The Independent Corrupt Practises Commission has identified Illicit Financial Flows as a serious threat to Nigeria’s accomplishment of the SDGs by 2030.
The anti-graft commission, which defined IFFs as unlawful transfers of money or capital from one country to another for a variety of reasons, stated that it was working to combat the problem.
According to The PUNCH, this was disclosed by the Head of Public Enlightenment and Education Unit, ICPC Ondo State Office, Mr Suleiman Achile, stated this on Tuesday in Akure, at a one-day sensitisation workshop on bringing about behavioural change in society, using the National Ethics and Integrity Policy.
According to him, the vast sums of money lost to the IFFs were sufficient to turn the country’s fortunes around.
Achile said, “IFFs can be defined as funds illegally earned, transferred or utilised within a country and across international borders. It could be money legally earned but moved wrongfully.
“The major sources of these funds are proceeds of corruption, theft, bribery. criminal activities such as drug trafficking, smuggling and commercial activities such as tax evasion, trade mis-invoicing among others
“The African Union Illicit Financial Flows Report estimates that Africa is losing nearly 50 billion dollars annually through profit shifting by multinational corporations and about 20 percent of this figure is from Nigeria alone.
“The IFFs are a major threat to the achievement of the Sustainable Development Goals or Agenda 2030. The huge resources lost to IFFS are enough to fund public services and initiatives, and other critical investments, revamp the economy, create job opportunities, and alleviate poverty.”
