Owasanoye Canvasses Collaboration Among Government Agencies to Stem Illicit Financial Flows

A former Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Prof. Bolaji Owasanoye, has emphasized the need for stronger collaboration among government agencies to combat illicit financial flows that are crippling Nigeria’s economy.

According to Owasanoye, who is currently the Coordinating Director of the Proceeds of Crime Management and Illicit Financial Flows Coordination Directorate of the Federal Inland Revenue Service, inter-agency synergy is crucial to closing loopholes exploited for the illegal movement of funds.

Owasanoye made the call ahead of a national conference on illicit financial flows, which aims to educate Nigerians on the menace posed by these flows to economic development and efforts needed to address it.

He noted that despite the FIRS’ efforts to regulate transfer pricing and collaborate with other agencies, the country still lacks accurate data on the exact amount of revenue lost to illicit financial flows.

The expert stressed that commercial transactions account for over 60% of revenue losses, underscoring the need for a concerted effort to tackle the issue.

He expressed hope that the conference would help build the capacity of FIRS tax officers to better identify and track suspicious transactions.