Buhari,Other African Leaders Demand Repatriation Of Stolen Funds

– President Buhari and other African leaders demand the repatriation of stolen funds

– The estimates, illicit financial flows from Africa is as much as $50 billion annually

– Buhari saidbthat the combination of “international laws, different jurisdictions and justice systems”,make it deliberately difficult for repatriation of stolen funds

 

President Muhammadu Buhari has joined his Zambian and Ethiopian counterparts in demanding for unconditional repatriation of assets stolen from the continent.

The call came at a high-level event on Illicit Financial Flows (IFFs) held on the sidelines of the ongoing 74th United Nations General Assembly UNGA) in New York., United States.

The theme of the event was “Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development.”

According to some estimates, illicit financial flows from Africa is as much as $50 billion annually.

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Buhari said in his speech that Nigeria alone lost about $157.5 billion to IFFs between 2003 and 2012.

He said that although his administration had recovered “millions of dollars stolen from the country” in the last five years, a lot more was still stuck in foreign bank accounts.

According to him, a combination of “international laws, different jurisdictions and justice systems”,make it deliberately difficult for repatriation of stolen funds.

President Buhari noted that any lasting solution to the challenges would require international cooperation and coordination.

“Therefore, here lies a role for the African Union.The New Partnership for African Development (NEPAD) must be supported to play a critical role in securing the cooperation of African countries and their international counterparts, ” he said.

Similarly,the President of Ethiopia, Sahlework Zewede, described IFFs and the recovery and repatriation of stolen assets as complex subjects.

Zewede said: “Innovative solutions require sustained discussion among countries and various stakeholders in the spirit of partnership and shared responsibility.”