The Publisher of Realnews Magazine, Maureen Chigbo, has raised concerns over the effects of illicit funds flow on the African economy.
Delivering her welcome address at the 13th Anniversary Lecture of Realnews Magazine on Wednesday in Lagos, Chigbo stated that Illicit financial flows have become a major drain on the African economy and a major concern to the whole world because of its attendant negative effects on the socioeconomic development of the African continent.
She disclosed that the United Nations estimates that US$50 billion is lost annually through illicit financial flows, which is twice what Africa gets as official development assistance.
According to her, Illicit financial flows also stand on the way of African countries like Nigeria, from meeting the Sustainable Development Goals and Africa’s development master plan on Agenda 2063 for prosperity and inclusive growth.
Chigbo noted that this is especially important given the recent U.S.-Nigeria collaboration that led to the repatriation of the US$52 million reportedly siphoned out of Nigeria by a former minister of petroleum resources and her accomplice.
Speaking on the theme of the lecture ‘Cybersecurity, Illicit Financial Flows and Achieving Agenda 2063 in Africa’, Chigbo disclosed that Realnews has assembled experts from Financial Flows and public and private organisations on cybersecurity and Fintech companies to shed some light on this topical issue and suggest the way forward.
“We narrowed down on our Guest Lecturer today because of his pedigree as the anti-corruption chief and AU’s chair on recovery of corrupt assets. We have no doubt that our panel of discussants have the relevant expertise, knowledge, and experience to illuminate the topic further.
“As usual, I would like to appeal to my journalist colleagues to ensure that the message from here today is heard across Africa and beyond. Of course, at Realnews we will ensure that we do our part by giving the widest publicity to this important lecture and the discussions,” she assured.
The topic, according to Chigbo, presents an opportunity for the experts assembled in this room to share their thoughts on how the Global Corruption Accountability Dollar Sanitization Act can assist Africa in curbing tax evasion or financial crimes and illicit financial flows, which have robbed countries on the continent of the necessary funds for development.
“The anniversary lecture series is one way Realnews contributes to nation-building and development by providing a platform for policy change-oriented discussions by professionals, scholars, technocrats, and decision-makers on the way forward for our great nation and Africa.
“From 2014, the lecture series has focused on elections, economy, security, challenges of Leadership in Africa, Africa’s political transitions, developments in oil and gas sector, integration of the African Market, the threats of drug abuse among African youths, and illicit funds flow to the African economy, among other topics.
Today, we are deepening the discussion on illicit funds flow in Africa due to popular demand after the 2023 lecture on a similar topic,” Chigbo added.
GIK/APA