African Anti-graft Agencies Move to Halt Movement of Illicit Funds

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Ibrahim Magu

By Kingsley Nwezeh

Anti-graft agencies in Africa have commenced work on a draft protocol designed to halt the movement of illicit funds across the continent.

This is coming as the Economic and Financial Crimes Commission (EFCC) said it was in talks with Ghanaian authorities aimed at recovering looted funds stashed in Ghanian banks by some politically exposed persons in Nigeria.

Speaking at the weekend, Acting Chairman of the EFCC, Mr. Ibrahim Magu, said anti-corruption agencies in Africa were working on a draft protocol as part of measures to strengthen the anti-graft campaign in Africa.

Magu, who was inducted into the 2020 Fellowship Hall of Fame of the Chartered Institute Public Resources Management and Politics (CIPRMP), Ghana for his contributions to the war against corruption, said the draft protocol would be submitted to the Heads of State of African Union (AU) for consideration.

“We had a meeting with other anti-corruption agencies in Africa to draft a protocol for Heads of State.

“The draft protocol will ensure that you can’t steal money from one African country and move it to another or even a foreign country”, he said, maintaining that “most of the money is hidden here. They can’t take it out. It’s wasting”.

He said huge looted funds from Nigeria were stashed away in Ghana, stating that plans were afoot to effect the recovery.

“There is a lot of loot in Ghana. We are already talking with them and plans are in place to recover them. We will recover them”, he said.