Nigeria lost N800bn to illicit financial flow in 5 years – CISLAC

The Civil Society Legislative Advocacy Centre (CISLAC) has said that Nigeria lost not less than N800bn to illicit financial flow, in five years.

CISLAC Technical Programme Lead, Mr Ayo Omowu, said this on Thursday in Abuja at a policy roundtable engagement on curbing illicit financial flow in Nigeria and improving human rights, environmental, social and governance policies and practices.

The event was organised by CISLAC under the Fair Finance Nigeria (FFNG) campaign, with support by Fair Finance International and Oxfam in Nigeria, aims to promote fair finance practices among banks and companies in Nigeria.

Omowu said that the Economic and Financial Crimes Commission (EFCC) should have a protection act for whistleblower, in order to encourage more people to share information with the commission.

“From 2019 to date, Nigeria has lost over N800 billion to illicit financial flow through even oil and gas. It will shock you to know that it is almost 81 % to fund Nigerian budget. So that is how pathetic it is. Imagine losing 81%, it is shameful. We do not need to borrow money from China to fund our budget.

“Before now, there is this whistleblower policies. But the challenge now is that whoever blows the whistle that person is on his or her own. We are trying to see that the EFCC have a protection act so that whoever blows the whistle he or she is protected,” he said.

Also, CISLAC Executive Director, Auwal Ibrahim Musa Rafsanjani, said the government should increase awareness and promote best practices for Fair Finance International (FFI) to drive positive change in the financial sector.

Rafsanjani, represented by Mr Henry Ushie, said that by engaging banks, other financial institutions, and corporations on the broader impacts of their investment decisions, including social equity, environmental sustainability, gender equality, and human rights, FFI would empower institutions to align their practices with long-term societal and environmental goals.

He said, “This approach helps mitigate risks associated with unethical practices, enhances institutional resilience amidst regulatory changes, and fosters a competitive environment where sustainable investments are recognized for their strategic value.

“Through collaboration among industry stakeholders, FFI accelerates the adoption of responsible finance practices, setting industry benchmarks and ensuring that financial decisions contribute positively to both economic growth and societal well-being.”