ANEEJ Trains CSOs, Journalists to Expose Nigeria’s $60 Billion Annual Illicit Capital Flight

From Femi Oyelola in Kaduna

Nigeria loses billions of dollars each year to illicit financial flows, and watchdog groups emphasize that the fight must begin with better-trained citizens and a freer press.

The Africa Network for Environment and Economic Justice, ANEEJ, held a high-level workshop in Lagos on Tuesday and Wednesday to equip Civil Society Organizations and media professionals with skills to track, expose, and help stop the money drain.

Under the theme “Strengthening CSOs and Media Capacity to Contribute to the Fight Against Illicit Financial Flows in Nigeria,” the two-day training aimed to build capacity for monitoring money laundering, trade fraud, and public procurement abuse, as well as advocating for systemic reforms.

Organizers emphasized the urgency of the issue. Africa is estimated to lose $60 billion each year to IFFs, with Nigeria accounting for a significant share.

“Corruption takes away resources, fraud damages legitimate businesses, and illicit finance worsens poverty,” said Jehanzeb Khan, Illicit Finance Adviser at the Deputy British High Commission. “Governments must regulate markets and investigate financial crimes, but CSOs must hold those governments accountable.”

Experts at the workshop painted a bleak picture of how illegal tax evasion, trade mis-invoicing, and procurement fraud are weakening Africa’s former top economy.

Although IMF and World Bank data still rank Nigeria as Africa’s third-largest economy with a GDP of about $290 billion, currency instability—exacerbated by illicit outflows—has cost the country its previous regional leadership.

Professor Abdullahi Shehu, SecFin Africa Project Representative, told participants that IFFs directly cause budget deficits that lead to poverty and hinder infrastructure development.
“When money meant for roads, schools, and hospitals leaves the country illegally, progress stalls and citizens suffer,” he said.

To address these issues, speakers called for stronger collaboration between government agencies and civil society.

Chinedum Odenyi, representing Hafsat Abubakar Bakari, Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), outlined the agency’s role as Nigeria’s financial intelligence center. He urged CSOs to use anti-money laundering and Counter-Financing of Terrorism intelligence in their investigations and advocacy.

Aliu Yusuf, former Director of Asset Recovery at the Economic and Financial Crimes Commission (EFCC), identified the main channels of illicit flows in Nigeria: trade mis-invoicing, tax evasion, leakages in the extractive sector, and corrupt public procurement.

“These are not victimless crimes,” Yusuf said. “They drain the treasury, distort markets, and provide criminals with the financial lifeline to keep operating.”

For ANEEJ, the workshop is part of a broader effort to build accountability from the ground up.

Rev. David Ugolor, the Executive Director of ANEEJ, said the fight against corruption cannot succeed without protecting those who speak out.

“The Federal Government must prioritize comprehensive whistleblower protection laws, improve tax administration, enforce accountability in the public sector, and ensure complete judicial independence to deter illicit financial actors,” Ugolor stated.

He added that journalists and CSOs are crucial in tracking suspicious transactions, analyzing budget data, and amplifying public demand for transparency.

Participants engaged in practical sessions on asset tracing, beneficial ownership checks, budget monitoring, and how to use financial intelligence reports without compromising sources.

Media professionals said the capacity-building came at the right time, as reporting on financial crimes requires both data skills and legal protections.

“Without proper tools, we only scratch the surface,” one journalist noted. “With better training, we can connect the dots between a shady contract and money that ends up abroad.”

CSO leaders agreed, emphasizing that community monitoring and investigative reporting must work together to expose the networks moving illicit funds.

Khan noted that the $60 billion annual loss to Africa represents money that could be used to fund education, healthcare, and climate adaptation across the continent.

ANEEJ announced plans to follow up the Abuja workshop with trainings at the state level, policy dialogues, and support for investigative projects that link illicit finance to poor service delivery.

Ugolor reaffirmed ANEEJ’s commitment to collaborate with NFIU, EFCC, the media, and other partners to ensure that stolen and diverted funds are traced, recovered, and transparently returned for public use.

As Nigeria faces currency pressures and fiscal challenges, the message from Abuja was clear: stopping illicit capital flight will require government action, but it will also depend on an informed public, a vigilant press, and civil society willing to follow the money.