Nigeria and other African countries are losing $50 billion each year to illegal financial outflows, according to the Nigerian Shippers’ Council (NSC).
This alarming statistic was revealed by the Executive Secretary/CEO of the NSC, Pius Akutah, during a recent debate competition in Lagos, organized in collaboration with National Youth Service Corps members and industrial trainees from the council.
Themed “Effective Whistleblowers Protection Mechanism: A Critical Tool in the Fight Against Corruption,” the event highlighted the severe impact of illicit financial outflows on Africa’s quality of life.
Representing Akutah, Mrs. Ada Okam, NSC’s Director of Human Resources, emphasized that such outflows significantly hinder efforts to alleviate poverty and provide essential services across the continent.
“Research shows that Africa loses over $50 billion annually through illicit financial outflows,” stated Akutah.
He noted that these losses impede Africa’s growth and the achievement of both the African agenda and the Sustainable Development Goals.
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Akutah also underscored the pervasive nature of corruption, stating, “Corruption has no gender; its negative effects are all-encompassing, impacting every aspect of society and hindering national progress, stability, and prosperity.”
In line with the United Nations’ campaign to reduce corruption and promote transparency, Akutah mentioned that the African Union designates July 11 each year to raise awareness about the scourge of corruption.
He called for greater engagement of young people in discussions on national, continental, and global issues, recognizing their vital role in society.
The debate’s theme underscored the significance of whistleblowers and the necessity of their protection, advocating for better coordination between investigative, prosecution, and judicial systems to safeguard whistleblowers and enhance the effectiveness of anti-corruption mechanisms.
“Recognizing whistleblowing as crucial for combating corruption, institutions, laws, and policies at national, regional, and global levels have been established to protect whistleblowers,” Akutah explained.
He revealed that the NSC has implemented a policy to protect whistleblowers, as outlined in the NSC Code of Conduct, and that the NSC Anti-Corruption and Transparency Unit is responsible for this protection.
Akutah concluded by highlighting the tangible benefits of whistleblowers’ efforts, noting that their actions have led to the recovery of billions of naira, which have been reinvested into developing critical infrastructure.
