The Independent Corrupt Practices and other related Offences Commission (ICPC) has alleged that Illicit financial flows (IFF) from Africa are largely being perpetrated by the private sector.
The Chairman of ICPC, Prof. Bolaji Owasanoye, said this when council members of the African Bar Association (AFBA), led by their President, Hanniba Uwaifo, visited the commission’s headquarters in Abuja.
He added that the private sectors companies were channeling these funds to foreign countries in connivance with accountants, banks and auditors.
A statement issued by the ICPC’s spokesperson, Mrs. Azuka Ogugua, said that Owasanoye noted that perpetrators of illicit financial flows (IFFs) channel the funds through commercial activities, enabled by the private sector.
“A bulk of corruption going on in the country is caused or perpetuated by the private sector. About 60 per cent of funds taken or stolen away from Africa through IFFs are being done by the private sector, basically through commercial transactions, seemingly harmless transactions that are put together by accountants, auditors and bankers,” he said.
Earlier, Uwaifo traced the problem in Africa to corruption, which he said has led to the underdevelopment of the continent.
He stressed that the second largest continent in the world would not grow unless the menace is painstakingly tackled, adding that the globe was worried about the level of corruption in Africa.
