From Femi Mustapha, in Kaduna
Concerned about the rising illicit financial flows (IFFs) that have led to billions of dollars leaving the economy due to corruption, tax evasion, money laundering, and other financial crimes, the Africa Network for Environment and Economic Justice (ANEEJ) introduced the Nigerian Illicit Finance Resilience Project yesterday to address this menace.
Speaking at the inception meeting with stakeholders, ANEEJ Executive Director Rev. David Ugolor stated that “Each year, billions of dollars leave our economy due to corruption, tax evasion, money laundering, and other financial crimes.”
He explained that the project has several key objectives, including recovering stolen assets, preventing further financial losses, enhancing transparency and accountability in asset recovery and management, and strengthening the skills of stakeholders to effectively combat IFFs.
“This initiative is designed to tackle illicit financial flows through asset recovery and management, as well as efforts to combat money laundering, counter-terrorism financing, and proliferation financing.
“This project aims to address the pressing issue of IFFs, which deplete vital resources necessary for Nigeria’s development,” Rev. Ugolor added.
The purpose of the meeting, according to him, was to introduce the project, secure commitments, and establish a framework for effective collaboration toward its goals.
“We believe this project holds great potential to contribute to Nigeria’s efforts to combat illicit financial flows. Through today’s discussions, we hope to reinforce partnerships, clarify roles, and ensure that this project addresses Nigeria’s urgent priorities.”
In his remarks, Dr. Orji Ogbonnaya Orji, Executive Secretary/CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), emphasized the need to address IFFs, stating, “Each 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), pledged the unit’s full support for the project, emphasizing its critical role in identifying, tracing, and recovering illicit assets.
Dr. Musa Adamu Aliyu, SAN, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), who was represented by Barrister Grace Agha-Ibe Director Proceeds of Crime Management Department
noted that IFFs undermine institutions, perpetuate rent-seeking behaviors, and compromise public service delivery, emphasizing the need for decisive action to address this issue.
The project’s success will depend on the collaboration and commitment of all stakeholders. As Dr. Orji pointed out, “The government cannot do this alone. Civil society has always been at the forefront of accountability.”
IFFs have been recognized as a significant challenge for Nigeria, with billions of dollars leaving the economy each year due to corruption, tax evasion, and other financial crimes. This project is expected to greatly enhance transparency and accountability in Nigeria’s financial system.
The launch brought together key stakeholders, including government officials, civil society organizations, and development partners.
