CSOs tasked on tackling illicit financial flows in Nigeria, Africa
The Africa Network for Environmental and Economic Justice (ANEEJ) has called on members of Civil Society Organizations (CSOs) to prioritize efforts aimed at investigating illicit financial flows (IFFs) originating from Nigeria and other parts of Africa.
Rev. David Ugolor, the Executive Director of ANEEJ, made this appeal during a two-day workshop held in Uyo on Wednesday. The workshop was themed “Strengthening CSOs and Media Capacity to Contribute to the Fight Against Illicit Financial Flows.”
Ugolor emphasized that IFFs pose a significant threat to Nigeria’s economic stability, lamenting the vast sums of money lost to such practices. He stated that these funds could have been utilized to foster economic development and enhance public services.
“The burden of illicit financial flows falls heavily on ordinary citizens,” Ugolor said, citing the example of the Benin-Sapele road project. He reported that the contractor allegedly misappropriated N140 billion, resulting in severe hardships for local communities.
“The Benin-Sapele-Warri failed road project has caused untold suffering to Nigerians. This is a clear instance of illicit financial flows,” he added.
Despite the existence of Nigeria’s strong legal and institutional frameworks, including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Financial Intelligence Unit (NFIU), Ugolor noted that IFFs remain pervasive. He urged CSOs and the media to collaborate in addressing this pressing issue.
Ugolor expressed optimism that the training outcomes would empower CSOs to hold governments accountable for tracking illicit financial flows.
Philippe Pacaud, the Operations Coordinator for the SecFin Project, highlighted the role of illicit funds in financing terrorism and corruption, stressing the need for CSOs to work together in closing existing loopholes.
In remarks delivered by Chinedum Odenyi, Hafsat Abubakar Bakari, Director of NFIU, emphasized the crucial role of CSOs in advocacy, research, public awareness, policy engagement, and community mobilization. He noted that their involvement would be increasingly vital as Nigeria prepares for its 2027 evaluation of its frameworks addressing anti-money laundering, counter-terrorism financing, and counter-proliferation financing.
