'It'll boost economic growth' -- CoDA seeks improved asset recovery systems for African countries

‘It’ll boost economic growth’ — CoDA seeks improved asset recovery systems for African countries

March 24

17:14 2022

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The Coalition for Dialogue on Africa (CoDA) has called on African governments and anti-graft agencies to implement the Common Africa Position on Asset Recovery (CAPAR).

Oladipo Johnson, CoDA’s technical adviser, said this at the fifth annual general assembly of the Network of National Anti-Corruption Institutions in West Africa (NACIWA), held recently in Abuja.

Johnson described CAPAR as a crucial policy instrument, adding that the recovery of assets diverted from Africa would ensure more funds are available for the provision of clean water, health, education, and other critical infrastructure.

“We remain committed to advocating for the implementation of the CAPAR by all relevant stakeholders, which include the various anti-corruption agencies here present. It is a crucial policy instrument that is to be implemented under a number of pillars, and achieving this requires support for it at all levels,” he said.

“This is why the continental and global awareness campaign for the CAPAR has been agreed as the fundamental first step towards its implementation.

“Consequent key steps will include the strengthening of systems for the detection and identification of African assets in foreign jurisdictions and the development of frameworks to manage these assets after they are recovered.

“Sadly, and despite our own challenges, this has made Africa, a net creditor to the world. The vital issue of addressing Africa’s illicit financial outflows and recovering its stolen assets and funds which have been lost can therefore never be put on hold if we are to secure Africa’s continued growth and development.”

Johnson added that CoDA had, on January 26, 2022, entered into an agreement with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on implementing the CAPAR.

“This is why in our capacity as the secretariat of the high-level panel on IFFs from Africa, CoDA worked with the federal government of Nigeria and particularly, through ICPC, to develop the Common African Position on Asset Recovery (CAPAR),” he said.