The Chairman of the Independent Corrupt Practices and other related offences Commission, Prof Bolaji Owasanoye, SAN, has advocated for the payment of interests on stolen funds by benefiting countries in a bid to tackle the menace of illicit financial flows.
Owasanoye made the call while he spoke at the International Conference on IFFs and Asset Recovery at the ICPC headquarters, Abuja, on Wednesday.
The ICPC boss also said 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.
He said illegal movement of funds from African countries abroad had made the continent the biggest victim of IFFs.
Owasanoye stated, “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.”
Owasanoye added that the Federal Government has been making efforts to block illicit outflows of funds through the review of international transactions that enable IFFs.