Follow Us on Google
By Vera Wisdom-Bassey
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Aliyu (SAN), has raised fresh concerns about the growing spate of illicit financial flows (IFFs) from Africa, describing them as one of the most devastating threats to the continent’s development.
Speaking at the 13th Anniversary Lecture of Realnews Magazine in Lagos, Aliyu says Africa loses more than $80 billion annually to illegal cash outflows linked to tax evasion, corruption, money laundering, cybercrime, illegal mining, and wildlife trafficking. He warned that the continent’s development aspirations, including the African Union’s Agenda 2063, could remain unattainable if decisive action was not taken.
According to him, the enormous sums illegally siphoned abroad could have been used to build schools, hospitals, roads, and other critical infrastructure needed to lift millions out of poverty.
He said: “These practices deny African governments the resources they need to function,” he said. “Every naira stolen is a classroom not built, a road abandoned, a hospital unequipped, and a generation short-changed.”
Aliyu disclosed that an ICPC investigation, triggered by a media report, uncovered falsified claims by a multinational company operating in Nigeria involving funds sufficient to rehabilitate at least 10 teaching hospitals. He insists that IFFs now pose a serious risk not only to Africa’s economic future but also to its unity and stability.
He also lamented the role of government officials who divert public funds using multiple bank accounts, often facilitated by financial institutions that look the other way. “These things are ignored by banks, and they are not in our interest,” Aliyu added.
The ICPC chairman called for stronger regulatory frameworks, improved cybersecurity systems, and coordinated continental action to close institutional gaps that criminals exploit. He urged African leaders to speak with one voice in demanding the return of stolen assets and looted cultural artefacts held abroad.
“Our digital space must be protected, as well as our financial systems, so Africa can achieve its full potential and fulfil Agenda 2063,” he said. “
