THE private sector is responsible for over 60 percent illegal movement of funds from Africa to foreign countries, according to the Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Bolaji Owasanoye.
Professor Owasanoye made the disclosure during the visit of council members of the African Bar Association led by its President, Hanniba Uwaifo, to the ICPC headquarters in Abuja.
In a statement today by the ICPC spokesperson, Azuka Ogaga, titled, ‘Private sector aids 60 per cent Illicit Financial Flows out of Africa – ICPC Chairman’, Owasanoye was quoted as saying:
“A bulk of corruption going on in the country is caused or perpetuated by the private sector. About 60 per cent 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.”
The ICPC boss, who also commented on attacks on staff of the commission and other anti-corruption agencies by suspects under investigations, said that illicit financial flow is fueled by impunity and weak laws.
While noting that corruption was debilitating in the country, Owasanoye explained that the ICPC was focusing on public sector corruption because of its impact on the country and the private sector.
He also 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.
Owasanoye charged the African Bar Association to play a positive role in regulating lawyers’ effectiveness in the fight against corruption and pledged the commission’s commitment to support the upcoming anti-Corruption conference of the AFBA scheduled to hold in Niamey, Republic of Niger.
The AFBA President, in his remark, 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 potential.
