Dean, Faculty of Law, the Redeemer’s University, Ede, Osun State, Professor Ifeolu John Koni, has accused developed countries of showing lethargic attitude to return of looted funds from developing nations.

Koni stated this at the 11th Inaugural Lectures of the university in Ede on Thursday. He spoke on, ‘The Hypocrisy of International Cooperation on the War Against Corruption And Abuses of Office In Africa: A Case Study of Nigeria.’

According to him, and in reference to comments of former Nigerian Vice President, Yemi Osinbajo (SAN), six years ago, developed countries’ leaders ignored international legal weapons enshrined in relevant global conventions couched for the prevention and return of such stolen funds. He said this attitude was informed by gains they get from such loot, especially in the area of developing their countries.

Koni urged leaders of countries at receiving end to either enact new legislations that would compel the profiting nations to promptly return these loots or ensure that in international banking laws, clauses that make stealing difficult to achieve are enshrined.

The lecturer said, “if the opening paragraph to Chapter V of the United Nations Convention Against Corruption (UNCAC) is anything to go by, it can be surmised that international cooperation and assistance with regard to the return of stolen assets is the fundamental objective of the convention.

“The failure, refusal or insincerity of many developed countries to honour their obligations under international instruments especially the UNCAC is the major reason why siphoning of stolen funds and other corrupt practices persist across the continent of Africa.

“This Convention is further strengthened by the notorious fact that the developed countries possess the technology to detect and block illicit transfer of funds from African States. Could it then mean that they refuse to block those funds because they are needed and are, in fact, used to develop their countries?”

In his recommendations, Koni urged African members of the UNCAC, especially Nigeria, to initiate the process of amendments of the Convention pursuant to Article 69 (1) to include a new chapter on sanctions or consequences of non-fulfilment of the obligations or functions of a State party under the Convention.

He added, “the continent should also take steps to amend its own mainstream anti corruption instrument by inserting a provision for sanctions on any Member State that fails or refuses to honour her obligations under the African Union (AU) Convention, particularly those bordering on illegal funds transfer within and outside the continent.”