The Minister of State for Finance, Dr. Doris Uzoka-Anite, has called for coordinated action against illicit financial flows, insisting that no single institution can successfully combat the problem in isolation,reports Business Today NG.
Uzoka-Anite made the appeal while speaking at the National Conference on Illicit Financial Flows held in Abuja, Nigeria’s seat of power on Tuesday, 22 July, 2025.
“The fight against IFFs requires a whole-of-government and whole-of-society approach. We must strengthen inter-agency collaboration, enhance data sharing, harmonise policies, and ensure real-time tracking of financial flows,” the minister said.
According to her, the Ministry of Finance “is committed to a strategy based on three core pillars: Updating Nigeria’s tax and financial frameworks to eliminate legal loopholes that facilitate tax evasion and capital flight; enforcing mandatory disclosure of beneficial ownership and strengthening corporate governance structures to expose opaque financial arrangements and investing in smart technology and real-time data systems to proactively detect and prevent illicit flows.
She also added that the ministry is deepening collaborations with agencies such as the Central Bank of Nigeria (CBN), FIRS, Nigeria Customs Service, the Nigerian Financial Intelligence Unit (NFIU), the Corporate Affairs Commission (CAC), the Economic and Financial Crimes Commission (EFCC), and other enforcement bodies to build a united front against tax-related crimes and financial misconduct across borders.
“Only through unified effort can we plug the gaps that enable IFFs and reclaim the fiscal space necessary for national development,” she said.
The National Conference on Illicit Financial Flows brought together high-ranking government officials, policy experts, civil society organisations, and international partners to deliberate on ways to stem the tide of illicit outflows from Nigeria and Africa at large. The consensus at the event was clear: the time for rhetoric is over, and coordinated, data-driven, and globally aligned action is urgently needed.
With the continent losing hundreds of billions of dollars to exploitative financial practices, participants stressed that Africa must take the lead in reforming global tax governance structures and demanding fairer treatment in international financial systems.
