Illicit Financial Flows: CoDA Executive Director Leads visit to FIRS chairman

•L-R: Technical Assistant with the Coalition for Dialogue on Africa (CoDA), Mr Olamide Fagbuyi;  Executive Director of CoDA and Head of the Secretariat of the African Union High_level Panel on Stopping Illicit Financial Flows from Africa, Mrs Souad Aden-Osman; chairman of the Inter-Agency Committee on Stopping of Illicit  Financial Flows from Nigeria and chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji; and the adviser on Economic Matters to CoDA, Professor Sylvian Boko, during a visit to Adedeji at the Revenue House in Abuja, on Thursday.

The Executive Director of Coalition for Dialogue on Africa (CoDA) and Head of the Secretariat of the African Union High-level Panel on Stopping Illicit Financial Flows from Africa, Mrs Souad Aden-Osman, has commended Nigeria’s efforts in combating illicit financial flows and emphasized the importance of regional cooperation to effectively tackle the transnational nature of financial crimes.

 Aden-Osman underscored the need for holistic approaches that address both supply-side and demand-side factors contributing to illicit financial flows.

FIRS Chairman Zacch Adedeji welcomed the CoDA delegation and reiterated Nigeria’s commitment to combating illicit financial activities within its borders and across the continent. He briefed the delegation on the ongoing initiatives of the Inter-Agency Committee and highlighted the challenges and opportunities in curbing illicit financial flows.

Discussions centered on policy frameworks, regulatory mechanisms, and capacity-building initiatives aimed at enhancing transparency, accountability, and integrity in financial transactions. The delegation and Nigerian officials exchanged views on best practices, lessons learned, and potential areas for further collaboration to strengthen the resilience of African economies against illicit financial flows.

Mrs. Aden-Osman expressed CoDA’s readiness to support Nigeria’s efforts through knowledge sharing, advocacy, and capacity building. She emphasized the importance of empowering civil society organizations, promoting public awareness, and leveraging technology to detect and prevent illicit financial activities effectively.

The visit underscored the shared commitment of CoDA and Nigerian authorities to work together in advancing the agenda of stopping illicit financial flows from Africa. Both parties agreed to continue their collaborative efforts and explore innovative solutions to address the multifaceted challenges posed by financial crimes.