Emma Ujah, Abuja Bureau Chief
Nigerians must stop celebrating public officials who loot the country’s resources if the nation is to defeat corruption and effectively tackle the massive illicit financial flows (IFFs) draining its economy, a forensic auditor and international financial expert, Mr. Tunji Aworinde, has said.
Aworinde made the call at the 11th Annual Conference on Financial Crimes and Government Integrity in Abuja, where he spoke on Financial Crimes, Illicit Financial Flows and Terrorism Financing.
He lamented that Nigeria loses an estimated $17.8 billion annually to illicit financial flows, warning that the practice undermines economic development and deprives the country of resources needed to provide essential infrastructure and social services.
The Chairman of Open Africa Foundation (OAF) particularly condemned the attitude of communities that celebrate public officials convicted and imprisoned abroad for stealing public funds when they return to Nigeria after serving their sentences.
He said it was disturbing that people who had been deprived of schools, hospitals, roads and other basic amenities would turn around to give such individuals triumphant receptions.
His words: “Imagine politicians who stole the resources of their own people and take such resources abroad are arrested by the authorities of such countries, tried and imprisoned abroad. Then when they serve out terms, return home to a tumultuous welcome by their communities.
“The same people who have been deprived of the money to build schools, hospitals, roads and bridges will welcome such corrupt politicians with dances.
“Something is basically wrong with our culture and values and this must change. How would a people celebrate the same leaders that impoverish them, deprive them of the basic amenities?”
Aworinde also accused some international companies operating in Nigeria of contributing to illicit financial flows through practices such as over-invoicing and tax evasion.
He called for stricter scrutiny of the financial records and operations of foreign companies to curb such practices and ensure compliance with the country’s financial regulations.
The forensic auditor also criticised countries that receive illicit funds from developing economies, arguing that the repatriation of some stolen assets to Nigeria by Western nations was not enough without measures to prevent such funds from entering and being invested in their economies.
He identified the real estate sector as a major destination for stolen African wealth, noting that illicit funds taken from underdeveloped economies were often transferred to already developed countries.
Aworinde further identified banks, lawyers and accountants as professional enablers of illicit financial flows, urging those involved in facilitating the illegal transfer of Nigeria’s resources to desist from the practice.
He called for stronger international cooperation to tackle illicit financial flows, stressing that the phenomenon continued to deprive African countries of resources required for development.
Earlier, in his keynote address, Prof. Paul Ananaba (SAN) called for reforms in Nigeria’s leadership selection process, urging citizens to elect people with proven integrity into public offices.
Ananaba also raised concerns about the provisions of Sections 154 and 157 of the 1999 Constitution regarding the appointment and removal of the Chairman of the Independent National Electoral Commission (INEC).
He noted that the President’s role in both the appointment and removal processes raised questions about the independence of the electoral body.
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