- * Charges Students To Embrace Corruption-Free Lifestyle
By Celestine Okafor (Editor-in-Chief)
The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Olanipekun Olukoyede, has disclosed that a whopping $88.6billion is lost to illicit financial flows in Africa annually.
He stated this in Tunis, Tunisia on Thursday, June 27, 2024 while delivering a keynote address at the Pan-African Conference on Illicit Financial Flows (IFFs) and Taxation.
Speaking on the theme “Africa’s Tax Agenda in Combatting Illicit Financial Flows: From Words to Action,”, the EFCC’s boss emphasized the grave challenge posed by Illicit Financial Flows to Africa’s economic stability and development. He noted that over $88.6 billion is illicitly siphoned from the continent annually, funds that could otherwise be channeled towards critical infrastructure, healthcare, and education.
At the conference that brought together key stakeholders to discuss pioneering approaches to asset recovery and financial reintegration in Africa, Olukoyede discussed the role of the Common African Position on Asset Recovery (CAPAR) in providing a unified stance for African nations. He also underscored the importance of international cooperation, citing the Stolen Asset Recovery Initiative (StAR), a partnership between the World Bank and the United Nations Office on Drugs and Crime (UNODC), as pivotal in facilitating these efforts.
The EFCC’s boss shared notable success stories, including Nigeria’s repatriation of $311 million of the Abacha loot from the United States in 2020. This recovery, he said, was achieved through collaboration with international partners and has been allocated to vital infrastructure projects such as the Second Niger Bridge and the Lagos-Ibadan Expressway. He detailed how Nigeria is utilizing these funds for developmental projects aligned with the African Union’s Agenda 2063.
Olukoyede also incorporated outcomes from the recent high-level technical stakeholders meeting which held in Addis Ababa from May 28-30, 2024. This meeting, organized by the African Union Advisory Board against Corruption (AUABC) and the African Union Commission - Political Affairs, Peace and Security Department (AUC-PAPS), in collaboration with the GIZ Global Program on Illicit Financial Flows (GP-IFF), focused on the establishment of the Pan-African Asset Recovery Practitioners Forum.
Addressing the challenges and obstacles in asset recovery, Olukoyede highlighted the technical, legal, and political hurdles that complicate the process of tracing, freezing, and repatriating illicit funds. He called for the strengthening of legal and institutional frameworks across African countries to better combat IFFs.
He also stressed the need for capacity building, robust legal frameworks, and enhanced coordination and cooperation at national, regional, and international levels. He advocated for the use of advanced technologies such as data analytics, blockchain, and artificial intelligence to improve asset tracking and recovery efforts.
While rounding up his presentation, anti-graft czar called for continuous advocacy and international pressure to ensure cooperation from tax havens and low-tax jurisdictions. He emphasized the importance of stopping resources from leaving Africa in the first place, urging collective efforts to turn words into action for the betterment of the continent.
The Pan-African Conference on Illicit Financial Flows and Taxation, is holding from June 26-28, 2024, and aims to address the significant challenge of Illicit Financial Flows (IFFs) from Africa, which undermine economic development and governance. The event provides a platform for sharing success stories, identifying obstacles, and formulating strategic recommendations to enhance the continent’s capacity to combat IFFs and reclaim its assets.
In another development, the EFCC Chairman has charged youths and students across the country to embrace corruption-free lifestyles so as to have a firm place to stand to pursue their ambitions
He made the call on Wednesday, June 26, 2024, while receiving students of Pure Springs International School, Kubwa, Abuja who came on a study tour of the Commission.
Olukoyede, who spoke through the Head, Media and Publicity and the Spokesperson of the EFCC, Assistant Commander of the EFCC, ACE1 Dele Oyewale, charged the students that there cannot be a firm place to stand except they steer clear of corrupt practices.
According to him, corruption reduces the prospects and potentials of greatness of individuals and nations, adding that as youths and students, it is important for them to have a zero-corruption mentality so as to have a firm place to stand to rule the world.
“You can rule the world. There is no firm place to stand if there is corruption. Corruption reduces the prospects and potentials of greatness be it as an individual or a nation”
“As children, it is important to have a zero -corruption mentality so as to have a firm place to stand to rule the world and be leaders that will bring about the positive change our nation yearns for
You have all the prospects and potentials to change the narrative and pave a better way for the entire nation”, he said.
He urged them to report any form of crime, corruption and financial crimes stating that they should reject corruption in its entirety because it negates the prosperity of the country and a threat to their future.
“Whenever and wherever you see any form of economic and financial crime, reject it because it is a threat to your future and possibility. Let’s come together from this level to the highest level of growth to fight corruption. Tomorrow is assured for you if you fight corruption today. Have it at the back of your mind that you can change the world only if you stay away from corruption”, he said.
In his presentation, a staff of Cybercrime and Cyber Security Department, Assistant Superintendent of the EFCC, ASE I Olalekan Ogunjobi, warned the students to be wary of cyber predators and bullies online and asked them to use the internet for good purposes.
According to him, students should avoid making use of their parents’ mobile phones to send things to people or reply to strange messages.
“Don’t use your parents’ phones to send things to people, think before sending things with phones. Bad things happen on the internet, it can ruin your career and dreams. Protect yourselves from bullies and predators by using the internet positively and keep your personal information privately”, he said.
Head, Public Interface, Assistant Commander of the EFCC, ACE I Tony Orilade spoke on how youths can avoid internet fraud. He tasked the students to avoid internet fraud and examination malpractices by embracing integrity.
“Integrity starts with you. Do the right thing now and encourage your friends to make ethical online choices and avoid pressure to engage in internet fraud”, he said.
He enjoined the students to always stay informed about the latest online scams to avoid being victims, adding that they should run away from evil conversations that could lead to crime and avoid anything evil irrespective of who is introducing it to them.
“Talk to trusted adults, mentors or counselors about online safety and cherish integrity”, he said.
Head, Enlightenment and Reorientation, ACE II Aisha Mohammed, in her presentation, assured the students and their management that the Commission will visit the school to inaugurate the EFCC’s Integrity Club and charged them to be ambassadors of anti-corruption.
Mohammed cautioned the students against the evils of internet fraud urging them to be good citizens of Nigeria.
“There is a need for students to be anti-corruption foot soldiers and tomorrow is assured only if you fight corruption today,” she said. NNL.
