.…Continent loses over $80b to vices yearly
*...illicit financial flows, a major impediment to Nigeria’s development – Realnews Publisher
“Every naira stolen is a classroom not built, a road abandoned, a hospital unequipped, and a generation short-changed-” ICPC boss
By Olawale Lamina
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, Dr. Musa Adamu Aliyu, SAN, has cautioned that Africa risks losing its future to the growing convergence of cybercrime, corruption, and illicit financial flows (IFFs), which drain more than $80 billion from the continent every year.
Delivering the keynote address at the Realnews 13th Anniversary Lecture Series in Ikeja, Lagos, Dr. Aliyu noted that Africa’s developmental ambitions, including the African Union’s Agenda 2063 would remain unattainable unless governments take decisive action to strengthen cybersecurity, modernise regulatory frameworks, and close the loopholes that enable massive illicit outflows.
OBITUARY
Speaking on the theme, “Cybersecurity, Illicit Financial Flows and Achieving Agenda 2063 in Africa,” ICPC Chairman noted that the digital age has created new pathways for corruption and criminal innovation. He disclosed that in one investigation, ICPC uncovered falsified expense claims by a multinational company operating in Nigeria, funds he said were enough to “fully rehabilitate at least 10 teaching hospitals.”
According to him, illicit financial flows represented not only an economic threat but also a profound moral crisis. “Every naira stolen is a classroom not built, a road abandoned, a hospital unequipped, and a generation short-changed,” he stated.
Dr. Aliyu highlighted that cyber-enabled crimes such as business email compromise, ransomware attacks, mobile money fraud, and crypto-laundering are now major drivers of illicit financial flows.
He explained that ICPC has responded by establishing a Cybercrime and Digital Forensics Unit, enhancing blockchain tracing capabilities, strengthening collaboration with the NFIU and financial institutions, and deepening engagements with global anti-corruption partners.
He acknowledged that despite all efforts deployed, “criminal networks remain faster, richer, and more technologically agile than government agencies,” citing setbacks which include limited resources, weak coordination, and jurisdictional challenges.
In her remarks, Publisher of Realnews, Maureen Chigbo, stated that the annual lecture was designed to drive policy reform by raising awareness on illicit financial flows, which she described as a major impediment to Nigeria’s development. She challenged journalists to intensify investigative reporting to uncover hidden financial crimes.
The lecture was chaired by Honourable Justice Ayotunde Phillips, former Chief Judge of Lagos State and former Chairman of the Lagos Independent Electoral Commission (LASIEC).
On their part, panel discussants emphasised the need for regulatory upgrades, stronger cross-sector cybersecurity collaboration, and improved digital governance.
Lasbery Oludimu, Vice President, Global Operations/Managing Director (Nigeria) at Yellow Card Financial Inc., stressed that Nigeria must modernise its regulatory systems to keep pace with technological innovation.
Dr. Favour Femi-Oyewole, Group Chief Information Security Officer at Access Bank, underscored that no single institution can combat evolving cyber threats alone.
Abdulrahman Mustapha, Chief Operating Officer, Intelligence & Security Services Support Sector, NFIU, called for tighter regulation, better protection of national databases, and digital governance that delivers public value.
During the interactive session, participants demanded stronger laws, deeper public awareness, and more practical policy actions for both government and the private sector.
Again, Dr. Aliyu urged African governments to treat cybersecurity as a core development priority and adopt a six-pillar strategy anchored on stronger laws, institutional capacity, secure digital infrastructure, global cooperation, financial transparency, and active citizen engagement.
He warned that, “the Africa we want is within reach but only if we secure our digital space,” adding that Agenda 2063 will remain out of reach if cyber-enabled corruption continues unchecked.
The Realnews Lecture once again affirmed its reputation as one of Nigeria’s most influential platforms for policy dialogue, public enlightenment, and national reform.
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