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Foreign countries should return stolen funds with interest - ICPC boss

 

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Bolaji Owasanoye has told all foreign countries that they should return all stolen funds with interest.  


He said this at the International Conference on IFFs and Asset Recovery at the ICPC headquarters in Abuja. 

 

He also told foreign beneficiaries of the IFF to deduct the loans to the countries in Africa from tbe illegal funds with them and return the balance with interest back to the African countries.  


His statement reads:

“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.


“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.


“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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