EFCC Chair Olukoyede Urges CSOs to Intensify Support in Fight Against Illicit Financial Flows
EFCC Chair Olukoyede Urges CSOs to Intensify Support in Fight Against Illicit Financial Flows
EFCC Chair Olukoyede Urges CSOs to Intensify Support in Fight Against Illicit Financial Flows
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called on Civil Society Organisations (CSOs) across Nigeria to intensify their support for the Commission’s efforts to combat illicit financial flows (IFFs).
Olukoyede made the call in Uyo, Akwa Ibom State, during a two-day workshop organised by the Africa Network for Environment and Economic Justice (ANEEJ) under its SecFin Africa Project.
The workshop, themed “Strengthening CSOs and Media Capacity to Contribute to the Fight against Illicit Financial Flows (IFFs) in Nigeria,” brought together participants from various CSOs.
The EFCC Chairman, who spoke through the Head of the Commission’s Public Affairs Department, ACE II TE Nwosu, described illicit financial flows as a major threat to national development, noting that they undermine economic progress, erode public trust and weaken governance.
He said CSOs have critical roles to play in combating IFFs through advocacy, investigative reporting and public awareness, stressing that the fight against financial crimes requires sustained collaboration among law enforcement agencies, government institutions, civil society and the media.
Olukoyede assured the organisers and participants that the EFCC remained committed to its mandate of investigating, preventing and prosecuting financial crimes.
He urged CSOs to continue to raise public awareness, promote transparency and strengthen the integrity of Nigeria’s financial system in the interest of national development.
Earlier, the Executive Director of ANEEJ, Rev. David Ugolor, said illicit financial flows posed a serious threat to Nigeria’s economic stability and development.
Ugolor identified corruption, money laundering, procurement fraud, tax evasion, trade mis-invoicing and profit shifting among practices that contribute to illicit financial flows.
He called for stronger collaboration among government institutions, security agencies and CSOs to promote transparency and accountability.
The Akwa Ibom State Commissioner of Police, CP Baba Mohammed Azare, also spoke on the nature and impact of illicit financial flows, outlining ways of identifying and preventing activities associated with the illegal movement of funds and assets.
Azare said illicit financial flows constituted a major obstacle to economic governance and social development, explaining that such flows involved money or assets that were illegally acquired, transferred, concealed or used.
He identified corruption, fraud, organised crime, tax-related abuses, smuggling, trafficking, cybercrime and money laundering among activities capable of generating illicit financial flows.
“These are monies that would have been used to build schools, hospitals, and developmental projects,” Azare said.
Also speaking, the SecFin Africa Project Representative, Prof. Abdullahi Shehu, delivered a presentation titled “Understanding Illicit Financial Flows in Nigeria: Concepts, Typologies and Development Impact.”
He examined the nature, sources and different forms of illicit financial flows, stressing that their impact goes beyond the loss of money to the loss of opportunities and resources that could otherwise contribute to national development.
Chinedum Odenyi, Head of the Legal Operations Division of the Nigeria Financial Intelligence Unit (NFIU), also discussed the functions and mandate of the agency, particularly its role in financial intelligence and the fight against money laundering and other financial crimes.
EFCC Chair Olukoyede Urges CSOs to Intensify Support in Fight Against Illicit Financial Flows
