Former Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye, has stressed the urgent need for deeper collaboration among government agencies to combat the rising challenge of illicit financial flows (IFFs) in Nigeria.
Owasanoye, who currently serves as the Coordinating Director of the Proceeds of Crime Management and Illicit Financial Flows Coordination Directorate at the Federal Inland Revenue Service (FIRS), made the call during an interview with Saturday PUNCH ahead of the upcoming National Conference on Illicit Financial Flows.
According to him, a unified approach is essential to sealing the financial leakages exploited for the illegal transfer of wealth out of the country.
“The FIRS has issued regulations to deal with transfer pricing and is working with other agencies. However, we still lack accurate data to close the knowledge gap on how much is actually being lost. That’s part of what this conference will address—fostering stronger collaboration among all relevant agencies,” he said.
Owasanoye noted that enhanced cooperation would not only reduce losses from IFFs but also improve the capacity of FIRS tax officers, equipping them with the necessary tools to detect suspicious transactions.
He identified illicit financial flows as a major obstacle to Nigeria’s revenue generation efforts, stating that over 60% of revenue losses stem from commercial transactions deliberately structured to evade tax and financial regulations.
“Illicit financial flows significantly undermine development. If we want to plug revenue leakages and meet our economic goals, we must tackle this issue head-on through collective effort,” he added.
The former ICPC boss also called for a comprehensive review of the nation’s anti-corruption framework to eliminate existing legal and institutional loopholes that hinder effective enforcement.
“We already have laws in place, including anti-money laundering regulations. What’s lacking is the political will to enforce them effectively. Once we fully implement these laws, we’ll be better positioned to identify practical gaps and strengthen the system,” he said.
Owasanoye emphasized that fighting illicit financial flows requires a multi-pronged strategy—legal reform, inter-agency coordination, capacity-building, and political commitment.
The National Conference on Illicit Financial Flows is expected to convene key stakeholders across law enforcement, taxation, and financial regulation sectors to discuss strategies to stem the outflow of Nigeria’s wealth through illegal channels.
