African leaders launder $50bn annually – Obasanjo

Former President Olusegun Obasanjo has lamented that political leaders and other key players in both public and private sectors in Africa illicitly launder a whopping sum of $50 billion from Africa annually.

Obasanjo said this at the 1st Annual Nigeria Anti Fraud Conference organised in Abeokuta by the Association of Certified Fraud Examiners (ACFE), Lagos, Nigeria Chapter.

The former President explained that the increasing smuggling of such whopping funds meant for socio-economic growth and development of African continent is now giving African leaders, past and present, great concerns, saying, everybody must lend his support to fight the ugly trend.

Obasanjo who called for joint effort to curb smuggling of funds to foreign lands noted that Nigeria and all African countries might not develop if leaders and followers turned deaf ears to the ugly trend.

The former President, who was named as Grand Patron of ACFE, Lagos Nigeria Chapter considering his efforts against fraud and corruption in Nigeria, however, asked the financial professionals and all members of the Association to help fight fraud and corruption in Nigeria and Africa as a whole.

He said, “$50 billion annually, is illicitly taken away from Africa, this is a major concern for African leaders, past and present. We are now trying and putting up efforts to ensure that we prevent it.  Organisation like you can also help us and Africa fight corruption and fraud in Nigeria and Africa as a whole.”

Earlier, Godwin Oyedokun, President and Chief Executive Officer, ACFE, said, “It is really a delight to host Chief Olusegun Obasanjo. Your acceptance of our invitation is an indication that you have the love of this nation at heart. Let me say that two things informed our decision to have you in our midst.

“First, ACFE, Lagos Nigeria Chapter recognises your role in sanitising the Nigeria system before, during and even after you have left government. Secondly, we want to honour you as our Grand Patron, the one we could always run to, for advice, guidance and mentorship.

“Thanks very much for honouring us with your presence – may God continue gracefully add to your age”, the President prayed for Obasanjo.

Credit: Vanguard.