By Deborah Akpede Dr. Musa Aliyu (SAN), Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), states ...
By Deborah Akpede
Dr. Musa Aliyu (SAN), Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), states that Africa suffers losses of more than 50 billion dollars each year due to illegal financial movements, which hinder progress and weaken public services.
Aliyu revealed this on Wednesday during a speech at the Realnews Magazine's 13th Anniversary Lecture Series in Lagos, where the topic was: "Cybersecurity, Illicit Financial Flows, and Agenda 2063 in Africa."
The head of the ICPC referred to the ongoing flow of illicit money as one of the most damaging factors hindering Africa's progress, pointing out that these lost resources could have been utilized to construct schools, medical facilities, highways, and other essential structures.
He mentioned that illicit financial flows, including tax evasion, corruption, illegal mining, wildlife trafficking, money laundering, or cyber-related crimes, have turned into a hidden crisis endangering the sovereignty of African countries and the prospects of their young people.
Aliyu revealed that the ICPC's investigations have identified instances where multinational corporations falsified trade data and increased expenses to evade tax obligations.
He mentioned a significant corporation that was discovered to have inflated costs in order to lower taxable income, stating that the lost revenue would have been sufficient to build a top-tier hospital in Nigeria.
These behaviors prevent African governments from obtaining the funds necessary for their operations.
"Trade miscalculations, profit relocation, and tax fraud continue to be among the main causes of financial outflows," he stated.
The head of ICPC also expressed concern over the involvement of government officials who misused public money through various bank accounts, often with the assistance of financial institutions.
He mentioned that unusual financial activities transferring funds from public accounts to private entities were frequently overlooked by banks that neglected to submit required reports.
Aliyu cautioned that Africa's swift embrace of digital technology, with mobile money adoption surpassing 50% in multiple nations, has raised the threat of cybercrime, as offenders take advantage of vulnerable cybersecurity frameworks.
"Digital thieves are becoming increasingly advanced. Ransomware attacks, money laundering through cryptocurrency, and mobile financial fraud are emerging dangers," he stated.
He mentioned that criminal organizations frequently have more sophisticated technology and resources compared to law enforcement agencies, which makes it more challenging to fight and trace digital crimes, particularly when illegal money leaves African jurisdictions.
Aliyu also pointed out current ICPC probes revealing fake employee schemes, in which unethical officials tampered with payroll systems to redirect wages.
The chairman called on Nigeria's National Assembly to approve the long-overdue Whistleblower Protection Act, stating that people will not share vital information regarding corruption unless they are safeguarded.
He also advocated for unified cyber laws throughout Africa, enhanced methods for recovering assets, more reliable digital infrastructure, training for police forces, and complete adoption of the Malabo Convention regarding cybersecurity and data protection.
Aliyu highlighted the importance of African nations uniting in their call for the repatriation of stolen assets and plundered cultural treasures kept overseas.
The head of the organization stated that if the continent does not enhance financial regulation, boost cybersecurity, and address corruption through united efforts, illegal financial movements would keep hindering development and hinder the goals of Africa's Agenda 2063.
"We need to safeguard our financial systems and defend our digital environment. Only in that case can Africa unlock its complete potential," he stated.
The event's chairman, former Chief Judge of Lagos State, Justice Ayotunde Philips, called on African governments and the private sector to implement immediate measures concerning the continent's development goals and cybersecurity issues.
Philips, who previously served as the chairman of the Lagos State Independent Electoral Commission, emphasized that Africa needs to earnestly implement its strategic plans to meet the Sustainable Development Goals.
"We must not take this lightly; advancement demands dedication from both the government and private sector," she stated.
Philips pointed out the increasing dangers in financial transactions and cybersecurity throughout the region.
She pointed out that the movement of money from Africa continued to be a significant problem requiring attention, and called on leaders to take practical steps to safeguard the continent's digital and financial assets.
Philips stated that Africa possesses the ability to remain resilient, but achieving success relied on commitment and steady implementation of scheduled plans.
In her opening address, Maureen Chigbo, the publisher/editor of Realnews Magazine, mentioned that the 2025 lecture centered on illegal financial flows and the contribution of cyber security in the transfer of illicit funds across international boundaries.
Chigbo pointed out the recent recovery of 52 million dollars achieved via collaboration between Nigeria and the U.S., which had been stolen by a former petroleum minister and is now being used for development initiatives.
She commended the speaker and panel members from the cybersecurity and fintech fields for highlighting the connections between cybercrime, terrorist funding, and Africa's lost assets.
The publisher honored individuals in the Realnews Hall of Fame, recognizing their career accomplishments and community service efforts.
Chigbo sought backing via ads, endorsements, and joint projects.
She reasserted the organization's goal of delivering in-depth, development-oriented journalism intended to foster a fair, free, and thriving Africa.
