African Union
by Bassey Udo
Worried by the high rate at which resource-rich African countries lose huge revenues through corruption, illegal transfers of profits and money laundering abroad, the African Union, AU, has asked President Goodluck Jonathan and other African leaders to openly declare their assets and subject their wealth to public scrutiny.
A report on Illicit Financial Flows from Africa, compiled by an AU panel led by former South African President Thabo Mbeki, said Africa loses an estimated $60billion (about N10.08trillion) annually through such transfers. The report was presented Sunday at a summit in Addis Ababa, Ethiopia.
The report has stirred massive concerns in Nigerian, which is said to account for over $40.9billion (about N6.87trillion), or 68 per cent of the total figure.
Cumulatively, Nigeria also topped the list of ten African countries with highest incidence of illicit financial transfers between 1970 and 2008, recording about $217.7billion (about N36.57trillion), or 30.5% of the total in the continent.
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