Fed Govt battles illicit financial flows

July 29, 2025 by Our Reporter

Federal Government has intensified the battle against illicit financial flows (IFFs), with Chair of Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, issuing a call to action.

In a statement by Arabinrin Aderonke, Technical assistant on Broadcast Media to FIRS chair, Dr. Adedeji, queried why a Nigeria rich in resources continues to struggle with basic needs.

He cited dilapidated public schools, under-equipped hospitals, and stalled infrastructure projects—despite the country’s oil wealth, tax revenue, and thriving businesses.

“These persist,” he said, “not because Nigeria lacks money, but because of huge illicit financial flows bleeding the nation dry.”

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Dr. Adedeji spoke at the National Conference on Illicit Financial Flows on July 22 in Abuja.

He said tax avoidance schemes, trade mispricing, anonymous shell companies, outdated international agreements, and profit-shifting tactics allow businesses to move wealth offshore.

According to him, these practices erode Nigeria’s tax base, delay critical development and weaken public services.

The event brought together top stakeholders, including Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; Irene Ovonji-Odida of United Nations High-Level Panel on Illicit Financial Flows; and officials from EFCC, ICPC, Customs, Central Bank, and Securities and Exchange Commission (SEC).