News
W/African Leaders Steal $300Bn from Treasuries’, Individuals
The West African sub-region is gaining notoriety as the money laundering capital of Africa with some $300 billion (about N45 trillion) reportedly siphoned by leaders and people entrusted with resources of the sub-region.
According to Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), member countries of Economic Community of West African States (ECOWAS), regional group of sixteen countries, founded in 1975 have laundered over $300 billion across ECOWAS countries since their independence.
Timothy Melaye, Information Manager of the organisation, told NAN in Lagos that available data showed that such money were stolen from individuals or looted from private and public treasuries.
“From GIABA’s investigations and available records, we discovered that over $300 billion have been laundered in different ECOWAS countries since their independence. We discovered that within the period, cash was transferred from one part of the region to another, without pictures of such account owners on the necessary fund transfer documents” He said
Melaye said that `which goes to show that money laundering went on under a different guise and for different purposes in the region, “ he said.
Melaye, however, noted that there was a `drastic reduction` in laundering activities in the region, in the last few years.
The Information Manager said that his organisation was currently working with financial institutions and the Financial Action Task Force, an International Intelligence outfit, in reducing the crime.
“Today, through our partnership with financial institutions in ECOWAS countries, the Swiss Embassy and other Inter-Governmental Agencies, we have been able to reduce money laundering in the region.
“We are, more importantly, presently working with banks, in checking the activities of terrorists’ sponsors.
“We believe that if sponsors of terrorism in the region have no money for arms, then there will be less of terrorist activities in West Africa, “ he said.
Melaye disclosed the organisation’s plan to increase awareness on laundering activities in the various countries
GIABA is a specialised institution of ECOWAS, established in 2000, to strengthen the capacity of member-states toward the prevention and control of money laundering and terrorists’ financing in the region.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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