Now we know why Africa is so poor; most of the wealth is siphoned off into shell companies by corrupt African officials. That is the conclusion from more leaks emanating from the Panama papers. I hope none of my readers were taken by surprise.
Even high public servants were in on it according to documents revealed. From Nigeria alone, three oil ministers as well as several senior employees of the national oil company had these hidden companies established. From these hidden assets all sorts of luxury goods were bought, among these were yachts, private jets, Manhattan penthouses and luxury homes in California. The good life it seems for some.
The most telling of all is that out of 54 African countries, 44 of them had hidden companies established to hide the wealth that was siphoned off as well as bribes payed to these senior officials. One man in particular was found to have established 16 bank accounts in seven different countries. His assets have been seized in Canada as well as France, and those included a 140-foot yacht and paintings by Dali among others.
What surprised me the most is that even safari operators also established shell companies. Thirty such offshore companies were established by them, mainly so that profits earned in developing countries can be concealed and moved elsewhere from the tax man or the public.
Considering the fact that most African countries still receive enormous amounts of money as foreign aid from us it stands to reason that we should make these countries were corruption is rife accountable. Public officials that take bribes should be severely punished. The public should know and foreign aid should go to countries who crack down on corruption. The others should be cut loose from foreign aid. It is simply a matter of justice.