By Gabriel Ewepu

The African Network for Environmental and Economic Justice (ANEEJ) has raised alarm over the massive drain of Nigeria’s financial resources through Illicit Financial Flows (IFFs), saying the phenomenon continues to undermine the country’s development efforts.

The group made the declaration on Thursday in Abuja during the public presentation of a research report titled “Assessment of Nigeria’s Legal and Institutional Framework for Addressing Illicit Financial Flows.”

Executive Director of ANEEJ, Rev. David Ugolor, said IFFs have deprived Nigeria of huge resources needed for infrastructure, healthcare, education, social protection, and poverty reduction.

“Illicit Financial Flows continue to deprive our country of enormous financial resources needed for development,” Ugolor stated.

He noted that while Nigeria has established several laws, policies, and institutions such as the EFCC, ICPC, and NFIU to combat corruption and illicit flows, significant gaps still exist in enforcement, inter-agency coordination, and transparency.

ANEEJ Deputy Executive Director, Leo Atakpu, revealed that Africa loses about $148 billion annually to IFFs, with Nigeria accounting for a huge percentage. He said between 2001 and 2010 alone, Nigeria lost approximately $40 billion through money laundering, terrorism financing, and other criminal activities.

Atakpu called for stronger collaboration among government agencies, civil society organisations, the media, and the private sector to curb the menace and prevent Nigeria from slipping back into the Financial Action Task Force (FATF) Black List.

Goodwill messages were delivered by the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and the British High Commission, all emphasising the need for stronger legal frameworks, inter-agency synergy, and sustained international cooperation to tackle illicit financial flows.

The report is expected to serve as a practical tool for evidence-based advocacy and policy reform in the fight against IFFs in Nigeria.