The Economic and Financial Crimes Commission (EFCC) has called for stronger collaboration between law enforcement agencies, civil society organisations and the media to combat illicit financial inflows into Nigeria.
EFCC Chairman, Ola Olukoyede made the call in Uyo, Akwa Ibom State, where he urged civil society organisations to intensify their support for the commission’s efforts to investigate, prevent and prosecute financial crimes.
Olukoyede spoke through the Head of the EFCC’s Public Affairs Department, T. E. Nwosu, at a two-day workshop organised by the Africa Network for Environment and Economic Justice (ANEEJ) under its SecFin Africa Project.
The workshop with the theme: “Strengthening CSOs and Media Capacity to Contribute to the Fight against Illicit Financial Flows (IFFs) in Nigeria,” brought together representatives of civil society organisations s and other stakeholders.
The EFCC chairman said illicit financial inflows were undermining Nigeria’s development, eroding public trust and weakening governance, declaring that civil society organisations can contribute significantly to tackling the problem through advocacy, investigative reporting and public awareness campaigns.
According to him, tackling financial crimes require a coordinated effort involving security and law enforcement agencies, government institutions, civil society organisations and the media.
Olukoyede assured participants that the EFCC remains committed to its mandate, urging civil society organisations to promote transparency, strengthen public awareness and support measures aimed at improving the integrity of Nigeria’s financial system.
Earlier, ANEEJ Executive Director, Rev. David Ugolor, said illicit financial inflows pose a serious threat to Nigeria’s economic stability and development.
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Ugolor identified corruption, money laundering, procurement fraud, tax evasion, trade mis-invoicing and profit shifting among practices contributing to illicit financial flows.
He called for stronger cooperation between government institutions, security agencies and civil society groups to improve transparency and accountability.
Also speaking at the workshop, the Akwa Ibom State Commissioner of Police, Baba Azare, explained the nature and consequences of illicit financial inflows and outlined ways through which the crimes could be identified and prevented.
Azare said illicit financial inflows constitute a major obstacle to economic and social development in Nigeria because funds acquired or transferred illegally could otherwise be channelled into critical infrastructure and public services.
He explained that illicit financial inflows involve money or assets that were illegally acquired, transferred, concealed or used, and listed corruption, fraud, organised crime, tax-related abuses, smuggling, trafficking, cybercrime and money laundering among activities capable of generating illicit financial inflows.
“These are monies that would have been used to build schools, hospitals, and developmental projects,” Azare said.
Prof. Abdullahi Shehu, the SecFin Africa Project representative, in a presentation titled: “Understanding Illicit Financial Flows in Nigeria: Concepts, Typologies and Development Impact,” examined the sources, nature and different forms of illicit financial flows.
Shehu said the consequences extended beyond the loss of money, noting that illicit financial flows also represented lost opportunities and resources that could have contributed to national development.
