 Have you heard of the word illicit financial flows? It's an economic term that means the illegal movement of money from one country to another that is illegally earned, transferred, and used. A good example is the millions of dollars looted by corrupt African politicians and sent to offshore accounts in the UK, US, or Switzerland. A 2023 report revealed that over the last 50 years, Africa has lost over $1 trillion in illicit financial flows, an amount that is equal to the total amount received by Africa from the West in the form of financial aid. Now, the general idea is that the majority of the illicit financial flows in Africa stem from the money looted by corrupt African politicians. As shocking as it is, if you put all the money that has been stolen by corrupt African politicians together, it's a mere 3% of the total illicit financial flows that have occurred in Africa. Guess where the majority comes from? Foreign Western companies. According to estimates by Global Financial Integrity, corrupt activities such as bribery and embezzlement of public funds constitute only about 3% of illicit outflows. As we have said, criminal activities such as drug trafficking and smuggling make up 30% to 35% of illicit outflows while foreign MNCs account for a whopping 60% to 65% of illicit outflows. Not to support the activities of corrupt African politicians, but the amount they steal is insignificant compared to what these Western companies that are supposed to aid in the development of African countries steal every year. And they do this every year through tax evasions and unfavorable mining contract deals. These contract deals ensure that the company gets the most benefit at the expense of the government and the citizens. Governments in African countries are aware of this issue, but because they are trying to attract foreign direct investment, which in theory is supposed to boost economic growth, they can't really do much. However, new African leaders who care more about the sovereignty of their countries and believe that natural resources belong to the people are rising and are beginning to change how things have been done. Ibrahim Traore, the youngest president of the world and the president of Burkina Faso, is one such African leader who has taken charge of the mining industry in Burkina Faso. Another such leader who seems to be moving in a similar direction is Basiru Diomaya Faye, the president of Senegal and the youngest elected president in the world. President Faye, a former tax inspector who defeated the ruling coalition's candidate, Amadou Bah by a landslide in last month's presidential election, has set out to distinguish himself from his predecessors. During his campaign, Faye made it clear that his administration would fight corruption, reclaim the sovereignty of the country, renegotiate mining contracts, and distance itself from its former colonial master, France. And, in fulfillment of his promise, President Faye announced in a televised speech that Senegal would conduct an audit of the oil, gas and mining sectors. This is his second policy move after appointing Usmane Sonko as his prime minister and since his inauguration. The exploitation of our natural resources, which according to the Constitution belong to the people, will receive particular attention from my government, he said. I will proceed with the disclosure of the effective ownership of extractive companies and with an audit of the mining, oil and gas sectors, he added. The president also reassured investors that they were welcome in Senegal. Investor rights will always be protected, as will the interests of the state and the people, he said. According to Reuters, President Faye's announcement follows a campaign promise to renegotiate the terms of oil, gas and mineral resources with foreign operators in the country, which is set to begin production of oil and gas this year. According to reports, Senegal's first offshore oil development is due to start production in mid-2024. The Sangomar Oil and Gas Project, operated by the Australian company Woodside Energy, is expected to produce about 100,000 barrels per day. The country is also gearing up to launch the $4.8 billion Grand Tortue-Ahmeyim-liquified natural gas project later this year, spearheaded by BP PLC and Cosmos Energy Limited. According to Bloomberg, both projects are expected to spur economic growth of more than 8% in 2024 and over 10% in 2025. Senegal is already one of the African countries to dominate the world's top 10 growing economies. Senegal's growth is expected to be fueled by increased private and infrastructure projects. Now, let's take a look at the companies that will be audited by the FEI administration. One, British Petroleum, also called BP and US-listed energy company Cosmos, are the companies leading the development of Greater Tortue-Ahmeyim-GTA, Senegal's first liquefied natural gas LNG plant. GTA, located on the border between Senegal and Mauritania, will generate 2.3 million metric tons of liquefied natural gas per year in its initial phase. While BP is the project's operator with a 56% stake, Cosmos Energy holds a 27% stake. Senegal, through its national oil company Petrosin, holds 10% and Mauritania, through its SMHPM oil company, holds 7%. Two, Cosmos Energy. A US-listed company joined Senegal's oil and gas market in 2014 by acquiring shares in the Cayar and St. Louis offshore blocks, which include the GTA. It owns a 90% share of the Yacar-Turanga gas field, which is thought to be the world's greatest gas discovery in recent years. The gas field has around 25 trillion cubic feet of advantaged gas. Three, Woodside Energy. Australian. Woodside Energy owns 82% of the Sangomar oil and gas field. The remaining shares are owned by Senegal's Petrosin. The Sangomar oil field, 62 miles south of Dakar, is estimated to produce 230 million barrels of crude oil in its first phase of development. Four, Total Energy. In 2017, Total, the French energy giant, inked an agreement to explore oil and gas off Senegal's Atlantic coast. Total will explore the Deepwater Roofisk and Ultra Deep Offshore Blocks as part of the contract. It owns 90% and 70% ownership in each location, respectively. Five, Oranto Petroleum, a privately held Nigerian company, is currently exploring two undrilled oil blocks off Senegal's coast. The Cayar Shallow, which is currently available to farming partners and the St. Louis Shallow, which it joined in 2015. Six, Endeavour owns the Sabodala Masawa Gold Mine, which is Senegal's largest producing gold mine, and has been in operation for almost a decade. The company purchased the mine in February 2021 when it bought Teranga, a small West African miner. Endeavour is currently developing the Sabodala Masawa mine with the construction of a new processing facility. Seven, Manageum. A Moroccan mining corporation acquired the Boto Gold Project in eastern Senegal last year. The project has a capacity to output 165,000 ounces of gold and proven mineral reserves of 31.5 million metric tons of ore. The project is still under construction, with plant commissioning expected for the first half of 2025. Eight, Dangote. The Nigerian Cement Conglomerate has a 1.5 million tonne per year factory around 60 kilometers outside Dakar. It is one of the biggest foreign direct investments by an African company in Senegal. All of these companies will be audited by the FAY administration, and at the end of the day, contract deals signed with them will be renegotiated to ensure that Senegal gets the best out of it. Although these companies are wary of the radical ideas of President FAY, the fact is this move is a good step in the right direction. The days of foreign MNCs exploiting African countries to the detriment of the government and its citizens are over. As the months of the year progress, we should expect to see good deals negotiated with these companies. What are your thoughts? Let us know in the comment section below. Don't forget to like, subscribe, and share this video.