Politicians steal $50b yearly from Africa – Obasanjo

Former Nigerian President Olusegun Obasanjo

FORMER President Olusegun Obasanjo has alleged that more than $50 billion is stolen and smuggled out of Africa to other countries yearly by political leaders and businessmen as well as other key players in both public and private sectors.

Obasanjo, who spoke on Thursday, November 9, at the maiden yearly anti-fraud conference, organised in Abeokuta, the Ogun State capital, by the Association of Certified Fraud Examiners, ACFE, Lagos Chapter, lamented that the smuggling of the huge funds meant for socio-economic growth and development of the African continent is now giving African leaders, past and present, great concern.

He warned that African countries might not develop if leaders and followers refused to show concern about the ugly trend.

Thus, the former president called for concerted efforts towards curbing the trend. He also charged financial professionals and all members of the association and everyone generally to help in curbing the trend not only in Nigeria but Africa as a whole.

Godwin Oyedokun, president and chief executive officer, ACFE, said: “It is really a delight to host Chief Olusegun Obasanjo. Your acceptance of our invitation is an indication that you have the love of this nation at heart.” The former president was named Grand patron of the ACFE at the event.

*Courtesy of Real News Magazine