AU asks Jonathan, other African leaders to publicly declare their assets
Worried by the high rate at which resource-rich African countries lose huge revenues through corruption, illegal transfers of profits and money laundering abroad, the African Union, AU, has asked President Goodluck Jonathan and other African leaders to openly declare their assets and subject their wealth to public scrutiny.
A report on Illicit Financial Flows from Africa, compiled by an AU panel led by former South African President Thabo Mbeki, said Africa loses an estimated $60billion (about N10.08trillion) annually through such transfers. The report was presented Sunday at a summit in Addis Ababa, Ethiopia.
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The report has stirred massive concerns in Nigerian, which is said to account for over $40.9billion (about N6.87trillion), or 68 per cent of the total figure.
Cumulatively, Nigeria also topped the list of ten African countries with highest incidence of illicit financial transfers between 1970 and 2008, recording about $217.7billion (about N36.57trillion), or 30.5% of the total in the continent.
The issue of accountability and probity by top government officials has always been a source of serious concern in Nigeria, particularly with President Goodluck Jonathan repeatedly refusing to publicly declare their assets.
When the issue surfaced during his third Presidential media chat in 2014, Mr. Jonathan criticised those calling for the declaration, and said leaders should be allowed to determine whether or not the decision to make their assets public agreed with their personal principles.
The president emphasised his disapproval by infamously declaring that he did not give “a damn” about publicly declaring his assets.
“The issue of public asset declaration is a matter of personal principle. That is the way I see it, and I don’t give a damn about it, even if you criticise me from heaven,” the president said.
All countries, the report, said should require beneficial ownership information to be provided when companies are being incorporated, for that information to be updated on a regular basis, and for that information to be of public record.
Beneficial ownership declarations should also be required for all government contracts with third parties. False declarations should result in robust financial penalties.
The Panel was set up after illegal transfers were identified in 2011 as one of the threats to most resource rich countries in Africa to meet their millennium development goals, MDGs, the AU at its 4th Joint African Union Commission/United Nations Economic Commission for Africa, AUC/ECA, Conference of African Ministers of Finance, Planning and Economic Development constituted the Mbeki Panel to review the underlying issues stalling Africa’s accelerated and sustained development objective.
The report has stirred massive concerns in Nigerian, which is said to account for over $40.9billion (about N6.87trillion), or 68 per cent of the total figure.
Cumulatively, Nigeria also topped the list of ten African countries with highest incidence of illicit financial transfers between 1970 and 2008, recording about $217.7billion (about N36.57trillion), or 30.5% of the total in the continent.
The issue of accountability and probity by top government officials has always been a source of serious concern in Nigeria, particularly with President Goodluck Jonathan repeatedly refusing to publicly declare their assets.
When the issue surfaced during his third Presidential media chat in 2014, Mr. Jonathan criticised those calling for the declaration, and said leaders should be allowed to determine whether or not the decision to make their assets public agreed with their personal principles.
The president emphasised his disapproval by infamously declaring that he did not give “a damn” about publicly declaring his assets.
“The issue of public asset declaration is a matter of personal principle. That is the way I see it, and I don’t give a damn about it, even if you criticise me from heaven,” the president said.
All countries, the report, said should require beneficial ownership information to be provided when companies are being incorporated, for that information to be updated on a regular basis, and for that information to be of public record.
Beneficial ownership declarations should also be required for all government contracts with third parties. False declarations should result in robust financial penalties.
The Panel was set up after illegal transfers were identified in 2011 as one of the threats to most resource rich countries in Africa to meet their millennium development goals, MDGs, the AU at its 4th Joint African Union Commission/United Nations Economic Commission for Africa, AUC/ECA, Conference of African Ministers of Finance, Planning and Economic Development constituted the Mbeki Panel to review the underlying issues stalling Africa’s accelerated and sustained development objective.
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