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Africa Losing $80bn Annually to Illicit Financial Flows -Ex-TI Boss

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Malaysian Ringgits And Stock Boards Inside RHB Investment Bank
  • Africa Losing $80bn Annually to Illicit Financial Flows -Ex-TI Boss

The Chairperson of the International Anti-Corruption Conference Council, Akere Muna, on Monday disclosed that Africa is losing between $50bn and $80bn annually through illicit financial outflows.

Muna disclosed this in a keynote address he delivered at a Conference on Promoting International Co-operation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development held at the old Banquet Hall of the Presidential Villa, Abuja.

The former Vice Chair of Transparency International said despite the inflow of development assistance into the continent, Africa still remained what he called a net creditor.

He said, “Our continent is losing anywhere from $50-$80bn annually through illicit financial outflows, and despite the inflow of development assistance, Africa still remains a net creditor.

“Some will zero in on the numbers, arguing that the magnitude has been skewed by one measure or another. This is a non-issue, as the magnitude of these outflows is undeniable. The exactitude of the figures is secondary.

“Global capital flows have grown much faster than GDP and trade since 1980 but the global financial system continues to look unprepared and, in some cases, simply reluctant to effectively regulate large volumes of cross-border flows.”

Muna described public data as an essential tool in order to track Illicit financial flows, adding that access to records on beneficial ownership through country-by-country reporting appears as the ultimate way to go.

He said for illicit financial flows to be tracked, there was the need to know how they move.

According to him, to recuperate them, there was the need to know where the flows are parked.

“If we do not know who the beneficial owners are in business transactions, it is very difficult for the funds to be reclaimed.

“Exacerbating these problems in the phase is the use of real estate and luxury goods, and even large-scale farming to park illicit funds,” he added.

He described the fight as global, hence the need to be engaged by the originating countries and the destination countries with the same vigour.

Muna lauded the Muhammadu Buhari administration for making the fight against corruption its number one priority.

He noted that the fight against corruption on the continent is the fight for the soul of Africa.

He added, “As you know or must have found out by now, when you fight corruption, it fights back.

“The fight against corruption in our continent is indeed the fight for the soul of Africa.

“How much longer will we watch our resources depleted and the future of our children mortgaged for the sake of a greedy few?

“The winds of change are blowing across our continent, and they are inevitable. Our young people know better, want better and deserve better.

“For those who feel that their own personal interest can always take precedence over that of their people, they should take a good look at history. We can certainly hide to do certain things, but it is certain that we will never be able to always hide the things we do.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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