Worried by the high rate at which resource-rich African countries lose
huge revenues through corruption, illegal transfers of profits and money laundering
abroad, the African Union, AU, has asked President Goodluck Jonathan and other
African leaders to openly declare their assets and subject their wealth to
public scrutiny, according to Premium Times.
A report on Illicit Financial Flows from Africa, compiled by an AU panel
led by former South African President Thabo Mbeki, said Africa loses an
estimated $60billion (about N10.08trillion) annually through such transfers.
The report was presented Sunday at a summit in Addis Ababa, Ethiopia.
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.
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