• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, June 25, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

AfDB inaugurates $5.9m project to stem illicit financial flows

AfDB

The Matters Press by The Matters Press
March 11, 2023
Reading Time: 2 mins read
0
Nigeria gets AfDB’s $14m as member of ATI

AfDB

The African Development Bank (AfDB) has inaugurated the African Financial Integrity and Accountability Support Project (AFIAP) to improve coordinated responses to illicit financial flows in African countries.

RELATED POSTS

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

ECOWAS, Sahel states in deal to confront terrorism

A statement issued by the Bank on Friday in Abuja, said that the three-year support project would help stakeholders engage actively in stemming illicit financial flows and improve domestic revenue mobilisation in Africa.

According to the statement, AfDB is handling the 5.9 million dollars project in partnership with the Coalition for Dialogue on Africa (CoDA).

The statement said the project which took place at the African Union (AU) headquarters, aims to improve regional coordination on accountability of public finances for optimal revenue mobilisation and management in African countries.

“It will support the coordinated implementation of recommendations of the high-level panel on illicit financial flows and the implementation of joint strategies and initiatives related to international taxation,’’ it said.

It said the grant would support CoDA’s role as the secretariat of AU High-Level Panel (HLP) on Illicit Financial Flows (IFFs) and Joint Secretariat of the Consortium to stem IFFs from Africa.

“The support will foster a coherent African response to illicit flows, in line with the AU Assembly Special Declaration on IFFs passed in January, 2015.

“It will also advance Africa’s continent-wide asset recovery agenda encapsulated in the Common African Position on Asset Recovery (CAPAR) adopted in February 2020.

“This will be carried out by CoDA, the AU Commission Departments of Economic Development, Trade, Tourism, Industry and Minerals and Political Affairs.

“It will also be carried out by the Peace and Security Department, in collaboration with other national, regional and global actors,’’ it said.

The statement said that the project targeted selected AfDB member countries, with emphasis on public sector capacities in low-income countries to reinforce resilience via training, policy research and advocacy activities.

The Bank’s Deputy Director-General for Eastern Africa Regional and Business Delivery Office, Abdul Kamara expressed satisfaction with the project.

Kamara said that the project was in line with the mandate to ensure that policies and practices were mobilised in addressing financial crime, tax avoidance and money laundering.

“In addition to combating illicit financial flows, this project will contribute to promoting greater efficiency in public financial management in order to boost revenue mobilisation and management,” Kamara said.

On his part, the Executive Director of CoDA/HLP Secretariat, Souad Aden-Osman commended AfDB for the financial support.

According to him, we are eager to work with the bank in ensuring Phase II of the implementation of the Panel’s recommendations is well underway.

“This collaboration with the AfDB is highly useful in this regard.

“On behalf of its Board of Directors and the HLP on IFFs from Africa, CoDA is thankful to the president, management and board of the AfDB for their continued support,’’ Aden-Osman said.

Tags: AfDB
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Buhari urges Nigerians to maintain peace as he promises free, fair polls
Economy/Technology

TDF extols Buhari for supporting Tinubu’s reforms

June 19, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
News

Tinubu’s mid-term scorecard, a glimpse of coming dividends – TMSG

June 19, 2025
Next Post
NDIC gives hope to customers of Fortis Bank

NDIC warns banks on increase in fraud

Global trade’ll grow to $30tn by 2030

Nigeria records N11trn total trade for Q4 2022

Recommended Stories

Embrace entrepreneurship in place of white-collar jobs- Minister

Experts task young directors on sustainability reporting

October 18, 2023
NLC to introduce detention allowance for members

NLC condemns N500bn loan for proposed cash transfers

July 19, 2023
Nigeria to rebase CPI, GDP

Digitalisation of MSMEs can increase Nigeria’s GDP by $50bn – NITDA

July 14, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF
  • Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years
  • ECOWAS, Sahel states in deal to confront terrorism

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us