Publisher and editor, Realnews Magazine, Maureen Chigbo, has called for urgent reforms to halt Illicit Financial Flows (IFFs) in Africa.
Speaking at the 13th Anniversary Lecture of the magazine recently in Lagos, Chigbo said the choice of IFF as a theme was to identify one of the continent’s gravest development threats, which accounts for over $50 billion in losses yearly, reports The Guardian.
Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Adamu Aliyu (SAN), who delivered the lecture, warned that Africa’s development aspirations under Agenda 2063 are at risk due to rising cybercrimes and IFFs.
He decried that the continent loses billions of dollars annually to tax evasion, trade mis-invoicing, cryptocurrency-enabled crimes and profit-shifting.
“With fintech and digital commerce expanding rapidly, criminal networks now move illicit funds faster than regulators can track. Cybersecurity is no longer just an ICT issue; it is a governance and national-security imperative”, Aliyu said, faulting financial institutions with weak compliance systems and poor customer practices.
A panel chaired by former Chief Judge of Lagos State, Justice Ayotunde Phillips,
examined institutional, legal and technological reforms needed to protect Africa’s financial system.
Panellists include Lasbery Chioma Oludimu of YellowCard Financial, Abdul Rahman Mustapha of Nigerian Financial Intelligence Unit (NFIU) and Access Bank’s Group Chief Information Security Officer, Dr Favour Femi-Oyewole.
Experts recommended stronger cross-border collaboration, harmonised cybercrime legislation and improved public awareness as antidotes against online fraud and terrorism financing.
Realnews also inducted the Guest Lecturer and panellists into its Hall of Fame in recognition of their contributions to national discourse and the fight against financial crimes.
