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On a regional dimension, it is estimated that some $20 billion leaves Africa annually through the illicit export of money extorted from development loan contracts. This money is deposited in overseas banks by a network of politicians, civil servants and businessmen. This figure is now roughly equal to the entire amount of aid from the US to Sub-Saharan Africa every year.
In 2003, almost 100,000 barrels of oil was stolen daily; by 2005•6, we had managed to reduce this to 10,000 barrels per day. We also secured convictions for kidnappers in the Delta, who were driving the cycle of violence and bribery with the private oil companies.
The UK’s Commission for Africa estimates that the assets stolen from the continent and held in foreign bank accounts amount to $93 billion. If Africa can succeed in tracing and repatriating such stolen wealth, the next chapter in the story may truly turn a new page, and the days of aid dependency can start to wane.
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