Corruption costs Africa billions of dollars, forum warns in Abuja
By the AFREEQUE newsroom, based on Tribune Online
The African Asset Recovery Practitioners’ Forum is warning of the billions of dollars Africa loses each year because of corruption and illicit financial flows. Its inaugural general assembly, focused on implementing the common African position on asset recovery, is being held from 17 to 20 November in Abuja, according to Tribune Online.
Africa loses billions of dollars in public resources because of corruption, financial crime and illicit financial flows, said Prince Hassan Mohammed, chairman of the organising committee of the African Asset Recovery Practitioners’ Forum (AARP-F), in Abuja on Saturday. These funds were intended in particular for health, education, infrastructure, agriculture, security and economic development.
According to Prince Hassan Mohammed, some of these resources are transferred through channels and jurisdictions beyond the reach of national authorities. He said these practices weaken public institutions, national economies and the development prospects of millions of Africans.
The AARP-F will hold its first general assembly from 17 to 20 November in Abuja, under the theme of implementing the Common African Position on Asset Recovery (CAPAR). The forum, established in Nairobi in April 2025, aims to strengthen cooperation among asset recovery professionals, notably through information sharing and mutual legal assistance.
