By Stella Williams
African nations have been called upon to take urgent steps to end illicit financial flows draining the continent’s resources.
Speaking at the 13th Anniversary Lecture Series and Investiture in the REALNEWS Hall of Fame at Radisson Blu Hotel, Ikeja, Lagos, Dr. Musa Adamu Aliyu SAN, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), emphasized the need for decisive action.
He defined illicit financial flows as the illegal movement of funds from one country to another and warned of the serious economic consequences for African nations.
Dr. Aliyu highlighted the role of some companies and banks in facilitating these flows, often in collusion, which encourages bribery and corruption.
He also identified government officials in Nigeria as contributing to the problem by diverting funds meant for national development.
According to Dr. Aliyu, the ICPC has taken legal action against several individuals involved in financial crimes, demonstrating the commitment of the commission to fight corruption.
He called on the National Assembly to pass a new Whistleblower Protection Bill to encourage reporting of corrupt practices.
Dr. Aliyu further stressed the importance of developing secure digital infrastructure to protect financial systems and transactions.
He also urged support for investigative journalism, which he described as a critical tool for exposing and preventing corruption in the country.
Linking these efforts to broader continental goals, Dr. Aliyu said Agenda 2063 envisions a peaceful, united, and resilient Africa free from economic exploitation.
In her remarks, Honourable Justice Ayotunde Philips, former Chief Judge of Lagos State and former chairman of the Lagos State Independent Electoral Commission, expressed hope for a better Nigeria.
Dr. Maureen Chigbo, Convener and Publisher of REALNEWS Magazine, described the lecture as an awareness campaign highlighting the prevalence of illicit financial flows in both the public and private sectors.
She noted that the United Nations estimates Africa loses $50 billion annually through illicit financial flows, funds that are sometimes used to finance terrorism and other criminal activities.
The event also celebrated individuals making significant contributions in various fields with inductions into the REALNEWS Hall of Fame.
Inductees included Honourable Justice Ayotunde Philips, Dr. Musa Adamu Aliyu SAN, Lasbery C. Oludimu, Dr. Favour Femi-Oyewole, and Mr. Abdul Rahman M. Mustapha.
