Nigeria is losing approximately $18 billion each year to corruption, according to the Centre for the Study of Economies of Africa (CSEA) reports, and the Economic and Financial Crimes Commission says it is seeking more strategic partnerships to stop the loss.

The impact extends across Africa, with an estimated annual loss of $88.6 billion due to illicit financial flows.

In Nigeria, specific losses included at least $500 million annually to internet fraud.

Additionally, the National Bureau of Statistics revealed that Nigeria lost N700 million to bribery in 2023 alone.

These figures underscored the urgent need for enhanced anti-corruption measures and greater collaborative efforts to combat financial misconduct and its impact on the economy.

To this effect, Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), highlighted the severe economic toll of corruption in Nigeria, while calling for increased collaboration of all stakeholders in the fight against corruption.

The Commission emphasized the need for enhanced collaboration in the fight against corruption.

The call came during a visit by the Old Students Association of Federal Government College Ikom, Abuja Chapter, to the EFCC headquarters.

Olukoyede, addressed the need for multi-stakeholder involvement in tackling corruption.

Speaking through Dele Oyewale, Head of the Media and Publicity Unit, Olukoyede stressed that overcoming corruption requires joint efforts in whistleblowing, building integrity, and fostering a collaborative approach.

He highlighted that corruption affects the immediate environment and urged for a collective effort to expose it, pointed out the staggering economic impact of corruption.

“These statistics should drive us to be more determined and focused on combating corruption. Our efforts must be more than just emotional appeals; they are vital for taking control of our nation’s future”, Olukoyede said.

Wilson Uwujaren, EFCC’s Director of Public Affairs, lauded alumni associations as vital links between past, present, and future generations in the fight against corruption.

He commended the Old Students Association for their role in inspiring current students to adhere to anti-corruption values and avoid criminal activities. (Text, excluding headline: BusinessDay)

Update news