Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Dr Musa Aliyu (SAN), has said Africa loses “over $50 billion annually” to illicit financial flows, undermining development and crippling public services.
Aliyu disclosed this on Wednesday while speaking at the Realnews Magazine 13th Anniversary Lecture Series in Lagos, themed “Cybersecurity, Illicit Financial Flow and Agenda 2063 in Africa.”
The ICPC boss described the persistent outflow of illegal funds as one of the most devastating drains on Africa’s development capacity, noting that the lost resources could have been used to build schools, hospitals, roads, and other critical infrastructure.
He said illicit financial flows—whether through tax evasion, corruption, illegal mining, wildlife trafficking, money laundering, or cyber-enabled crimes—have become a silent crisis that threatens African nations’ sovereignty and the future of their youth.
Aliyu disclosed that investigations by the ICPC had uncovered cases where multinational companies manipulated trade figures and inflated costs to avoid paying taxes.
He cited one major company found to have exaggerated expenses to reduce taxable profits, saying the amount lost would have been enough to construct a world-class hospital in Nigeria.
“These practices deny African governments the resources they need to function. Trade mispricing, profit shifting, and tax evasion remain some of the biggest contributors to financial leakages,” he said.
The ICPC boss also lamented the role of government officials who diverted public funds using multiple bank accounts, sometimes with the connivance of financial institutions.
He said suspicious transactions moving from government accounts into private hands were often ignored by banks that failed to file mandatory reports.
Aliyu warned that Africa’s rapid digital adoption—with mobile-money usage over 50 per cent in several countries—has increased cybercrime risks, as criminals exploit weak cybersecurity systems.
“Cyber criminals are becoming more sophisticated. Ransomware attacks, cryptocurrency-based laundering, and mobile-money fraud are growing threats,” he said.
He added that criminal networks often possess more advanced technology and resources than enforcement agencies, making digital crimes harder to combat and track, especially once illicit funds leave African jurisdictions.
Aliyu also highlighted ongoing ICPC investigations uncovering ghost worker schemes, where corrupt officials manipulate payroll systems to divert salaries.
The chairman urged Nigeria’s National Assembly to pass the long-delayed Whistleblower Protection Bill, saying citizens will not come forward with critical information about corruption if they are not protected.
He also called for harmonised cyber laws across Africa, stronger asset recovery mechanisms, more robust digital infrastructure, training for law enforcement, and full implementation of the Malabo Convention on cybersecurity and data protection.
Aliyu emphasised the need for African countries to speak with one voice in demanding the return of stolen assets and looted cultural artifacts held abroad.
He said that unless the continent strengthened financial oversight, improved cybersecurity, and tackled corruption with collective resolve, illicit financial flows would continue to undermine growth and derail Africa’s Agenda 2063 aspirations.
“We must secure our financial systems and protect our digital space. Only then can Africa realise its full potential,” he said.
The chairman of the occasion and former Chief Judge of Lagos State, Justice Ayotunde Philips, urged African governments and the private sector to take urgent action on the continent’s development agenda and cybersecurity challenges.
Philips, who was also the former chairman of the Lagos State Independent Electoral Commission, stressed that Africa must seriously follow through on its strategic plans to achieve the Sustainable Development Goals.
“We should not joke with this. Progress requires commitment from both government and private actors,” she said.
Philips highlighted the growing threats in financial transactions and cybersecurity across the continent.
She noted that the transfer of funds out of Africa remained a critical issue that must be addressed and urged leaders to implement actionable measures to protect the continent’s digital and economic resources.
She said Africa has the capacity to stand strong, but success depends on dedication and consistent follow-through on planned agendas.
In her welcome speech, the publisher and editor of Realnews Magazine, Maureen Chigbo, said the 2025 lecture focused on illicit financial flows and the role of cybersecurity in the movement of illegal funds across borders.
Chigbo highlighted the recent $52 million recovered through Nigeria-US cooperation, originally looted by a former petroleum minister, now redirected to developmental projects.
She praised the speaker and panellists from the cybersecurity and fintech sectors for shedding light on the links between cybercrime, terrorism financing, and Africa’s stolen wealth.
The publisher also acknowledged members of the Realnews Hall of Fame, celebrating their professional achievements and public service contributions.
-Advertisement-
Grab our latest Magazine, "Chief Wole Olanipekun, CFR, SAN, A man of wide horizons and deep intentions". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
Download E-MagazineDo you want to be heard, your events covered, your articles published, or need to advertise your products and services on our Blog and Magazine, reach out to us at Newswire Law and Events, you will be glad you did. For more details about our services, please call: 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk
