Abuja, 6 June 2017 (ACBF) – Nigeria needs to show leadership in tracking, stopping and getting back illicit financial flows that are robbing African countries of the resources needed to develop the continent, the Executive Secretary of the African Capacity Development Foundation, Prof. Emmanuel Nnadozie, has said.
Speaking at an international conference on promotion cooperation in tackling the problem in Abuja, Prof. Nnadozie said, as an economic power house on the continent and as the most adversely affected by the problem, Nigeria has to be at the forefront of efforts to fight the problem.
“The consequences of illicit financial flows are severe as it robs the nation of resources needed for development,” he said.
To successfully confront the menace, Nigeria must develop the capacity to track, stop and get back funds illegally taken out of the country, the Executive Secretary said. To facilitate this, the country should strengthen leadership of all actors, including the executive arm of government, the legislature, law enforcement bodies, civil society organizations and anti-corruption agencies.
While making a case for a change of the mindset from the prevailing belief that public funds are part of national cake to be looted, Prof. Nnadozie called for the creation of awareness against illegal financial flows among all stakeholders in the country, especially among citizens.
As the leading institution and hub of capacity building in Africa, the ACBF, the Executive Secretary said,has developed the approaches needed to help African countries and regional bodies to successfully tackle the problem.
The conference which was opened by Nigeria’s Acting Vice President Yemi Osinbajo on 5 June is being attended by experts from Africa, Europe, United Nations agencies, and civil society groups.
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About the African Capacity Building Foundation
Established in 1991, ACBF builds human and institutional capacity for good governance and economic development in Africa. To date the Foundation has empowered people in governments, parliaments, civil society, private sector and higher education institutions in more than 45 countries and 6 regional economic communities. ACBF supports capacity development across Africa through mobilization and leveraging of resources for capacity development; grants, investments and fund management; knowledge services; promoting innovation in capacity development and capacity development advisory services. The establishment of ACBF was in response to the severity of Africa’s capacity needs, and the challenges of investing in indigenous human capital and institutions in Africa. ACBF interventions are premised on four principles: the centrality of capacity to the development process in Africa; the critical role of a partnership and demand-driven approach in tackling capacity challenges; African ownership and leadership in the capacity development process; and a systematic, sequenced and coordinated approach to the capacity development process that pays attention to capacity retention and utilization. For further information go to: www.acbf-pact.org