From: Femi Oyelola in Kaduna
The African Network for Environment and Economic Justice (ANEEJ) has issued a warning about the high rate of illicit financial flows in Nigeria, urging urgent reforms to stop billions of dollars from being siphoned out of the country each year.
Speaking at an event supported by Expertise France and funded by the European Union, Lax Apir, Program Manager at ANEEJ, stated that Nigeria loses about $18 billion annually to illicit financial flows. This situation underscores the urgent need for action from both government and non-governmental stakeholders. These flows, which include corruption, tax evasion, money laundering, procurement abuses, and illegal trade, drain resources that could be used for critical sectors and social programs, hindering progress toward the Sustainable Development Goals.
During a strategic Focus Group Discussion, Apir explained that, despite Nigeria’s strong legal framework, enforcement, coordination, transparency, and capacity within anti-corruption agencies remain inadequate. This has empowered perpetrators of illicit financial flows, who continue to exploit systemic weaknesses to drain the country’s resources.
ANEEJ consultant John Onyeukwu revealed that Africa loses $88.6 billion annually to illicit financial flows, with Nigeria among the largest sources globally. He disclosed that between 1970 and 2008, Nigeria lost an estimated $217.7 billion, underscoring the deep-rooted, persistent nature of these illicit flows.
The discussion, which included civil society leaders, academic experts, and investigative journalists, identified several challenges in Nigeria’s efforts to stop illicit financial flows. These include poor coordination among government agencies, gaps in existing laws, allegations of “embedded corruption” within anti-corruption agencies, and delays coupled with political interference in high-profile cases.
Participants unanimously called for an urgent strategy to harmonize the operations of all financial watchdog institutions, revise laws to close loopholes, strengthen institutions to eliminate political interference and internal corruption, and provide specialized training for the media to track better and report complex illicit flows.
ANEEJ concluded the meeting with a public appeal to the Federal Government, urging immediate action, emphasizing that fighting illicit financial flows is not just about legal compliance but is vital to Nigeria’s economic survival and national development.
Nigeria Loses $18 Billion Annually to Illicit Financial Flows, ANEEJ Issues Warning
From: Femi Oyelola in Kaduna
The African Network for Environment and Economic Justice (ANEEJ) has issued a warning about the high rate of illicit financial flows in Nigeria, urging urgent reforms to stop billions of dollars from being siphoned out of the country each year.
Speaking at an event supported by Expertise France and funded by the European Union, Lax Apir, Program Manager at ANEEJ, stated that Nigeria loses about $18 billion annually to illicit financial flows. This situation underscores the urgent need for action from both government and non-governmental stakeholders. These flows, which include corruption, tax evasion, money laundering, procurement abuses, and illegal trade, drain resources that could be used for critical sectors and social programs, hindering progress toward the Sustainable Development Goals.
During a strategic Focus Group Discussion, Apir explained that, despite Nigeria’s strong legal framework, enforcement, coordination, transparency, and capacity within anti-corruption agencies remain inadequate. This has empowered perpetrators of illicit financial flows, who continue to exploit systemic weaknesses to drain the country’s resources.
ANEEJ consultant John Onyeukwu revealed that Africa loses $88.6 billion annually to illicit financial flows, with Nigeria among the largest sources globally. He disclosed that between 1970 and 2008, Nigeria lost an estimated $217.7 billion, underscoring the deep-rooted, persistent nature of these illicit flows.
The discussion, which included civil society leaders, academic experts, and investigative journalists, identified several challenges in Nigeria’s efforts to stop illicit financial flows. These include poor coordination among government agencies, gaps in existing laws, allegations of “embedded corruption” within anti-corruption agencies, and delays coupled with political interference in high-profile cases.
Participants unanimously called for an urgent strategy to harmonize the operations of all financial watchdog institutions, revise laws to close loopholes, strengthen institutions to eliminate political interference and internal corruption, and provide specialized training for the media to track better and report complex illicit flows.
ANEEJ concluded the meeting with a public appeal to the Federal Government, urging immediate action, emphasizing that fighting illicit financial flows is not just about legal compliance but is vital to Nigeria’s economic survival and national development.
