EFCC Chairman Olukoyede Reveals Africa’s Annual Loss of $88.6 Billion to Illicit Financial Flows

The Chairman of the Economic and Financial Crimes Commission, Olanipekun Olukoyede, disclosed that Africa loses over $88.6 billion annually to illicit financial flows. Speaking at the Pan-African Conference on Illicit Financial Flows (IFFs) and Taxation in Tunis, Olukoyede emphasized the severe threat these flows pose to Africa’s economic stability and development.

He underscored the significance of the Common African Position on Asset Recovery (CAPAR) in presenting a unified front for African nations and stressed the importance of international cooperation. Olukoyede cited examples of success, such as Nigeria’s retrieval of $311 million of Sani Abacha loot from the United States in 2020, earmarked for essential infrastructure projects in alignment with the African Union’s Agenda 2063.

During a high-level technical stakeholders meeting in Addis Ababa, Olukoyede outlined the technical, legal, and political challenges complicating the tracking, freezing, and return of illicit funds. He urged for the enhancement of legal and institutional frameworks across African nations to bolster the fight against IFFs.

Olukoyede also promoted capacity building, stronger legal structures, and improved coordination and collaboration at national, regional, and international levels. He further called for sustained advocacy efforts and international pressure to secure cooperation from tax havens and jurisdictions with low tax rates.