60% illicit financial flows perpetrated by private sector –ICPC

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Prof. Bolaji Owasanoye, has said that the private sector was responsible for over 60 per cent illegal movement of funds from Africa to foreign countries.

The ICPC boss stated that the perpetrators of illicit financial flows channeled the funds through commercial activities enabled by the private sector.

He made this known during the visit of council members of the African Bar Association led by its President, Mr Hanniba Uwaifo to the ICPC headquarters in Abuja.

This was contained in a statement on Tuesday, by the ICPC spokesperson, Mrs Azuka Ogaga, titled, ‘Private sector aids 60 per cent Illicit Financial Flows out of Africa – ICPC Chairman.’

Owasanoye said, “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 chairman, who also commented on attacks on staff of the commission and other anti-corruption agencies by suspects under investigations, said that it was fuelled by impunity and weak laws.

Noting that corruption was debilitating in a country,  Owasanoye explained that the ICPC was focusing on public sector corruption because of its impact on the country and the private sector.

He listed some of the progress made by the commission to include: de-emphasizing confession-based investigation, a world-class forensic lab, staff auditing, and capacity building.

He 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.

In his remarks, the AFBA President traced the problem in Africa to corruption which, according to him, has led to the underdevelopment of the continent.

Uwaifo lamented that public sector corruption by government officials has held the country back from achieving its potential. PUNCH

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