The Independent Corrupt Practices and other related offences Commission says Nigeria won’t need external loans if stolen monies stashed away in foreign banks by corrupt politicians and heads of state are repatriated.
ICPC Spokesperson, Azuka Ogugua, stated this on Monday in Abuja while speaking on the occasion of the 2021 African Union Anti-Corruption Day marked every July 11.
The ICPC spokesperson said Nigeria and other African countries won’t need to borrow loans outside the continent if all the looted funds were repatriated.
She spoke on this year’s theme, ‘Regional Economic Communities: Critical Actors in the Implementation of the African Union Convention on Preventing and Combating Corruption’, while stressing that there was a need for a common African policy on repatriation of stolen funds from the African continent.
Ogugua was a guest on Channels Television’s ‘Sunrise Daily’ programme.
She said, “When we have a celebration like this, we are trying to showcase what we have done so far, over the years, and where we are going.
“This year, there is a lot of focus on illicit financial flows because if these funds are repatriated back to the country, they will really help in development. The countries are suffering from lack of funds, looking for loans all over the place whilst if these funds are repatriated, we will use them to develop our countries.”
According to her, Nigeria currently accounts for over 20 percent of funds illegally moved out of Africa, stressing that recovering such funds will help national development.
“We are really focusing on illicit financial flows because these funds can help in developing the country, as the nation is currently suffering from lack of funds, looking for loans all over the place whilst if these funds are repatriated, we will use them to develop our countries.”