The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr. Bolaji Aliyu, says Africa loses over $50 billion every year to illicit financial flows. Furthermore, he made this statement at the Realnews Magazine 13th Anniversary Lecture Series in Lagos. The theme was “Cybersecurity, Illicit Financial Flow, and Agenda 2063 in Africa.”
Aliyu described these illegal outflows as one of the most serious threats to Africa’s development. Consequently, he said the funds could have been used to build schools, hospitals, roads, and other critical infrastructure.
“Illicit financial flows from tax evasion, corruption, illegal mining, wildlife trafficking, money laundering, or cyber-enabled crimes are a silent crisis,” he said. “They threaten African nations’ sovereignty and the future of our youth.”
Trade Mispricing and Corruption Fuel Losses
The ICPC boss revealed that investigations uncovered multinational companies manipulating trade figures to avoid paying taxes. Some companies exaggerated expenses to reduce taxable profits. As a result, Aliyu said the lost funds could have funded a world-class hospital in Nigeria.
He added that some government officials also divert public funds using multiple bank accounts. Meanwhile, banks often ignore suspicious transactions, which worsens financial leakages.
“Trade mispricing, profit shifting, and tax evasion remain the biggest contributors to financial loss,” Aliyu said.
Cybersecurity Threats Amplify the Problem
Aliyu warned that Africa’s rapid digital adoption increases cybercrime risks. Mobile-money usage exceeds 50% in several countries. In addition, cybercriminals exploit weak systems.
“Ransomware attacks, cryptocurrency-based laundering, and mobile-money fraud are growing threats,” he said. “Moreover, criminal networks often have more advanced technology than enforcement agencies.”
The ICPC chairman also highlighted ghost worker schemes. Some officials manipulate payroll systems to divert salaries illegally.
Calls for Reforms and Whistleblower Protection
Aliyu urged Nigeria’s National Assembly to pass the Whistleblower Protection Bill. Citizens will not report corruption without legal protection. Also, he called for harmonized cyber laws across Africa and stronger asset recovery mechanisms.
He recommended robust digital infrastructure, law enforcement training, and full implementation of the Malabo Convention on Cybersecurity and Data Protection.
A Collective Effort for Africa’s Agenda 2063
Aliyu emphasized that African countries must demand the return of stolen assets and looted cultural artifacts held abroad. Otherwise, illicit flows will continue to undermine growth.
Justice Ayotunde Philips, former Chief Judge of Lagos State, urged governments and the private sector to take urgent action. She added that progress requires dedication from both.
Maureen Chigbo, publisher of Realnews Magazine, praised the recovery of $52 million through Nigeria-U.S. cooperation. In addition, she said the funds were redirected to development projects.
“Investigative, development-focused journalism is key to building a just, free, and prosperous Africa,” she said.
