OSINBAJO: Corruption caused world’s gravest humanitarian crisis in N/E Nigeria

Nigeria’s Vice President, Yemi Osinbajo, on Thursday said that corruption was responsible for the terrorist attacks in Nigeria’s North-East which triggered the world’s gravest humanitarian disaster.

He added that the activities of the Boko Haram terrorist group in the North-East had left 20,000 fatalities and two million people displaced.

Osinbajo stated this when he spoke at the ongoing meeting of the Organisation for Economic Cooperation and Development (OECD’s) Anti-Corruption & Integrity Forum in Paris, France, on Thursday.

He further said that illicit financial flows should not be seen and treated differently from corruption, arguing that it has cost the African continent capital flight of USD50billion annually.

According to Osinbajo, corruption and illicit financial flows are entwined and must be concertedly fought against, especially in African countries.

Part of his presentation at the forum read:

“Mr. Secretary-General, Your Excellences, there is now hardly any credible opposition to the notion that corruption and Illicit financial flows constitute perhaps the gravest challenge to development. And this is especially true of developing countries.

“Besides, we have seen in Nigeria, in recent years, how corruption directly fuelled the terrorist insurgency in the North-East. And how in turn that has led to one of gravest humanitarian disasters in the world; 20,000 fatalities and 2 million people displaced.

“Also the adverse implications for education, healthcare, social services, infrastructure and indeed quality of life no longer require making a case.

“Corruption and illicit financial flows are different. But they really must be twinned. This is because for practical purposes it is an eminently more sensible approach to treat most of the sources of illicit financial flows as corrupt activity, within a broader use of the term.

“It is also clear that most economies ravaged by corruption, usually-both as a cause and consequence-do have institutions that are too weak to fight corruption and illicit financial flows. International collaboration is therefore the smartest and most effective approach to apprehend and deter perpetrators, and ensure restitution of stolen assets.

“Of particular note on the continental level is the ground breaking work of the Thabo Mbeki Panel on illicit financial flows from Africa. The initiative which was sponsored by a joint commission of the AU and the ECA, alarmed at the prospect that most African States despite earnings and official development assistance, would still not meet MGD targets in 2015, noted that Africa loses USD50billion annually, in illicit financial flows,” he said.

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