Stolen funds: Buhari seeks support of African Central Banks

Stolen funds: Buhari seeks support of African Central Banks
United Bank for Africa

The President of Nigeria, Muhammadu Buhari, has sought for the cooperation of African Central Banks in the repatriation of illicit cash.

In a meeting of the association of central bank governors in Abuja, the president called for the removal of all bureaucracies in returning the funds.

He said the dwindling prices of crude oil in the international community paved way for African leaders to come up with policies that would help enhance both monetary and financial stability in the region.

President Buhari reminded the apex bank governors at the meeting of the key role governments must play to change this narrative.

One of such ways, according to the President, is the repatriation of stolen funds by government officials across the continent.

The Central Bank Governor, Mr Godwin Emefiele, said cross-border banking supervision could also reverse the trend, adding that sound economic policies must be taken to transform the economy of the African continent.

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Almost $2 trillion is said to have left Africa since 1970 through corrupt activities such as bribery and embezzlement, which constitutes three per cent of the funds, while criminal activities such as drugs and smuggling make up 30 per cent and commercial transactions from multinational companies makeup 65 per cent of the funds.

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