By Vivian Emoni
The Africa Network for Environment and Economic Justice (ANEEJ) and other relevant government agencies, have say tackling illicit financial flows required collective action to strengthen accountability and protect national resources.
Mr David Ugolor, Executive Director of the ANEEJ, said this at the public presentation and validation of a research report on the assessment of Nigeria’s legal and institutional framework for addressing illicit financial flows (IFFs), on Thursday in Abuja.
Ugolor said addressing illicit financial flows required a whole-of-society approach involving government, civil society and citizens.
He said that government institutions alone could not effectively tackle the challenge, while calling for stronger collaboration among investigative journalists, academia, private sector and development partners.
According to him, all stakeholders had important roles in promoting accountability and responsible governance.
“I describe this event as a platform for validating research findings and encouraging dialogue among stakeholders.
“The engagement will help identify reform priorities and strengthen institutional collaboration,’’ he said.
Prof. Abdullahi Shehu, Representative, SecFin Africa Programme, urged participants to focus on practical reforms to curb illicit financial flows, while commended the participation of anti-corruption agencies, media and civil society representatives.
Shehu said that their involvement showed shared commitment to protecting Nigeria’s resources for development.
Ms Hafsat Bakari, Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), commended the ANEEJ and other partners for producing report on illicit financial flows in Nigeria.
“Illicit financial flows remain a major threat to Nigeria’s economy, governance and sustainable development, weakening institutions, reducing revenue and limiting government’s ability to provide public services.
“Nigeria had strengthened legal and regulatory frameworks against financial crimes, corruption and money laundering and there is a progress in improving global financial compliance,’’ she said.
Bakari said that the challenge was no longer laws, but effective implementation, stronger institutional coordination, data integration and improved accountability across relevant agencies.
She reaffirmed the unit commitment to collaborating with government, civil society, private sector and media to curb illicit financial flows and protect Nigeria’s economic future.
Bakari was represented by Dr Kehinde Oginni, Divisional Head, Asset Recovery and Enforcement, NFIU.
Speaking, the Inspector-General of Police, Olatunji Disu, said that illicit financial flows remained a major threat to economic stability, governance, security and development in Nigeria and across Africa.
Disu commended ANEEJ and the European Union for supporting the research on Nigeria’s legal framework against illicit financial flows.
He said that financial crimes linked to corruption, cybercrime, tax evasion and terrorism financing continued to deprive developing countries of resources needed for growth and infrastructure.
He added that stronger laws, intelligence sharing, technology, inter-agency cooperation and citizen participation were necessary to address evolving financial crimes.
The I-G, who was represented by Commissioner of Police (CP) Arimu Bamidele, said the research findings would support policy reforms, strengthen institutions and improve national efforts to tackle corruption, illicit flows and economic crimes.
The Chairman of the Code of Conduct Bureau (CCB), Dr Abdullahi Bello, said that illicit financial flows deprived developing nations of resources for infrastructure, healthcare, education and security.
Bello added that illegal financial activities, including corruption, tax evasion and abuse of office, undermine the rule of law and weaken public institutions.
Bello was represented by Mrs Munirah Elabor, Acting Deputy Director Admin, Legal CCB.
Also, Dr Musa Aliyu, Chairman, Independent Corrupt Practices Commission (ICPC) described illicit financial flows as a major challenge affecting economic growth, leading to hardship and public service delivery.
Aliyu, who was represented by Mr Omiko Samsom, Superintendent, ICPC, called for stronger collaboration among government agencies, civil society, development partners and the private sector to tackle corruption and financial crimes.
He said that the report’s recommendations would strengthen policy reforms, institutional coordination and national efforts to promote transparency, accountability and good governance. (NAN)(www.nannews.ng)
Edited by Vivian Ihechu
