Shippers Council Rues $50bn Annual Loss To Illicit Financial Flow In Africa

The Nigerian Shippers’ Council (NSC), on Thursday, expressed shock over $50 billion annual loss to illicit financial outflow by Nigeria and other African countries.

Speaking during a debate competition organised by 2024 National Youth Service Corps (NYSC) members in collaboration with Industrial Trainees in Nigerian Shippers’ Council(NSC) for secondary schools in Apapa, titled, ‘Effective Whistleblowers Protection Mechanism: A Critical Tool in the Fight Against Corruption,’ held in Lagos, the executive secretary, Shippers’ Council, Barr. Pius Akumah said, illicit financial outflows negatively impact the quality of life in Africa.

According to Akutah who was represented by director, Human Resources, Ada Okam, every effort towards lifting Africans out of poverty, feeding, education and provision of basic services to Africans is retarded due to corruption.

He said, illicit financial outflow makes it difficult for Africa to grow as a continent, achieve the African Agenda and the global Sustainable Development Goals.

“From research, it is noted that Africa looses more than $50 billion annually through illicit financial outflow. It is on this premise that the African Union set aside July 11 every year as a day to remind everyone of the menace of corruption. This is pursuant to the United Nations’ campaign at ensuring a reduction in corruption and the promotion of transparency.

“Based on this, it is important for us to begin to engage our young minds in discussions of issues of national, continental and global interests, as they are an integral part of the society and in this case, it is corruption and ways to combat the monster. A day such as this is to help us share ideas on how to reduce corruption, assess gains so far made in the fight against corruption as well as examine areas to be strengthened,” he explained.

According to him, corruption is a phenomenon that affects the generality of humanity, rich or poor, young or old, saying, corruption has no gender and its effect is negative and all encompassing.

He stated further that the theme of the debate would help to reflect on the importance of the whistleblower and the need for his protection.

He further added that, it is an advocacy for effective coordination between investigative, prosecution and judicial systems to ensure the protection of the whistleblower for an effective whistleblowing mechanism as a tool for combating corruption in the society.

“Recognising Whistleblowing as a critical element for combating corruption, there are institutions, laws and policies put in place at the national, regional and global levels to protect the whistleblower.

“In the Nigerian Shippers’ Council, there is the policy to protect the whistleblower as provided in the NSC Code of Conduct. The NSC Anti-Corruption and Transparency Unit (ACTU) is also responsible for the protection of a whistleblower in the Council.

We are aware that through the efforts of whistleblowers in our country, there have been recoveries of billions of Naira, which have been plunged into the development of critical infrastructure.  However, there’s little evidence on the presence of effective measures for the protection of whistleblowers as they face retaliation. This is the big challenge,” he stated.

He advocated that, a whistleblower should, therefore, be protected to encourage him to voluntarily report instances of violation of financial regulations, mismanagement of public funds and assets, financial malpractices, fraud and theft to facilitate the recovery of the economy, humanity and build a very secure future for all, without fear of consequent reprisals.