ICPC President Bolaji Owasonoye says a collaborative effort is required to stem the flow of corruption and illicit financial flows (IFFs) out of Africa.
This, according to him, is key to the survival and growth of the continent.
Mr. Owasanoye, Senior Advocate for Nigeria (SAN), said this on Wednesday at a one-day seminar organized by the Abuja Chapter of the Society of Women Accountants of Nigeria (SWAN).
The theme of the event, ‘Building Institutional Resilience to Reduce Corruption and Illicit Financial Flows’, was held at the commission’s headquarters in Abuja.
Highlights of the event were captured in a statement sent to PREMIUM TIMES by ICPC spokesperson Azuka Ogugwa.
Mr. Owasanoye, who was represented by ICPC board member Olubukola Balogun, lamented the fact that African nations, particularly Nigeria, were negatively affected by significant losses due to IFFs, a situation he has denied. the continent the resources it so desperately needs. For development.
Citing the findings of a 2021 International Conference on IFFs, the ICPC chief revealed that the conference estimated the annual loss to Africa’s IFFs to be $50 billion and growing at a rate of 20.2 per year.
Speaking further, Mr. Owasanoye noted that “there was a need for collective action to address Illicit Financial Outflows from Africa to ensure Africa’s survival; sustainable growth and development; and Agenda 2063.”
IFF is about money illegally earned, transferred or used that crosses borders.
The World Bank says that IFFs reduce domestic resources and tax revenues needed to finance poverty reduction programs and infrastructure in developing countries; consequently, they are receiving increasing attention as a key development challenge.
According to a 2020 study by Brookings, a US-based nonprofit research organization, between 1980 and 2018, sub-Saharan Africa exported more than $1 trillion in illicit financial flows. The top four emitters of illicit flows, according to the study, are South Africa, the Democratic Republic of the Congo, Ethiopia and Nigeria. The four nations are said to emit more than 50 percent of the 38 years of total illicit financial flows.
The ICPC president stated that the tragedy of the IFFs is that the loss was suffered by developing countries, while the destination of the funds is the rich industrialized countries of the West and, recently, Asia and the Middle East.
He noted that Nigeria was dealing with serious challenges in the areas of peace, security, good governance and sustainable development and that quick wins and long-term solutions were needed to save the country.
He identified accountancy professionals in both the public and private sectors of our government systems as a central component of the “foot soldiers” of the battle due to their role in the stewardship and management of public/national resources, as well as to the potential of being in the best position to prevent and combat corruption and IFFs.
others speak
Speaking about the role of revenue agencies in generating citizen participation in the fight against corruption and illicit flows, the Executive Chairman of the Federal Internal Revenue Service (FIRS), Muhammad Nami, highlighted the measures being taken by the revenue agency to address IFFs.
Executive Chairman of FIRS, Muhammad Nami
The FIRS chief also credited the fact that corruption and IFFs have deprived Nigeria of the necessary resources to provide basic services, infrastructure and better living conditions for the citizenry.
He expressed the belief that SWAN’s collaboration with ICPC and other regulatory agencies to reduce corruption would lead to better tax compliance at both the national and sub-national levels.
In his goodwill message, the chairman of the National Wages, Income and Wages Commission (NSIWC), Ekpo Nta, described accountants as key players in the financial sector and noted that lending their technical expertise was required to block breaches. penalties.
Mr. Nta, the former ICPC President, who was represented by Chukwuma Nwachinemere, explained that the NSIWC was strongly committed to promoting equitable pay policies and said that corruption stemmed from greed and the greed to acquire more than what was paid for. win.