Osinbajo blames western banks for corruption, underdevelopment in Africa

Osinbajo blames western banks for corruption, underdevelopment in Africa
March 31 09:25 2017

The Vice President, Professor Yemi Osinbajo, has said foreign banks are culpable in the movement of illicit capital from Africa to Europe.

Osinbajo said such illicit capital flight is responsible for poor infrastructure, terrorism and general underdevelopment in Africa.

Speaking at the anti-corruption and integrity forum of the Organisation for Economic Cooperation and Development in Paris on Thursday, Osinbajo said the stolen funds received by these banks wouldn’t have been received in the first place if the most routine questions are asked in accordance with the rules.

He said the foreign banks deliberately fail to adhere to the rules promoting transparency in international financial systems for selfish reasons.

The Vice-President called for a robust framework on the reparation of stolen assets in order to ‘ensure quick restitution to victim countries’.

He said: “Tracing, freezing and return of stolen assets has proved in many cases to be exceptionally difficult for most African countries.

“We, in Nigeria, have seen just how difficult it is to get back stolen assets from the international financial system, such as banks that ought not to have received those funds in the first place if even the most routine questions were asked.

“There is a consensus that corruption and illicit financial flows out of Africa, inexorably delay the attainment of development goals, worsen practically all human development indices and trap the majority of her people especially the most vulnerable in a cycle of misery.”