The Africa Network for Environment and Economic Justice (ANEEJ) has convened a high-level, two-day workshop in Abuja to build the capacity of Civil Society Organizations (CSOs) and media professionals in exposing and curbing Illicit Financial Flows (IFFs) in Nigeria.
Themed “Strengthening CSOs and Media Capacity to Contribute to the Fight Against Illicit Financial Flows in Nigeria,” the anti-corruption drive aims to equip journalists and watchdog groups with the tools needed to hold public officials accountable, track money laundering and advocate for systemic reforms.
Opening the sessions, Experts painted a grim picture of how illegal tax evasion, trade mis-invoicing, and public procurement fraud are crippling Africa’s former top economy.
While International Monetary Fund (IMF) and World Bank estimates place Nigeria as Africa’s third-largest economy with a GDP of $290 billion, currency instability—heavily exacerbated by illicit financial activities—has caused the nation to lose its top regional ranking.
“Corruption takes away resources, fraud harms legitimate businesses, and illicit finance deepens poverty,” noted Jehanzeb Khan, Illicit Finance Adviser, Deputy British High Commission, revealing that Africa loses an estimated $60 billion annually to IFFs. “Governments must regulate markets and investigate financial crimes, but CSOs must hold those governments accountable.”
The two-day workshop featured insights from top regulatory, legal, and Civil Society Leaders outlining the channels of illicit flows and strategic entry points for action.
Speaking on the the economic impact, Professor Abdullahi Shehu, SecFin Africa Project Representative, explained that IFFs create severe budget deficits, which directly spawn widespread poverty and cripple national infrastructure development.
Representing Hafsat Abubakar Bakari, Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Chinedum Odenyi outlined the agency’s statutory mandate as Nigeria’s financial intelligence hub and urged CSOs to leverage anti-money laundering (AML) and counter-financing of terrorism (CFT) intelligence.
Aliu Yusuf, former Director of Asset Recovery at the Economic Financial Crimes Commission (EFCC), highlighted trade mis-invoicing, tax evasion, extractive sector leakages and corrupt public procurement as the primary conduits for IFFs in Nigeria.
Highlighting the broader objectives of the project, Executive Director of ANEEJ, Rev. David Ugolor,emphasized that the fight against financial crimes cannot succeed without robust legal safeguards for those exposing corruption.
Ugolor urged the Federal Government to prioritize comprehensive whistleblower protection laws, enhance tax administration, enforce public sector accountability and guarantee absolute judicial independence to effectively deter illicit financial Actors.
