The African Development Bank has announced the launch of the African Financial Integrity and Accountability Support Project (AFIAP) to boost cooperation between African countries to fight illicit financial flows. 

The AfDB disclosed this in a statement on Friday, citing they will launch the project with a $5.9 million project in partnership with the Coalition for Dialogue on Africa (CoDA). 

President Muhammadu Buhari revealed in 2020 that Nigeria lost 157.5 billion dollars to illicit financial flows between 2003 and 2012.  

Coordinated implementation: AfDB noted that the project, launched at the African Union (AU) headquarters, aims to boost regional coordination on accountability of public finances, they said: 

  • “It will support the coordinated implementation of recommendations of the high-level panel on illicit financial flows and the implementation of joint strategies and initiatives related to international taxation.’’ 

They added the three-year support project would help stakeholders engage actively in stemming illicit financial flows and improve domestic revenue mobilization in Africa. 

Coalition for Dialogue on Africa:  They noted that CoDA’s role at the secretariat of AU helped with incites of Illicit Financial Flows (IFFs) they added: 

  • “The support will foster a coherent African response to illicit flows, in line with the AU Assembly Special Declaration on IFFs passed in January 2015. 
  • “It will also advance Africa’s continent-wide asset recovery agenda encapsulated in the Common African Position on Asset Recovery (CAPAR) adopted in February 2020. 
  • “This will be carried out by CoDA, the AU Commission Departments of Economic Development, Trade, Tourism, Industry and Minerals and Political Affairs. 
  • “It will also be carried out by the Peace and Security Department, in collaboration with other national, regional, and global actors.” 

The Bank’s Deputy Director-General for Eastern Africa Regional and Business Delivery Office, Abdul Kamara said the project will help combat illicit financial flows, this project will contribute to promoting greater efficiency in public financial management to boost revenue mobilization and management. 

What you should know: President Muhammed Buhari revealed that Nigeria lost 157.5 billion dollars to illicit financial flows between 2003 and 2012 during a side event organized by the African Union Development Agency and New Partnership for Africa’s Development at the 74th United Nations General Assembly.  

Buhari quoted a 2014 Global Financial Integrity Report, said the money could have been used to fund public services or to alleviate poverty in the country.  

 “This is why, as Africans, we have no choice but to break the back of corruption,” he said.  

President Buhari stressed the need to improve the recovery of assets. He also emphasized the need to fight corruption and ensure that the war is won at all costs.