$94bn looted from Nigeria, other African countries yearly – GIABA

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has said that between $88 billion and $94 billion is stolen annually from Nigeria and other African countries.

The Director General of GIABA, Edwin Harris, made this known in his speech at the asset recovery and management in Nigeria engagement organised in collaboration with the Centre for Fiscal Transparency and Public Integrity (CFTPI) in Abuja on Tuesday.

Referencing former South African President Thabo Mbeki’s report under the Nation’s Economic Commission for Africa (UNECA), Harris, who was represented by Tim Melaye, decried the level of stolen wealth in Africa.

He, however, called for a synergy between African countries to foster the return of all stolen funds back to the continent.

“According to President Thabo Mbeki’s report under the auspices of the United Nation’s Economic Commission for Africa (UNECA), over 50 billion US dollars was annually stolen from Africa; that was then, and the most current and realistic amount today is staggering, between 88 and 94 billion US dollars.

“Where is this money? How do we recover them? Those recovered, how do we manage them? How do we ensure that the recovered loot is not re-looted? So many questions begging for answers. I leave you with the answers in your hearts,” he stated.

On his part, the executive secretary of CFTPI, Dr Umar Yakubu, said asset recovery is central to the nation’s development and the trust-building among citizens.

“The issue of asset recovery is not merely a legal or financial matter; it lies at the very heart of our nation’s development and the trust we strive to build between the government and its citizens.

“Illicitly acquired assets, whether stashed away in foreign lands or concealed within our borders, represent resources that could have been invested in vital sectors such as education, healthcare, infrastructure, and social welfare. Their recovery is, therefore, not just about reclaiming stolen wealth but about reclaiming opportunities for a better future for all Nigerians.”

Earlier, in his goodwill message, the chairman of ICPC, Musa Adamu Aliyu, SAN, noted that the issue of asset recovery is germane to fighting corruption.

He called for synergy between agencies to fight against corruption. “Let us come together to recover assets beyond the African continent,” he stated.

The chairman of EFCC, Olanipekun Olukoyede, noted that the commission has been intentional in its asset recovery stance in the past years.

Olukoyede, represented by Gbolaho Lotana, the director of asset recovery at the commission, said, “At EFCC, we have come to realise that the anti-corruption fight goes beyond arrest to asset recovery and management.”

Panel discussants, including the country director of Transparency International Nigeria, Auwal Rafsanjani, representatives from ICPC, EFCC, and the Code of Conduct Bureau, and moderator Emmanuel Akomoye, the pioneering secretary of EFCC, urged the need for improved asset recovery mechanisms in Nigeria and across Africa.