Nigeria lost nearly $40 billion to illicit financial flows between 2001 and 2010, contributing to the continent’s annual loss of $148 billion. Rev. David Ugolor stressed a need for improved asset recovery and management measures to ensure transparency and accountability, cautioning against potential mismanagement of recovered funds. Stakeholders at the Civil Society Summit underlined the importance of civil society’s role in monitoring and enhancing recovery efforts.
Rev. David Ugolor, Executive Director of the Africa Network for Environment and Economic Justice (ANEEJ), revealed that Nigeria lost about $40 billion to illicit financial flows from 2001 to 2010. This figure contributes to the staggering $148 billion lost annually across Africa. He emphasized the need for stronger asset recovery measures and legal frameworks to prevent mismanagement of recovered funds, which are crucial for the nation’s development.
Rev. Ugolor’s insights highlight the significant losses Nigeria has suffered due to illicit financial flows and the urgent need to strengthen asset recovery processes. Engaging Civil Society Organizations and ensuring transparency in management are critical to guarantee that recovered funds effectively contribute to national development and combat corruption. Overall, continuous efforts are necessary for Nigeria to enhance its frameworks and accountability in asset management.
Original Source: nigerianobservernews.com
