ICPC Chairman Africa Loses $50 Billion Annually to Illicit Financial Flows

ICPC Chairman Dr. Musa Aliyu says Africa loses more than $50 billion every year to illicit financial flows, a crisis he warns is crippling development and draining resources needed for essential services.

Speaking at the Realnews Magazine 13th Anniversary Lecture in Lagos, he said illegal outflows driven by tax evasion, corruption, illegal mining, wildlife trafficking, money laundering, and cybercrime undermine national sovereignty and threaten the continent’s future.

Aliyu noted that ICPC investigations have uncovered cases of multinationals manipulating trade figures and inflating costs to evade taxes, as well as government officials diverting public funds with the help of some banks that fail to flag suspicious transactions.

He said Africa’s rapid adoption of digital finance has also increased exposure to cybercrime, including ransomware, crypto-based laundering, and mobile-money fraud.

He urged Nigeria’s National Assembly to pass the Whistleblower Protection Bill and called for harmonised cyber laws, stronger asset recovery systems, improved digital infrastructure, and full implementation of the Malabo Convention.

Aliyu stressed that Africa must unite to demand the return of stolen assets and looted cultural artefacts.

Also speaking at the event, former Lagos Chief Judge Ayotunde Philips urged governments and the private sector to act urgently on development and cybersecurity challenges, warning that progress requires consistent commitment. Realnews publisher Maureen Chigbo highlighted recent successes, including a $52 million recovery through Nigeria-US cooperation, and reaffirmed the outlet’s mission to support accountable, development-focused journalism.