Ojochenemi Onje
Africa risks losing its developmental potential to cybercrime, corruption, and illicit financial flows (IFFs), which drain the continent of more than $80 billion annually, Musa Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has warned.
Speaking at the Realnews 13th Anniversary Lecture Series in Ikeja, Lagos, Aliyu emphasised that the continent’s ambitious goals, including those outlined in the African Union’s Agenda 2063, are unattainable unless governments take urgent measures to strengthen cybersecurity, modernise regulatory frameworks, and close loopholes that facilitate massive illicit outflows.
Addressing stakeholders on the theme, “Cybersecurity, Illicit Financial Flows and Achieving Agenda 2063 in Africa,” Aliyu highlighted that the digital age has opened new avenues for corruption and financial crime.
He disclosed that one ICPC investigation uncovered falsified expense claims by a multinational company operating in Nigeria, funds which he said could have fully rehabilitated at least 10 teaching hospitals.
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“Every naira stolen is a classroom not built, a road abandoned, a hospital unequipped, and a generation short-changed,” Aliyu said, describing illicit financial flows as both an economic and moral crisis.
He identified cyber-enabled crimes, including business email compromise, ransomware attacks, mobile money fraud, and crypto-laundering, as major drivers of these illicit flows.
The ICPC has responded by establishing a Cybercrime and Digital Forensics Unit, enhancing blockchain tracing, strengthening collaboration with the Nigerian Financial Intelligence Unit (NFIU) and financial institutions, and engaging with global anti-corruption partners.
Aliyu acknowledged the challenges governments face. “Criminal networks remain faster, richer, and more technologically agile than government agencies,” he said, citing limited resources, weak coordination, and jurisdictional hurdles.
The lecture, chaired by Ayotunde Phillips, former Chief Judge of Lagos State, featured discussions stressing the need for stronger cross-sector cybersecurity collaboration and improved digital governance.
Maureen Chigbo, publisher of Realnews, said the annual lecture aims to drive policy reform by raising awareness of illicit financial flows, which she described as a major barrier to Nigeria’s development. She urged journalists to step up investigative reporting to expose hidden financial crimes.
Panelists echoed the call for modernisation and collaboration as Lasbery Oludimu, Vice President, Global Operations/Managing Director (Nigeria) at Yellow Card Financial Inc., stressed the urgency of updating regulatory systems to keep pace with technological innovation.
Favour Femi-Oyewole, Group Chief Information Security Officer at Access Bank, emphasised that no single institution can tackle evolving cyber threats alone, while Abdulrahman Mustapha, COO of the Intelligence & Security Services Support Sector at NFIU, called for tighter regulations, stronger protection of national databases, and digital governance that delivers tangible public value.
According to a statement by Okor Odey,
Spokesperson, ICPC, participants demanded stronger laws, deeper public awareness, and practical policy actions from both government and the private sector.
Aliyu urged African governments to treat cybersecurity as a core development priority and adopt a comprehensive strategy anchored on stronger laws, institutional capacity, secure digital infrastructure, global cooperation, financial transparency, and active citizen engagement.
“The Africa we want is within reach, but only if we secure our digital space. Agenda 2063 will remain out of reach if cyber-enabled corruption continues unchecked”, Aliyu warned.
Source: Businessday.ng | Read the Full Story…
