Receiving a delegation of the United Nations’ High-Level Panel on Illicit Financial Flows from Africa in Abuja, the Nigerian capital city, President, Godluck Jonathan on Monday canvassed that all African governments must check the huge funds being illegally taken out of the continent.
Former South African President, Mr. Thabo Mbeki, is the Chair of UN High Level Panel on Illicit Financial Flows from Africa.
President Jonathan said that “the huge funds being illicitly taken out of Africa can solve our infrastructural and other problems, so we must look within and check this hemorrhage.”
Jonathan 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 that his Administration was taking definite steps to check the theft of crude oil from Nigeria.
President Jonathan called on the Panel to carry out an in-depth and comprehensive study of the issue and produce a template that will help the continent combat the menace.
He directed all relevant ministries and agencies of government to cooperate fully with the panel.
Earlier, Mr. Mbeki said the continent currently loses at least US$50 billion every year through illicit fund flows, and the panel was determined to study the problem and propose solutions.
He said the panel would like to meet relevant members of the National Assembly, in view of the need for legislation to check this potent threat to the survival of the continent.