Nigeria’s Independent Corrupt Practices and Other Related Offences Commission says administrative actions, legal reforms and technology interventions are needed to curb illicit financial flows in the country.
Prof. Bolaji Owasanoye, the ICPC chairman, said at a webinar on Tuesday organised by the commission.
According to Owasanoye, the country has no business borrowing money for development because it can generate a lot of money from its economy.
He said, “Often times, the strength, size and potential of our economy is discussed but the benefits are never seen or realised for the good of the people because a substantial amount of the capital leaves our shores.
“They leave in different ways. One of the ways is described as illicit financial flows. IFFs can be referred to as money that is illegally transferred or illegally used.
“But sometimes, money that is legally earned is illegally transferred and it becomes dented.”
According to him, when companies do business and earn returns but decide to transfer the money on a false ground that the profits were earned in some other jurisdiction, it becomes a crime.
He explained further, “They are denying the country where the business took place, the country that bears the consequences of environmental degradation and other challenges the chance for development.
‘They leave the problem behind and take away the money that would have been used to solve the problem.”
Corroborating the ICPC chairman, Irene Ovonji-Odida, a Ugandan lawyer and politician, who also spoke at the webinar, said Africa was seen as a poor continent.
“There is no country that has advanced its economy through reliance on foreign investment. The issue of IFFs is very critical because while Africa is on the one hand crying about it and looking for overseas assistance, we have this huge IFFs that have been going on in the past years,” she said.
