The Economic and Financial Crimes Commission (EFCC) has disclosed that more than N1.23 trillion was allegedly moved out of Nigeria through illicit financial flows in the last one year, raising fresh concerns over the impact of illegal financial activities on the nation’s economy.
The EFCC made the disclosure in Uyo, Akwa Ibom State, during a two-day capacity-building workshop organised by SecFin Africa in partnership with the Africa Network for Environmental and Economic Justice (ANEEJ) for civil society organisations (CSOs) and media practitioners.
The workshop, themed “Strengthening CSOs and Media Capacity to Contribute to the Fight Against Illicit Financial Flows (IFFs),” was aimed at equipping participants with practical knowledge and tools to monitor, investigate and advocate against illicit financial flows in Nigeria and across Africa.
In a remark delivered on behalf of the EFCC by its Head of Public Affairs, Theresa Nwosu, the Commission urged CSOs and the media to develop new strategies for identifying and blocking illicit financial flows at their sources.
Nwosu stressed the need for stronger collaboration among government institutions, civil society organisations and the media to effectively tackle the movement of illicit funds out of the country.
“The time has come for CSOs to join in the advocacy to stop illicit financial flows from Nigeria and the African continent to other parts of the world,” she said.
Earlier, the Executive Director of ANEEJ, Rev. David Ugolor, described illicit financial flows as one of the greatest threats to Nigeria’s economic development, public services and national security.
He said huge resources that should be invested in education, healthcare, infrastructure, environmental protection and job creation were being lost through corruption, money laundering, procurement fraud, tax evasion, trade mis-invoicing, profit shifting and other fraudulent practices.
“The scale of these losses on a yearly basis should trouble everyone of us,” Ugolor said, noting that the consequences were disproportionately borne by ordinary Nigerians.
According to him, the diversion of public resources had weakened public institutions, reduced confidence in government, widened inequality and contributed to worsening insecurity.
Ugolor cited the failed Benin-Sapele-Warri road project as an example of how financial mismanagement could translate into widespread hardship.
He alleged that about N140 billion was lost in connection with the project, while residents and other road users continued to suffer the consequences of the road’s deplorable condition.
“The Benin-Sapele-Warri failed road project has caused untold hardship to Nigerians. This is a clear case of illicit financial flows as the people continue to suffer,” he said.
The ANEEJ executive director acknowledged the existence of legal, policy and institutional mechanisms established to combat illicit financial flows, including the EFCC, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Financial Intelligence Unit (NFIU), Code of Conduct Bureau and Bureau of Public Procurement.
He, however, said the continued movement of illicit funds abroad despite these mechanisms demonstrated that government institutions and legal frameworks alone could not resolve the problem.
Ugolor called for greater citizen participation and stronger collaboration among state governments, CSOs, the media and other stakeholders to promote accountability and transparency.
“CSOs serve as a bridge between citizens and public institutions. They raise awareness, track public spending, push for policy reform, demand accountability and give voice to communities affected by poor governance and corruption,” he said.
He said the workshop was designed to deepen participants’ understanding of illicit financial flows, Nigeria’s legal and institutional response mechanisms, as well as evidence-based approaches to advocacy and accountability.
Ugolor urged participants to apply the knowledge gained from the training in their respective organisations and communities to strengthen the fight against illicit financial flows.
Also speaking, Operations Coordinator of the SecFin Project, Philippe Pacaud, warned that illicit financial flows could have wider security implications, noting that proceeds from such activities were sometimes used to finance terrorism and other criminal operations.
“It is known to us that illicit financial flows are used to sponsor terrorism, and we must tackle it immediately,” Pacaud said.
The workshop consequently called for sustained collaboration among government agencies, CSOs, journalists and citizens to expose illicit financial activities, strengthen accountability mechanisms and ensure that Nigeria’s resources are retained and deployed for national development.
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