The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) says Africa loses between $88 billion and $94 billion annually to theft and illicit financial flows.
Speaking at a forum on asset recovery in Abuja, GIABA’s DG, Edwin Harris—represented by Tim Melaye—called the figure “staggering” and urged African nations to work together to trace and return stolen wealth.
Citing a UN-backed report by former South African President Thabo Mbeki, Harris said the funds could have transformed education, health, and infrastructure across the continent.
Dr Umar Yakubu of the Centre for Fiscal Transparency said asset recovery is key to restoring public trust and national development.
Also speaking, ICPC Chairman Musa Adamu Aliyu (SAN) and EFCC representatives called for stronger partnerships to recover and protect looted assets across and beyond Africa.
