How Nigeria will combat illicit financial activities  – FIRS Chairman

From Left: Technical Assistant with the Coalition for Dialogue on Africa (CoDA), Mr Olamide Fagbuyi;  Executive Director of CoDA and Head of the Secretariat of the African Union High_level Panel on Stopping Illicit Financial Flows from Africa, Mrs Souad Aden-Osman; chairman of the Inter-Agency Committee on Stopping of Illicit  Financial Flows from Nigeria and chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji; and the adviser on Economic Matters to CoDA, Professor Sylvian Boko, during a visit to Adedeji at the Revenue House in Abuja, on Thursday.

Posted by allcitynews.ng

Chairman of the Federal Inland Revenue Service (FIRS) who is also the Chairman, Inter-Agency Committee on Stopping Illicit Financial Flows in Nigeria, Dr. Saach Adedeji, has reiterated Nigeria’s commitment to combating illicit financial activities within its borders and across the continent.

Adedeji gave the assurance while addressing the delegation from the Coalition for Dialogue on Africa (CoDA) led by it’s Executive Director and Head of the Secretariat of the African Union High-level Panel on Stopping Illicit Financial Flows from Africa, Mrs Souad Aden-Osman, on a courtesy visit to the Revenue House in Abuja recently.

He briefed the delegation on the ongoing initiatives of the Inter-Agency Committee and highlighted the challenges and opportunities in curbing illicit financial flows.

He also emphasized the need for policy frameworks, regulatory mechanisms, and capacity-building initiatives aimed at enhancing transparency, accountability, and integrity in financial transactions.

In her remarks, the Executive Director of CoDA commended Nigeria’s efforts in combating illicit financial flows and emphasized the importance of regional cooperation to effectively tackle the transnational nature of financial crimes.

Mrs. Aden-Osman underscored the need for holistic approaches that address both supply-side and demand-side factors contributing to illicit financial flows.

She expressed CoDA’s readiness to support Nigeria’s efforts through knowledge sharing, advocacy, and capacity building. She emphasized the importance of empowering civil society organizations, promoting public awareness, and leveraging technology to detect and prevent illicit financial activities effectively.

The visit underscored the shared commitment of CoDA and Nigerian authorities to work together in advancing the agenda of stopping illicit financial flows from Africa. Both parties agreed to continue their collaborative efforts and explore innovative solutions to address the multifaceted challenges posed by financial crimes.

The delegation and Nigerian officials exchanged views on best practices, lessons learned, and potential areas for further collaboration to strengthen the resilience of African economies against illicit financial flows.

Established in March 2009 as an independent and international but African-owned forum, The Coalition for Dialogue on Africa (CoDA) identifies and discusses issues of importance to Africa’s development within a global context.