The Africa Network for Environment and Economic Justice, ANEEJ, and SecFin Africa have called for stronger collaboration with journalists in the fight against Illicit Financial Flows, IFFs, as Nigeria continues to lose as much as $17.8 billion annually to the illicit movement of funds.
The call was made at a two-day capacity-building workshop for journalists in Abuja aimed at strengthening media participation in exposing financial crimes, promoting accountability and supporting efforts to curb illicit financial flows in the country.
Speaking at the event, SecFin Africa Representative, Prof. Abdullahi Shehu, said the scale of illicit financial flows from Nigeria and the wider African continent remains a major threat to economic development, governance and public welfare.
“The fight against illicit financial flows is not abstract. When public resources are stolen, laundered or illegally transferred, citizens pay the price. Communities are denied basic amenities. Young people lose opportunities. Public institutions become weaker,” he stated.
According to him, estimates by the United Nations Economic Commission for Africa (UNECA) and the African Union (AU) indicate that Africa loses about $50 billion annually through illicit financial flows, with Nigeria accounting for roughly 20 per cent of that amount.
“According to the UNECA and AU (Mbeki Panel), Africa loses about $50 billion annually through illicit financial flows. Nigeria accounts for 20 per cent of this amount, which is about $10 billion annually, while some research puts the figure at $17.8 billion annually.
“Other estimates suggest that Africa loses $88 billion through IFFs 70 (with) per cent from commercial activities. It means that IFF has both domestic and international dimensions,” he said.
Shehu explained that illicit financial flows involve money that is illegally earned, transferred, concealed or utilised across borders, noting that the phenomenon is driven by corruption, tax evasion, trade misinvoicing, money laundering, cybercrime, smuggling and other criminal activities.
He stressed that the losses have severe consequences for developing economies such as Nigeria, depriving governments of resources required for infrastructure, healthcare, education and social services.
“IFFs transfer wealth from productive and lawful uses, weaken governance, fuel criminal activities and reduce a country’s ability to improve the welfare and well-being of the population,” he stated.
Shehu identified crude oil theft, profit shifting by multinational corporations, under-invoicing of exports, over-invoicing of imports and public sector corruption among the major channels through which illicit funds leave Nigeria.
He urged governments, civil society organisations and the media to work together to strengthen anti-money laundering measures, improve transparency and enhance accountability in public resource management.
In his remarks, Deputy Executive Director of ANEEJ, Mr. Leo Atakpu, said the workshop was organised to equip journalists with the skills and knowledge needed to investigate and report illicit financial flows more effectively.
According to him, resources lost through corruption, tax evasion, money laundering, procurement fraud and illicit asset transfers should ordinarily be deployed to improve the living conditions of Nigerians.
“These are resources that should have been used to build schools, equip hospitals, provide jobs, improve infrastructure, strengthen security and reduce poverty,” he said.
Atakpu noted that journalists occupy a strategic position in the fight against illicit financial flows because of their ability to uncover hidden financial crimes, expose procurement abuses and track suspicious financial transactions.
“Through investigative journalism, data-driven reporting, public interest storytelling and sustained editorial attention, journalists can uncover hidden financial crimes, expose procurement abuses, follow suspicious money trails, interrogate official claims, amplify citizens’ concerns and demand accountability from public and private actors,” he added.
He argued that while institutions such as the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Financial Intelligence Unit (NFIU) and the Nigeria Customs Service have critical roles to play, their efforts must be reinforced by responsible journalism and informed citizen engagement.
Also speaking, representatives of the NFIU and the EFCC’s Special Control Unit Against Money Laundering (SCUML) underscored the importance of collaboration among anti-corruption agencies, civil society groups and media organisations in tackling illicit financial flows.
The NFIU, represented by Ibrahim Muhammed, noted that media reports have become increasingly useful in supporting investigations into financial crimes, disclosing that reports published by journalists have in some instances helped trigger inquiries that later resulted in prosecutions.
He encouraged participants at the workshop to deepen investigative reporting on financial crimes and sustain public scrutiny of how public resources are generated, managed and utilised.
“The NFIU remains committed to supporting national efforts against money laundering, terrorism financing, proliferation financing, corruption, and other illicit financial activities by producing and disseminating actionable financial intelligence to competent authority in accordance with the NFIU Act,” he said.
Also, the SCUML office, represented by Muhammed Isa, noted that collaborative efforts among the stakeholders and law enforcement agencies was necessary for effective intelligence sharing and the achievement of key results.
