Civil Society Organisations, financial intelligence and law-enforcement agencies have called for stronger collaboration among government institutions, the media, civil society and citizens to stem the tide of illicit financial flows and safeguard resources required for Nigeria’s development.
The call was made at a capacity-building workshop in Uyo, Akwa Ibom State, organised by the Africa Network for Environment and Economic Justice, ANEEJ, with support from the European Union through the SecFin Africa Programme.
The workshop brought together civil society actors and representatives of relevant financial and law-enforcement institutions to deepen understanding of illicit financial flows, money laundering, financial investigations, public accountability and strategies for tracking and recovering illicit assets.
Addressing the gathering, Executive Director of ANEEJ, Rev. David Ugolor, described illicit financial flows as a major threat to Nigeria’s development, noting that resources lost through corruption, money laundering, procurement fraud, tax evasion, trade mis-invoicing, profit shifting and related practices could otherwise be deployed to improve education, healthcare, infrastructure and employment.
Rev. Ugolor said the consequences of illicit financial flows go beyond the loss of money, as they deprive citizens of opportunities and undermine their right to development.
In his words, “Illicit financial flow is a crime against humanity. It’s a crime against the right of development. Let’s work together.”
Rev. Ugolor therefore urged civil society organisations and the media to intensify advocacy, investigation and public enlightenment, stressing that the fight against illicit financial flows cannot be won by government agencies alone.
The Chief Executive Officer, Nigerian Financial Intelligence Unit, NFIU, Hafsat Abubakar Bakari, emphasised the human cost of illicit financial flows, describing illegally transferred funds as “stolen opportunities.”
Represented by Barrister Chinedu Odenyi, Hajiya Bakari noted that every dollar unlawfully taken out of Africa represents a lost opportunity for development.
“Every dollar that leaves Africa unlawfully represents a school not built, a hospital not equipped and a road not completed,” the Unit stated.
Hajia Bakari called for stronger engagement with civil society organisations, particularly in monitoring financial transactions, tracing illicit assets, promoting beneficial ownership transparency and strengthening the implementation of anti-money laundering and counter-terrorist-financing measures.
She further stressed the importance of public participation in Nigeria’s financial integrity reforms, especially as the country prepares for further international scrutiny of its anti-money-laundering and counter-terrorist-financing framework.
Representing the Economic and Financial Crimes Commission, EFCC, the Head of Public Affairs , Mrs Theresa Nwosu explained that illicit financial flows remain a serious threat to economic growth, public confidence and sustainable development.
Mrs Nwosu noted that the EFCC had recorded significant recoveries from financial crimes, including more than one-point-two-three trillion naira, alongside substantial amounts in United States dollars, pounds sterling and euros.
She, however, acknowledged that financial crime is becoming increasingly complex and requires coordinated action by all stakeholders.
“Law enforcement agencies alone cannot win this fight. Collaboration with the media as well as the civil society is essential to raise public awareness, promote transparency and strengthen the integrity of our financial system,” the EFCC representative said.
The workshop also examined the role of the media in exposing financial crimes and following the money trail.
Participants were encouraged to move beyond routine reporting by investigating procurement processes, beneficial ownership, shell companies, suspicious financial transactions, tax evasion and other mechanisms through which illicit funds are generated, transferred or concealed.
The SecFin Africa Programme representative, Mr Phillipe Paccaud, explained that the initiative was designed not only to strengthen the capacity of governments and financial institutions but also to empower civil society and the media to contribute meaningfully to the fight against illicit finance and terrorism financing.
He stressed that such support should strengthen the independence and capacity of civil society and the media rather than dictate their investigations or advocacy.
The speakers agreed that illicit financial flows are not merely financial crimes but development, governance and social justice issues, requiring a whole-of-society response.
They called for improved access to financial information, stronger inter-agency cooperation, effective enforcement of existing laws, responsible investigative journalism and sustained citizen engagement.
The workshop ended with a renewed commitment by participants to strengthen collaboration, improve public awareness and use evidence-based advocacy and reporting to expose illicit financial flows and promote transparency and accountability in Nigeria.
Recent engagements between ANEEJ and the NFIU similarly underscore the growing emphasis on joint action against illicit financial flows, money laundering, terrorist financing and asset-recovery challenges in Nigeria.
