The United Nations’ $88.6billion estimates lost to illicit financial flow by Africa is a major reason for the poor state of infrastructure across the continent, the Nigerian government has said.
The revelation came as President Bola Ahmed Tinubu called on members of the Economic Community of West African States (ECOWAS) to as a matter of necessity, ratify and fully implement the ECOWAS protocol against corruption.
The Nigerian leader spoke Monday during the 6th Annual General Assembly of the Network of National Anti-Corruption Institutions in West Africa (NACIWA) held at the ECOWAS Secretariat in Abuja.
He said the region’s future hinges on its capacity to build governance structures that are transparent, accountable, efficient and serve the interests of the people.
“The task before us is enormous, but so significant is our collective resolve by working together, sharing best practices, and leveraging our diverse strengths, we can create a formidable bulwark against corruption in West Africa.
“All member states must ratify and fully implement the ECOWAS Protocol against Corruption. Let us move from commitment to action, from intention to implementation. The future of our region depends on our ability to create transparent, accountable, and efficient governance structures that serve the interests of our people,” he said.
The Nigerian leader highlighted the dangers of corruption, saying it had remained “one of the most significant obstacles to the progress and prosperity of our nations.”
“It (corruption) undermines the very fabric of our societies, erodes public trust, and impedes the equitable distribution of resources. As leaders, we are responsible for confronting this challenge head-on with unwavering resolve and concerted action,” he said.
Tinubu said as president, he had strengthened “all the anti-corruption agencies in Nigeria by not interfering in their activities and ensuring that they are adequately funded.
“I have also encouraged them to operate within the ambit of the law. This is a template which I recommended to other states within the region,” Tinubu said.
He encouraged other ECOWAS member states to adopt similar measures, presenting Nigeria’s approach as a “template” for regional cooperation.
President Tinubu’s remarks come amid political instability and economic hardship within ECOWAS member states.
His call for a unified anti-corruption effort seeks to galvanise regional leaders towards a common goal, potentially enhancing governance and stability in West Africa.
He also advocated for an improved cross-border cooperation in investigations, transparency in public procurement, and strengthening of national anti-corruption institutions.
Represented by Vice President Kashim Shettima, Tinubu, who is the chairman of the Authority of Heads of State and Government of ECOWAS, announced Nigeria’s donation of an office building for the permanent headquarters of NACIWA.
“In recognition of NACIWA’s pivotal role in our regional anti-corruption efforts, I am proud to announce that the Nigerian government has donated a property to serve as NACIWA’s permanent headquarters.
“This gesture underscores our commitment to strengthening NACIWA’s institutional capacity and providing a solid operational foundation. As we deliberate on implementing the ECOWAS Protocol against Corruption, I urge all member states to renew their commitment to this cause,” he said.
“I have donated a building complex to NACIWA as its secretariat in Abuja. This marks a pivotal step in our collective battle against corruption in West Africa,” President Tinubu stated.
He further added: “As we enter a new phase, we must move beyond rhetoric and focus on implementing the ECOWAS protocol against corruption to strengthen our institutions and foster regional unity.”
The new headquarters will serve as a central hub for law enforcement collaboration, information sharing, and strategic planning among West African nations.
The ECOWAS chairman urged member countries of the regional body to move beyond rhetoric and focus on concrete actions targeted at harmonising their “legal frameworks to close loopholes exploited by corrupt individuals.”
He listed other tangible actions required to include enhancing cross-border cooperation in investigations and asset recovery, investing in innovative technologies to detect and prevent corrupt practices, promoting transparency in public procurement and resource management, engaging civil society and the media as partners in the region’s anti-corruption efforts, and strengthening the independence and capacity of its national anti-corruption institutions.
Highlighting the devastating impact of corruption, Tinubu described it as “one of the most significant obstacles to the progress and prosperity of our nations.”
He stressed that corruption “undermines public trust, hampers economic development, and exacerbates security challenges.”
…On $88.bn lost to corruption
Also speaking, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, stressed the need for regional and global cooperation in the battle against corruption.
“Corruption is a cancer that has eaten deeply into the fabric of many African nations. It has been a persistent obstacle to development, undermining our institutions, eroding public trust, and exacerbating poverty,” he said.
Tuggar said in Nigeria, corruption had fueled insecurity and discontent, making it a matter of life and death.
Ambassador Tuggar also highlighted the alarming scale of financial loss due to corruption, pointing to UN estimates that Africa loses $88.6 billion annually to illicit financial flows-funds that could have been used for essential public services like schools and hospitals.
The sum, he said, was equivalent to three per cent of the continent’s Gross Domestic Product (GDP).
He called for enhanced regional cooperation through initiatives like the African Union’s Agenda 2063 and the African Continental Free Trade Area (AfCFTA), which could help mitigate illicit financial activities by standardising regulations and boosting coordination.
He spoke on how radicalisation, terrorism, and human trafficking were symptomatic of governance failures, particularly in weak or absent local governments.
Tuggar also noted the role of criminal gangs in North Africa and the connections between banditry in Nigeria and smuggling networks across neighbouring countries.
The minister criticised double standards in international law and the role of cryptocurrency in undermining Nigeria’s economic reforms.
He assured that Nigerian authorities were actively addressing these issues, referencing recent international actions against platforms like Binance.
…Fagbemi, EFCC, ICPC chairs speak
In his remarks, Nigeria’s Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, emphasised the crucial role of collaborative efforts in the fight against corruption.
“The fight against corruption is not just a matter of institutional duty, but a crucial step towards securing a better future for our nations. We must work diligently to implement policies and strategies that effectively counter this menace,” he said.
On his part, the chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, urged regional anti-corruption bodies to adapt strategies to evolving threats.
“Corruption continues to evolve, adopting new forms and exploiting technological advancements. We must constantly adapt our strategies and enhance our capabilities,” he said.
He pointed out the deficiencies in existing international protocols and the need for a tailored approach to meet the unique challenges faced by African nations.
Olukayode emphasised the importance of repatriating not just the artefacts but also the financial proceeds generated from them.
“We are not just asking for the return of artefacts but also for the funds generated from these assets,” he stated.
He advocated for a new protocol to enhance collaboration among ECOWAS nations, enabling them to reclaim both cultural and financial assets more effectively.
Similarly, the chairman of Independent Corrupt Practices Commission (ICPC), Dr Musa Adamu Aliyu, described the fight against corruption is a long-term struggle requiring unwavering commitment.
“Confronting this hydra-headed monster has become imperative given the debilitating challenges and effects posed by corruption on economic development,” he said.
Aliyu called for full adherence to the 2021 ECOWAS protocol on anti-corruption, and recommended the use of digital tools to enhance the effectiveness of anti-corruption measures.
The representative of the ECOWAS President, Commissioner for Political Affairs, Peace and Security, Abdel-Fatau Musah, outlined the strides made by ECOWAS in collaboration with national anti-corruption agencies including the implementation of policies that promote transparency and good governance.
“Corruption remains one of the most significant challenges facing our nations. It undermines economic growth, erodes public trust, and hinders the development of our societies. As we convene today, we must reaffirm our commitment to tackling this issue head-on,” he said.