Stop Warehousing Looted Funds From Africa, EFCC Chairman Begs Beneficiary Nations

Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has begged developed nations to stop warehousing looted funds from Africa.
He warned that the privileged nations might in the process of encouraging corruption in developing countries, hurt their own interests.

Olukoyede however urged the global community to support Nigeria’s efforts towards asset recovery.

The anti-graft agency boss made the plea at the ongoing 10th session of the Conference of State Parties (COSP) to the United Nations Convention Against Corruption (UNCAC) in Georgia World Congress Centre, Atlanta, United States of America.

A statement by the EFCC Head of Media and Publicity, Mr. Dele Oyewale, quoted Olukoyede as saying that corruption has become a transnational crime which requires global collaboration.

Olukoyede said: “We need the cooperation of all the countries that are custodians or in charge of warehousing all these stolen assets from Africa. It has become extremely important for us to see you as our collaborators, as countries that support us in the fight against corruption.

“Now, when you look at corruption, it has become a transnational crime. If you are holding on to those assets, you are creating very difficult legal hurdles in recovering those assets. You are indirectly encouraging the perpetrators of the crimes we are talking about.

“And when you encourage it in Africa, it has a tendency of affecting you too, because the kind of financial crimes we are talking about have become global in nature. So, it has become important for you to cooperate with us.”

He asked the global community to support Nigeria’s efforts towards asset recovery.

“We will only be able to see you as a friend if you are willing to support us in recovering such assets that have been traced to your jurisdiction.”