fight against Corruption.”
He told the participants that he had
“enlisted the support of multi-lateral institutions like the World Bank,
IMF, security agencies, and friendly nations to locate and recover and
help repatriate stolen assets.”
Special Adviser to the President on
Media and Publicity, Mr. Femi Adesina, in a statement, said the
president recalled how he embarked on a trip to the Middle East in the
first quarter of 2016 to canvass the return of stolen assets and
simultaneously hand over the culprits for trial in Nigeria.
The statement also said the president
recalled that in January 2017, Nigeria and United Arab Emirates (UAE)
signed judicial treaties on extradition, transfer of convicted persons,
and mutual legal assistance on criminal matters.
Furthermore, the statement added that
the president also recalled that in March 2016, the Nigerian government
and its Swiss counterpart signed a letter of intent on the restitution
of forfeited assets illegally acquired in Switzerland to pave the way
for repatriation of $321 million illicitly acquired.
According to Adesina, Buhari noted that
arrangements had been put in place for the monitoring, assessment and
reporting of the United Nations 2030 Goals on Sustainable Development.
He also said Buhari appealed to Africans
in the Diaspora to come up with suggestions aimed at combatting the
menace of corruption on the continent.
The statement also said Buhari described
corruption as a “cancer” which could only be checked by global efforts,
recalling the negative impact of corruption on the continent.
It also said the president acknowledged
the massive social and economic costs of corruption and illicit
financial flows, lamenting that they have continued to impede growth and
development of Africa.
The statement also said Buhari cited a
study conducted in 2015 by an African Union Panel headed by former South
African President, Thabo Mbeki, which it said estimated the flow of $50
billion illicit funds out of the continent every year.
“According to the report, about
US$2.5billion of the US$50billion of Illicit Financial Flows was in
respect of commercial activities.
“It is obvious that the continent still
battles with grand corruption at the highest level, with Safe Havens,
opaque systems in many recipient countries and the outright willingness
of some advanced countries to harbour stolen funds from Africa,” he was
quoted to have said.
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