At the 11th Annual Conference on Financial Crimes and Government Integrity in Abuja, forensic auditor and international financial expert Tunji Aworinde warned that Nigeria must stop celebrating public officials who siphon the country’s resources if it is to curb corruption and halt the massive illicit financial flows (IFFs) draining its economy.
Aworinde said the country loses an estimated $17.8 billion every year to IFFs, a figure that undermines economic development and deprives Nigerians of the funds needed for essential infrastructure and social services.
He condemned the attitude of communities that give triumphant receptions to officials who have been convicted and imprisoned abroad for stealing public funds. “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,” he said.
Aworinde also accused some international companies operating in Nigeria of contributing to illicit financial flows through over‑invoicing and tax evasion, and called for stricter scrutiny of foreign firms’ financial records. He identified the real‑estate sector as a major destination for stolen African wealth and singled out banks, lawyers and accountants as professional enablers of illicit financial flows.
He urged stronger international cooperation to tackle IFFs, noting that the repatriation of stolen assets by Western nations is insufficient without measures to prevent such funds from entering and being invested in their economies. Earlier in the conference, Prof. Paul Ananaba (SAN) called for reforms in Nigeria’s leadership selection process and raised concerns about the independence of the Independent National Electoral Commission, citing Sections 154 and 157 of the 1999 Constitution.
<small>Source: Vanguard News — read the original story there.</small>
