Why Foreign Countries Should be Charged Interest for Stolen Funds, ICPC Boss

Why Foreign Countries Should be Charged Interest for Stolen Funds, ICPC Boss

- ICPC chairman, Prof. Bolaji Owasanoye is proposing that foreign nations benefiting from stolen funds should be made to pay back with interest

- According to Owasanoye, He also called for the payment of interests on the loot as part of measures to redress the menace of Illicit Financial Flows (IFFs).

this move is part of measures to curb the problem of Illicit Financial Flows

- Owasanoye said illegal movements of funds from African countries abroad has made the continent to be the biggest victim

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Prof. Bolaji Owasanoye, the chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), says foreign nations should pay interest on stolen funds.

This was contained in a statement sent to Legit.ng on Thursday, May 20, by the ICPC spokesperson, Mrs. Azuka Ogugua.

Owasanoye at the ICPC Headquarters, Abuja, said this was part of measures to redress the menace of Illicit Financial Flows (IFFs).

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Why Foreign Countries Should be Charged Interest for Stolen Funds, ICPC boss
ICPC boss Prof. Bolaji Owasanoye, has urged foreign countries to return funds stolen from Nigeria. Photo credit: @ICPC_PE
Source: Twitter

The ICPC boss also disclosed that the federal government of Nigeria was currently reviewing legacy transactions in oil and gas, tax investments, and the use of waivers in Nigeria in order to curb IFFs.

Owasanoye speaking at the International Conference on IFFs and Asset Recovery, said illegal movements of funds from African countries abroad have made the continent to be the biggest victim of IFFs.

He urged foreign beneficiaries of IFFs to deduct loans to African countries from the illegal funds in their possessions, and return the outstanding amount with interests to the continent.

The ICPC chairman advocated a workable framework that will reduce the timeframe for the repatriation of identified stolen funds and assets, decrying the huge loss suffered by the continent due to long and tedious processes which usually takes several years to complete.

He went on to note that there were on-going efforts by the federal government to block illicit outflows of funds through the review of international transactions that enable IFFs.

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His words:

“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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Meanwhile, Legit.ng reported that the former son-in-law to President Muhammadu Buhari, Gimba Yau Kumo, has accused the ICPC of witch-hunting him.

Kumo, in a letter to the agency's leadership through his lawyer, Patrick Etim, claimed that he was never invited for interrogation before being declared wanted.

The president's former son-in-law was on Thursday, May 13, declared wanted by the ICPC. The spokesman of the ICPC in a published notice announced that Kumo, alongside two other suspects, Tarry Rufus, and Bola Ogunsola, were allegedly involved in the diversion of national housing funds to the tune of $65,000,000.

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Source: Legit.ng

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