Buhari seeks end to illicit flow of funds

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President Muhammadu Buhari has called on all governors of central banks in Africa to bring to an end all forms of illicit flow of funds out of the continent.

The President stated this while speaking at the opening session of the 2016 annual meeting of the Association of African Central Banks. The event held at the headquarters of the Central Bank of Nigeria and had as its theme, ‘Unwinding unconventional monetary policies: Implications for monetary policy and financial stability in Africa.

Buhari, who said the banking system across the continent had an important role to play in the fight against corruption, however, regretted that the African financial system had become a veritable platform for the transfer of most stolen funds.

He said as the regulator of the financial system, governors of central banks had another role to play in reversing the trend of illicit flow of funds out of Africa.

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