ABUJA – The Federal Government, anti-corruption agencies and civil society organisations have raised fresh concerns over the growing threat of illicit financial flows to Nigeria’s economy, warning that the country risks losing critical resources needed for development unless stronger collaboration and enforcement measures are adopted.
The warning came on Thursday in Abuja during the public presentation and validation of a research report assessing Nigeria’s legal and institutional framework for combating illicit financial flows (IFFs).
Stakeholders at the event stressed that corruption, tax evasion, money laundering, cybercrime and terrorism financing continue to drain public resources, weaken institutions and undermine economic growth across the country.
Executive Director of the Africa Network for Environment and Economic Justice (ANEEJ), David Ugolor, said tackling illicit financial flows required collective action involving government institutions, civil society groups, investigative journalists, academia, development partners and citizens.
According to him, government agencies alone cannot effectively address the challenge without stronger institutional collaboration and public accountability.
He described the event as an important platform for validating research findings, promoting dialogue among stakeholders and identifying reform priorities aimed at strengthening Nigeria’s anti-corruption framework.
Also speaking, Abdullahi Shehu urged stakeholders to focus on practical reforms capable of curbing illicit financial flows, noting that the participation of anti-corruption agencies, the media and civil society groups reflected a shared commitment to protecting Nigeria’s resources.
The Director and Chief Executive Officer of the Nigerian Financial Intelligence Unit, Hafsat Bakari, described illicit financial flows as a major threat to governance, sustainable development and economic stability.
She said such financial crimes weaken institutions, reduce government revenue and limit the ability of authorities to provide essential public services.
Bakari noted that while Nigeria had made progress in strengthening legal and regulatory frameworks against corruption, financial crimes and money laundering, the major challenge remained effective implementation, stronger inter-agency coordination and improved accountability.
Represented by Dr Kehinde Oginni, Head of Asset Recovery and Enforcement at the NFIU, Bakari reaffirmed the agency’s commitment to working with government institutions, civil society organisations, the private sector and the media to protect Nigeria’s economic future.
The Inspector-General of Police, Olatunji Disu, also warned that illicit financial flows pose serious threats to economic stability, governance and national security.
Represented by Commissioner of Police Arimu Bamidele, the police chief said financial crimes linked to corruption, cybercrime, tax evasion and terrorism financing continued to deprive developing nations of resources needed for infrastructure and economic growth.
He stressed the need for stronger laws, intelligence sharing, deployment of technology, improved inter-agency cooperation and citizen participation to combat evolving financial crimes.
Disu commended ANEEJ and the European Union for supporting the research initiative, adding that the findings would strengthen policy reforms and institutional responses to economic crimes.
Similarly, Chairman of the Code of Conduct Bureau, Abdullahi Bello, said illicit financial flows continued to deprive developing countries of resources needed for infrastructure, healthcare, education and security.
Represented by Mrs Munirah Elabor, Bello warned that corruption, tax evasion and abuse of office undermine the rule of law and weaken public institutions.
Chairman of the Independent Corrupt Practices Commission, Musa Aliyu, described illicit financial flows as a major challenge affecting economic growth and worsening hardship among citizens.
Represented by ICPC Superintendent Omiko Samsom, Aliyu called for stronger collaboration among government agencies, development partners, civil society organisations and the private sector to tackle corruption and financial crimes.
He added that the report’s recommendations would help strengthen policy reforms, institutional coordination and national efforts aimed at promoting transparency, accountability and good governance in the country.