Stories from Femi Oyelola, Kaduna
The Africa Network for Environment and Economic Justice (ANEEJ) hss launched the Nigerian Illicit Finance Resilience Project yesterday to address the increasing threat of illicit financial flows (IFFs) in the country.
At the inception meeting with stakeholders, Rev. David Ugolor, the Executive Director of ANEEJ, alleged that billions of dollars leave the Nigerian economy each year due to corruption, tax evasion, money laundering, and other financial crimes.
He explained that the project’s main objective is to tackle the critical issue of IFFs, which drain essential resources needed for Nigeria’s development.
The key goals of the project include: Identifying and recovering assets obtained through corrupt means; Strengthening systems to prevent future financial losses, promoting transparency and accountability in asset recovery and management, and enhancing the skills of stakeholders to effectively combat IFFs.
Rev. Ugolor emphasized that the success of the project relies on the collaboration and commitment of all stakeholders involved.
Juliet Ibekaku-Nwagwu, LL.M., FCIN, CAMS, the Founder and Executive Director of the African Center, which is a co-implementer of the project, stressed that the project’s success depends on the involvement of all stakeholders.
She urged participants not to view the inception meeting as merely a formality but as an investment in Nigeria’s future.
“Together, we can secure our nation’s resources, promote accountability, and ensure that recovered assets genuinely benefit our people”, she said.
In his remarks, Dr. Orji Ogbonnaya Orji, Executive Secretary and CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), emphasized the importance of addressing IFFs, stating, “Every illicit dollar lost to secrecy and corruption is a direct assault on our development goals.”
Similarly, Hafsat Abubakar Bakari, CEO of the Nigeria Financial Intelligence Unit (NFIU), highlighted the unit’s critical role in identifying, tracing, and recovering illicit assets. Dr. Musa Adamu Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), noted that IFFs undermine institutions, perpetuate rent-seeking behaviors, and compromise public service delivery.
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