Foreign Nations Should Pay Interest On Stolen Funds- ICPC Boss

The  Independent Corrupt Practices and Other Related Offences Commission (ICPC),  chairman, Prof. Bolaji Owasanoye, SAN, has called for the payment of interests on stolen funds by benefiting foreign nations.

Owasanoye reportedly disclosed that the Federal Government was currently reviewing legacy transactions in oil and gas, tax investments and the use of waivers in Nigeria in order to curb IFFs.

Disclosing this at the International Conference on IFFs and Asset Recovery, held at the ICPC Headquarters, Abuja, on Wednesday, he said illegal movements of funds from African countries abroad has made the continent to be the biggest victim of IFFs.

According to him, “Africa is the biggest victim of IFFs. If you evaluate what we have lost as a continent against what African counties 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.”

He added that,“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.”

He disclosed that, “We are reviewing the legacy transaction in oil and gas, tax investments and the use of waivers in Nigeria to close loopholes that facilitate IFFs. For instance, a lot of damage can be done through confidential clauses in loans, oil and gas contracts, and others. The review will prevent dodgy politicians from taking money out.”

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Esther Ifeoluwa

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