Disturbed by the high rate of corruption, illegal transfers and loss of huge revenues by African countries (rich in resources), The African Union, AU, has demanded that President Goodluck Jonathan and other African Leaders should openly declare their assets and subject their wealth to public scrutiny.
In a report on Illicit Financial Flows from Africa, compiled by an AU panel led by former South African President Thabo Mbeki, it shows that Africa loses an estimated $60billion (about N10.08trillion) annually through such transfers. The report was presented Sunday at a summit in Addis Ababa, Ethiopia.
More importantly, the report has stirred massive concerns in Nigeria, 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.
The issue of accountability and probity by top government officials has always been a source of serious concern in Nigeria, particularly with President Goodluck Jonathan repeatedly refusing to publicly declare their assets.
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