Africa should be creditors, return loot to Nigeria – ICPC tells foreign countries

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The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has urged foreign countries to return funds stolen from Nigeria.

He also called for the payment of interests on the loot as part of measures to redress the menace of Illicit Financial Flows (IFFs).

The ICPC chief disclosed the federal government was reviewing legacy transactions in oil and gas, tax investments, and the use of waivers in Nigeria in order to curb IFFs.

Owasanoye spoke at the International Conference on IFFs and Asset Recovery, held at the ICPC Headquarters, Abuja.

The Senior Advocate of Nigeria lamented that illegal movements of funds from African countries abroad have made the continent to be the biggest victim of IFFs.

He urged foreign beneficiaries of IFFs to deduct loans to African countries from the illegal funds in their possessions and returned the outstanding amount with interest to the continent.

“Africa is the biggest victim of IFFs. If you evaluate what we have lost as a continent against what African countries owe, Africa should be a net creditor to the world.

“They can decide to deduct the loans given to African countries from all the money taken from the continent, there will still be a substantial amount to return to Africa.

“The money should also be returned with interests as they have been in use over there. The money should be placed in an Escrow account, and a regional development bank that knows how to manage money should be in charge of such funds.”

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Owasanoye confirmed ongoing efforts by the federal government to block illicit outflows of funds through the review of international transactions that enable IFFs.

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