Illicit Funds Rob Nigeria of Resources for Development, Says ICPC

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission(ICPC), Dr Musa Adamu Aliyu, SAN, has said illicit financial flows are depriving Nigeria of resources needed for development.

Aliyu spoke on Tuesday in Keffi, Nasarawa State, while flagging off a three-day workshop on Illicit Financial Flows(IFFs) and money laundering.

The programme, held at the Anti-Corruption Academy of Nigeria(ACAN), also featured an Anti-Corruption Leadership Series for public officers and stakeholders from Ministries, Departments and Agencies(MDAs).

The ICPC chairman said illicit financial flows weaken economic growth and governance while denying citizens the benefits of resources that should support public services.

He noted that the gains from illicit financial activities largely go to a privileged few, while the wider society bears the cost through lost revenue and reduced development opportunities.

Aliyu said the workshop would strengthen participants’ ability to identify, deter and report suspicious financial activities.

He explained that building such capacity would help protect the country’s resources and ensure that public wealth serves the wider population.

The ICPC chairman also outlined plans to reposition ACAN as a world-class institution for anti-corruption training, research and development.

According to him, the Academy will become a centre of excellence capable of producing professionals with the knowledge and skills to confront emerging corruption threats in Nigeria and beyond.

Aliyu stressed that enforcement alone could not deliver a sustainable response to corruption. He said prevention, knowledge and continuous capacity building must complement investigations and prosecution.

“Enforcement is only one leg of the fight against corruption. Sustainable anti-corruption requires prevention through knowledge, integrity and leadership,” he said.

The chairman added that training would enable public servants and other stakeholders to better understand corruption, illicit financial flows and money laundering while applying international best practices in their duties.

He urged participants to take the training seriously and translate its lessons into practical measures within their respective organisations.

Aliyu also called on them to promote transparency, accountability and integrity, saying these values were essential to ensuring that good governance reaches ordinary Nigerians.

As part of the programme, the ICPC chairman inspected facilities at ACAN to assess areas requiring urgent rehabilitation and improvement.

He assured that the commission would provide the necessary support, infrastructure and partnerships to strengthen the Academy and bring its operations closer to international standards.

Aliyu said a stronger ACAN would help the commission build the professional capacity required to prevent corruption and respond to increasingly complex financial crimes.