Foreign Countries Should Refund Stolen Funds With Interest – ICPC

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Bolaji Owasanoy, has said there should be payment of interests on stolen funds by benefiting foreign nations as part of measures to redress the menace of Illicit Financial Flows (IFFs).

The ICPC boss made this known at the International Conference on IFFs and Asset Recovery, held at the ICPC Headquarters, Abuja.

He said, “Africa is the biggest victim of IFFs. If you evaluate what we have lost as a continent against what African counties owe, Africa should be a net creditor to the world. They can decide to deduct the loans given to African countries from all the money taken from the continent, there will still be a substantial amount to return to Africa.

“The money should also be returned with interests as they have been in use over there. The money should be placed in an Escrow account, and a regional development bank that knows how to manage money should be in charge of such funds.”