Nigeria loses $15bn yearly to illicit financial flow-HEDA

*Urges foreign countries to return looted Nigeria’s funds

The Chairman, Human and Environmental Development Agenda (HEDA) Resource Centre, Mr Olarenwaju Suraju, has said Nigeria loses $15bn yearly to illicit financial flow.

He stated such was impacting negatively on the development of the country and the welfare of the citizens.

He spoke in Lagos on Thursday during a day workshop on, “Illicit flow, gas flaring as albatross to Nigeria’s climate change response: Building momentum towards COP 26.” The workshop was organised by HEDA, Re: Common and Cornerhouse in collaboration with the Fossil Fuel Non-Proliferation Treaty Initiative. It was supported by the MacArthur Foundation.

He also urged foreign countries where Nigeria’s looted funds are still domiciled to return such funds to Nigeria.

According to him, if the stashed funds abroad were returned to Nigeria, there would be enough money to fund her developmental needs, improve the welfare of the masses, transform the nation and would not even have a need for foreign borrowing.Suraju said, “It is critical that looted funds should be repatriated. That is what we have been working on for 8 years to ensure that we have the repatriation of our stashed away assets and funds, illicit or illicit. Either it is hidden or blatant, either it is owned by the private persons or enablers or the public people. “So we have seen how we are said to be losing about $15bn every year to illicit financial flow, Nigeria alone. That is a humongous amount of money that can be used to start developing the new machinery, new capacities, new training that is required for Nigeria to migrate from fossil fuel and the exposure from the impact of climate change. So we do not need aid, we do not need free money because we have the money that is stashed somewhere and it is known. It is not hidden. We just need that to come back to us.

“It is time for those countries where Nigeria’s looted funds are still domiciled to start talking of refunds to us. We know that the money is there. They are our entitlement. They are not charity and gifts that we are asking for. We are saying ‘return them to us.

“In 2018 alone it is reported that Nigeria lost up to $563m to uncollected penalties from gas flaring, just for one year.”

Executive Secretary, HEDA, Mr Arigbabu Sulaimon said climate change was impacting many countries negatively, including African countries.

Sulaimon said, “Climate change like COVID-19, impact everybody. That is why an issue like flooding is not an African problem, an Asian problem, you see it in the most developed cities of the world. When you talk of fire incidence, you see it in developed countries.

“Six things that are tragic for Africa. Africa is the least responsible for climate change, we are the worst affected, the continent is least able to cope, because of our economic reality and the level of the development of our infrastructure.

“Another is that all the opportunities that have been coming because of climate change, (people are bringing in new technologies) Africa is not a participant. It is a dumping ground. We are not part of that conversation.”

Chairperson, Board of Trustees, HEDA, Prof. Ayodele Atsenuwa, said illicit financial flow has led to serious development challenges in Nigeria.

Atsenuwa, who is also Deputy Vice-Chancellor (Development Services) of the University of Lagos said efforts must be made to address the anomaly.

Zonal Head, Lagos, Economic and Financial Crimes Commission, Mr Ahmad Muhammad Ghali, said the agency had been active, recovering looted funds in Nigeria.

He stated that the agency would ensure the recovery of any re-looted funds if it was aware of such malpractice.