Worried by the high rate at which resource-rich African countries lose huge revenues through corruption, illegal transfers of profits and money laundering abroad, the African Union, AU, has asked President Goodluck Jonathan and other African leaders to openly declare their assets and subject their wealth to public scrutiny, according to Premium Times.
A report on Illicit Financial Flows from Africa, compiled by an AU panel led by former South African President Thabo Mbeki, said Africa loses an estimated $60billion (about N10.08trillion) annually