- Says Nigeria loses $7b yearly through oil theft
By Tobi Soniyi
President Muhammadu Buhari has blamed the international community for looking away while corruption by less developed countries goes on.
It is widely believed that most of the proceeds of graft from particularly the Third World countries are lodged in the advanced countries which do little to discourage the practice.
Buhari said: “When it comes to tackling corruption, the international community has unfortunately looked away for too long. We need to step up and tackle this evil together. That is why we have gathered here today.
“Corruption creates a system where resources are shared by a small elite while the majority wallows in poverty. Corruption also undermines the ability of countries to finance development.
“I recall in this regard, the landmark Addis Ababa Action Agenda of the 3rd International Conference on Finance for Development held in January this year.
“A prominent feature of that global framework is the recognition that good governance and measures to combat corruption and curb illicit financial flows will be integral to the effort to attain sustainable development globally by the year 2050.”
A statement issued by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said Buhari made the disclosure while speaking at the opening of the Anti-Corruption Summit hosted by Prime Minister David Cameron of Britain.
In order to stop further theft of Nigeria’s oil, he appealed to the international community to urgently create anti-corruption infrastructure.
Buhari said that new measures against corruption that would be adopted by the summit should also include mechanisms that would assist countries like Nigeria to combat illegal activities such as crude oil theft through which, he said, Nigeria loses about $7 Billion annually.
He also sought the creation of a strategic action plan to facilitate the speedy recovery and repatriation of stolen funds hidden in secret bank accounts abroad.
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