No hiding place for corrupt people ― Buhari

President Muhammadu Buhari has assured that his government will ensure that there is no hiding place for purveyors of corruption who he described as enemies of the people.

This is just as he affirmed that Nigeria lost an estimated US$157.5 billion to illicit financial flows between 2003 and 2012.

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His position was contained in an address at the High-Level National Side-Event organised by the African Union Development Agency and New Partnership for Africa’s Development (AUDA-NEPAD) and the Economic and Financial Crimes Commission (EFCC) on Wednesday night on the margins of the 74th United Nations General Assembly in New York

Speaking under the theme, “Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development,” he quoted from the 2014 Global Financial Integrity Report, saying: “That is why our government has made it a war we intend to win.  We will give all it takes to ensure there is no hiding place for purveyors of corrupt practices who are truly enemies of the people.”

President Buhari noted that such massive loss of assets, resulted in dearth of resources “to fund public services or to alleviate poverty,” in the country.

According to him, “This is why, as Africans, we have no choice but to break the back of corruption.”

Acknowledging lack of sufficient capital and corruption as impediments to the socio-economic development of the continent, the President emphatically restated his administration’s anti-corruption campaign, saying: “That is why our government has made it a war we intend to win.  We will give all it takes to ensure there is no hiding place for purveyors of corrupt practices who are truly enemies of the people.”

Stressing the need to strengthen good practices on asset recovery and return, President Buhari, said “In the last five years, our government has made significant progress to curb corruption,” adding: “We have recovered millions of dollars stolen from our country.”

He noted, however, that “there are still a lot of other funds that are stuck in foreign bank accounts due to international laws, different jurisdictions and justice systems that make it difficult for repatriation.”

Describing Illicit Financial Flows as “illegal movement of funds from one country to another,” President Buhari lamented that, “These flows deplete Africa’s internally generated revenues, foreign exchange earnings, reduce tax revenues, drain natural resources, facilitate corruption and stunt private sector development.”

Citing tax avoidance as another form of illicit financial flow, he quoted the Tax Justice Network and the International Monetary Fund to have estimated over US$200 billion per year as “being lost by developing countries when multinational enterprises do not pay taxes in the countries where they made the profit.”

“This amount is significantly higher than the annual development aid received by these countries which are estimated to be about US$143 billion,” he added.

Commending the organisers of the meeting designed to finding “pragmatic ways to promote international cooperation to combat illicit financial flows and strengthen good practices on asset recovery and return, as an arm of sustainable development policies in Africa,” President Buhari also lauded their “shared commitment to root out corruption from our continent.”

According to the Nigerian President, “I am motivated by the belief that, if we join hands, we can bequeath to our children an Africa that is not defined by corruption.”

Emphasising the imperative of international cooperation towards stemming the incidence of illegal financial flows, President Buhari said, “Any lasting solution to the above challenges will require international cooperation and coordination,” of African countries and their international counterparts.

“This is one reason why the Nigerian Government supports this initiative of AUDA/NEPAD and remains committed until we ensure that there are no safe-havens for stolen assets from Africa,” he declared.

On his expectations of the outcome of the meeting, the Nigerian leader said: “I have high expectations for this meeting.  At the end of the deliberations, I expect other African leaders, to see the pragmatic ideas on how to strengthen our anti-corruption institutions to reduce or effectively eliminate Illicit Financial Flows.

“We need ideas on how to return the stolen assets to their countries of origin.  We also need strategies on how to plug the loopholes that enable companies to avoid paying commensurate taxes in their countries of operations.

“You should deliberate on practical ideas to enhance global acceptable assets tracing and freezing, and boost the recovery governance framework.

Wishing the meeting also attended by the Presidents of Zambia and Ethiopia successful discussions, President Buhari said he looked forward to reading its resolutions and recommendations.

Earlier in her welcome address, the National Coordinator/Chief Executive Officer at New Partnership for Africa’s Development (NEPAD) Nigeria, Princess Gloria Akobundu, affirmed that Africa resources are being siphoned illegally.

She said going by the 2017 report, the continent has lost about $86 billion to illicit financial flows which are about 6.1 percent of its gross domestic product.

Like President Buhari, she pointed out that the 2014 report estimated that Nigeria lost about $158 billion to the illicit financial flows in a decade

She warned; “illicit financial flow distorts development in Africa. illicit movement of funds in and out of Africa affects the delivery of public good, financing of poverty-reducing programmes and infrastructural development

“The illegal exploitation of Africa’s natural resources leads to deprivation and impoverish local communities.

“The activities of anti-development must stop at this point.”

Akobundu observed that the African Union (AU) has a critical role to play in providing leadership in addressing the issue, saying: “Any solution to ending illicit financial flow requires international cooperation and coordination which includes the public and private sector and civil society organisations

“The AU is leveraging on AUDA mandate to bring together Africa and international communities in finding a lasting solution to IFA towards economic growth and sustainable development.

“A natural progress from the discussions around illicit financial flows is the need to sort for enhanced, globalised strategies in combating the cankerworm and strengthen good practices in assets recovery and repatriation of the illicit proceeds to the country of origin to enable sustainable economic development.”

She also affirmed that the Nigerian government has made significant progress in tracking down illicit funds movement, noting, however, that these assets were stuck in foreign accounts and safe haven.

She explained that the event was organised to share ideas on how to trace and recover the illicit assets.

Other African leaders who spoke at the event were President Sahle-Work Zewde and President Edgar Lungi of Zambia.