Africa Loses $50M Annually Through Illegal Fund Flows

President Goodluck Jonathan has said Africa must check the huge funds being illegally taken out of the continent which can solve infrastructural and other problems.

President Jonathan was speaking to a delegation of the UN’s High Level Panel on illicit Financial flows from Africa headed by former South African President, Mabo Mbeki.

He said Africa needs robust assistance from the developed world to check this outflow because corruption would be minimized if there are no places to hide the illicit funds. He challenged oil refineries worldwide to ask questions about the source of the crude they refine and said the Administration was taking definite steps to check the theft of crude oil from Nigeria.

President Jonathan called on the Panel on Illicit Financial Flows from Africa to carry out an in-depth and comprehensive study of the issue and produce a template that will help the continent combat the menace.

Mr. Thabo Mbeki said the continent currently loses at least $50 million dollars every year through illicit fund flows and the panel was determined to study the problem and propose solutions through meeting with National Assembly members.

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