Osinbajo seeks global action to repatriate illicit funds

VICE President Yemi Osinbajo has called on global leaders, experts and the international community to pay attention to the plight of the poor across the world, while emphasizing the imperative to help Africa stop and track illicit financial flows and supporting to repatriate such stolen funds.

A statement by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande said the VP spoke yesterday at the opening of the ongoing Third United Nations Conference on Financing for Development ((UNCFD) in Addis Ababa, the Ethiopian capital.

In his address during the plenary session of the International Conference on Financing for Development holding from July 13-16, 2015, the Vice President identified corruption as a major impediment to development, and underscored the need for the global community to adopt concerted efforts against corruption.

His words, “This conference must come up with a mechanism for dismantling safe havens and the return of stolen funds and assets to the countries of origin as mandated in the United Nations Conventions Against Corruption and Transnational Organised Crime.”

Continuing, he disclosed that Nigeria welcomes the report of the African Union High-level panel on illicit financial flow from Africa and called on the international community to assist Africa “stop, track and repatriate illicit funds.”

Osinbajo recalled that during the last global financial crisis, nations and governments worked out a bail out that took are of the situation, and then wondering, “If we can bail out the rich, why not bail out the poor who have neither voice nor representation.”

The Vice President threw a challenge to the global leaders gathered at the conference at the Ethiopian capital from around the world including the Secretary General of the United Nations, Mr. Ban Ki-moon, “I challenge the global community to develop and implement unconventional social safety nets to address the scourge of poverty, hunger, disease and misery.”

He said that President Muhammadu Buhari administration was committed to set appropriate spending targets on social services to address poverty, hunger, inequality and unemployment particularly among the youths.

The Vice President also addressed the menace of terrorism and insurgency at the conference and how they affect development. He asked the international community to develop a viable mechanism to deal with the scourge of terrorism as it addresses all aspects of human security for a truly sustainable development.

According to him, the phenomenon of global terrorism constitutes a potent threat to peace, stability and economic development of countries worldwide. The threat, he emphasized, calls for adequate funding, partnership and collaboration of the global community to combat terrorism, extremism and insurgency.

“We must take parallel action to intensify efforts towards blocking all sources of funding for terrorist activities,” he added.

Besides, in furtherance of the anti-corruption policy of the Buhari presidency, Prof. Osinbajo also charged the international community to develop appropriate mechanism to dismantle safe havens and ensure repatriation of stolen funds and assets to the countries of origin as mandated in the United Nations Conventions Against Corruption and Transnational Organized Crime.

On the role of education and the exchange of knowledge to support dissemination of technologies for development, the Vice President called for the establishment of a Global Fund for Educational Development, GFED, on the same scale as the UN Global Fund to Fight AIDS and other major diseases.

Underscoring the importance of expediting action on access to and exchange of knowledge and technology for nurturing a productive population and for developmental purpose, Prof. Osinbajo called on the conference to consider the establishment of a ‘Global Fund for Educational Development’. He believed such a fund should replicate the successes recorded under similar initiatives such as the Global Fund to Fight HIV/AIDS, Tuberculosis and Malaria.

Earlier, the Secretary-General of the United Nations, Mr. Ban Ki-Moon while delivering his opening address to delegates said the adoption of the Addis Ababa Action Agenda would be a critical step towards sustainable development and the beginning of a new era of cooperation and global partnership.