EFCC: N1.23tn illicit flows threaten Nigeria’s development
The Economic and Financial Crimes Commission has warned that the N1.233 trillion in illicit financial flows recorded in Nigeria over the past 34 months is undermining the country’s development, eroding public trust and weakening the economy.
The EFCC Uyo Zonal Director and Assistant Commander, ACE 1, Oshodi Johnson, said illicit financial flows were not only depriving the economy of resources but also hindering sustainable development and weakening institutions.
*EFCC
Ini Billie, Uyo
The Economic and Financial Crimes Commission has warned that the N1.233 trillion in illicit financial flows recorded in Nigeria over the past 34 months is undermining the country’s development, eroding public trust and weakening the economy.
The EFCC Uyo Zonal Director and Assistant Commander, ACE 1, Oshodi Johnson, said illicit financial flows were not only depriving the economy of resources but also hindering sustainable development and weakening institutions.
Johnson spoke at the weekend in Uyo during a two-day workshop organised by the African Network for Environment and Economic Justice for Civil Society Organisations and the Media. The workshop had the theme, “Strengthening CSOs and Media Capacity to Contribute to the Fight Against Illicit Financial Flows in Nigeria.”
Johnson, who was represented by the Head of Public Affairs, EFCC, Theresa Nwosu, said the scale of illicit financial flows recorded in naira, US dollars, euros and pounds sterling was disturbing.
He stressed the need for greater collaboration among government agencies, civil society organisations and the media in tackling the problem, adding that the EFCC had taken its campaign beyond investigation, arrest and prosecution to schools to educate young people about financial crimes.
He said, “The issue of illicit financial flows should be a front-burner topic in every global financial and economic discussion, given its negative impact on economies.
“Illicit financial flows continue to undermine our economic growth, erode public trust and hinder sustainable development.
“The role of journalists in addressing this menace cannot be overemphasised. Vigilance, advocacy and investigative efforts are crucial to exposing financial crimes and holding perpetrators accountable.
“The need to address illicit financial flows is also reflected in the EFCC’s efforts and monetary recoveries. We see these statistics in all currencies, and they are quite staggering. Naira alone was over N1tn in the last 34 months under the leadership of our current Executive Chairman, Mr Olanipekun Olukoyede.
“Illicit financial flows have continued to undermine Nigeria’s economic development, weaken institutions and erode public trust. Addressing this challenge requires a united front and the engagement of all stakeholders. We must all be involved in this fight.”
Also speaking, the Director and Chief Executive Officer of the Nigerian Financial Intelligence Unit, Hafsat Abubakar Bakari, said no single institution could tackle the challenges posed by illicit financial flows alone.
Bakari, who was represented by the Head of Strategic Communications, NFIU, Aisha Bantam, said the agency had continued to promote stronger collaboration across the financial ecosystem.
She said, “Every illicit dollar that leaves Africa unlawfully represents resources that could have been invested in schools, hospitals, infrastructure and economic opportunities for citizens.
“Addressing illicit flows is therefore not only a financial integrity issue; it is a development imperative. As financial transactions become increasingly complex and technologically driven, so do the methods used to conceal and move illicit funds.
“Understanding these issues requires informed reporting and responsible journalism. Around the world, some of the most significant revelations concerning corruption, money laundering, tax evasion and organised crime have emerged through diligent investigative reporting.
“The Nigerian Financial Intelligence Unit occupies a strategic role within Nigeria’s anti-money laundering, counter-terrorism financing and counter-proliferation financing framework.
“Through financial intelligence and collaboration with domestic and international partners, the NFIU contributes to the detection and disruption of illicit financial activities.”
In his remarks, the Executive Director of ANEEJ, David Ugolor, described illicit financial flows as a persistent obstacle to Nigeria’s development, saying ordinary citizens often bear the greatest cost of the losses.
Ugolor said Nigeria had established legal, policy and institutional frameworks to combat financial crimes, including anti-money laundering and anti-corruption measures.
“But frameworks and agencies alone do not guarantee accountability; they require active citizen engagement and informed public scrutiny to function as intended.
“This is precisely where the media steps in, and where your work carries weight far beyond the newsroom,” he said.
