ICPC: Private sector culpable for 60% illicit financial flows out of Africa

Written by on July 28, 2021

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 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.”

Credit: Punch

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