ICPC warns leaders against illicit financial flow to foreign land

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) Thursday warned African leaders to stop laundering the continent’s financial resources and assets to the foreign land.

The anti-graft agency specifically said the loss of huge proportions of the continent’s resources through illicit consignment of financial and other assets to foreign jurisdictions, contributes to its underdevelopment.

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The ICPC chairman, Prof. Bolaji Owasanoye (SAN), stated this while signing a cooperation agreement on the implementation of the Common African Position on Asset Recovery (CAPAR) with the Coalition for Dialogue on Africa (CoDA).

Daily Trust reports that CoDA, which is chaired by former African presidents, is currently headed by a former president of Nigeria, Olusegun Obasanjo.

Signing the agreement on behalf of the organisation, the Executive Director of CoDA and Head of African Union-High Level Panel on Illicit Financial Flows (IFFs), Mrs. Souad Aden-Osman, said the agency would provide support to ICPC in implementing CAPAR-related activities.

She explained that the purpose of the cooperation agreement was to regulate the relationship between the parties in pursuing their common objective towards advancing asset detection and identification; asset recovery and return; asset management as well as cooperation and partnership in Africa.