Nigeria and other African nations are losing $50 billion annually to illicit financial outflows, according to the Nigerian Shippers’ Council (NSC). This staggering figure was revealed by the Executive Secretary and Chief Executive Officer of the NSC, Pius Akutah, during a recent debate competition in Lagos organized by National Youth Service Corps members and industrial trainees from the council.
The event, themed “Effective Whistleblowers Protection Mechanism: A Critical Tool in the Fight Against Corruption,” highlighted the significant impact of these financial outflows on the continent. Represented by the NSC’s Director of Human Resources, Mrs. Ada Okam, Akutah emphasized how illicit financial activities hinder Africa’s development and efforts to alleviate poverty.
“From research, it is noted that Africa loses more than $50bn annually through illicit financial outflow,” Akutah stated, underlining how these outflows impede Africa’s growth and the achievement of the African agenda and the Sustainable Development Goals (SDGs). He pointed out that corruption affects all aspects of society, retarding national advancement, stability, and prosperity.
In related remarks, Akutah noted the African Union’s designation of July 11 as a day to combat corruption, in line with the United Nations’ campaign to reduce corruption and promote transparency. He stressed the importance of engaging youth in discussions on national, continental, and global issues, asserting that young people are crucial to societal development.
Akutah also highlighted the importance of effective whistleblower protection. “Recognizing whistleblowing as a critical element for combatting corruption, there are institutions, laws, and policies at the national, regional, and global levels to protect the whistleblower,” he explained. He revealed that the NSC has a policy to protect whistleblowers as outlined in its Code of Conduct, and that the council’s Anti-Corruption and Transparency Unit is responsible for this protection.
Through the efforts of whistleblowers, significant recoveries of funds have been made, which have been redirected towards the development of critical infrastructure. Akutah reiterated the need for coordinated efforts among investigative, prosecution, and judicial systems to ensure effective whistleblower protection and to combat corruption in society.