The African Network for Environment and Economic Justice ,ANEEJ and other key players have called for an urgent Harmonization Strategy to align the operations of all financial watchdog institutions in ending illicit financial flows in Nigeria.
This was part of resolutions at a strategic Focus Group Discussion to critically assess Nigeria’s Legal and Institutional Framework for addressing Illicit Financial Flows
The high-level engagement brought together a coalition of Civil society Leaders, academic experts, and investigative journalists not just to sharpen their capacity but ,analyze the gaps in Nigeria’s fight against the illegal movement of money out of the country.
The Executive Director, David Ugolor represented by the Programme Manager, Lax Apir disclosed that Nigeria loses about 18 billion dollars to Illicit financial flows annually underscoring the urgent reforms of state and non state Actors.
The flows occur through Corruption, evasion of tax,money laundering, procurement abuses , illicit trade and smuggling
OTher major channels of IFFS are include,trade misinvoicing, profits shifting, oil bunkering,money laundering with tax misinvoicing accounting for a large share continue to drain resources meant for invstment in critical sectors and social protection affecting the actualization of the Sustainable Development Goals.
Apir explained that despite Nigeria ‘s robust legal system, there is still significant gap in enforcement and coordination,transparency and institutional capacity for antigraft Agencies.
In addressing this menace, ANEEJ commissioned a comprehensive assessment of Nigeria’s Legal framework for research that would be instrumental to the pivotal role of CSOs and Investigative Journalists
Consultant to ANEEJ,John Onyeukwu who revealed that 88.6 billion is lost annually in Africa added that Nigeria is one of the largest sources of illicit technical flight globally . He disclosed further that 217.7 bilion dollars lost between 1970 and 2008 is a clear indication that IFFS are structural and persistent over decades.
The Keyplayers during the session observed that Nigeria’s efforts to curb IFFs are currently being undermined by a mix of institutional weaknesses and deliberate sabotage.
Major observations from the discussion included lack of synergy and overlapping schedules among government Agencies.Significant lacuna in existing laws that allow perpetrators to evade justice. Allegations of “embedded corruption” within anti-corruption agencies themselves.
Deliberate delays, long-winded court processes, and heavy political interference that stall high-profile cases.
In a unanimous resolution, participants called for an urgent Harmonization Strategy to align the operations of all financial watchdog institutions. The group demanded Legislative Overhaul to plug the loopholes in laws governing financial crimes.
Institutional Enhancement through reforms to purge anti-graft agencies of political interference and internal corruption.
It also recommended intensive Specialized training for the media to better track and report complex illicit flows.
ANEEJ concluded the session with a call for deliberate and urgent action from the Federal Government. The group emphasized that the fight against Illicit Financial Flows is not just a legal battle, but a necessity for Nigeria’s economic survival and national development.
