According to the Economic Community of West African States (ECOWAS), Africa loses an estimated $88.6 billion annually to corruption and illicit financial flows, a staggering figure representing 3.7% of the continent’s Gross Domestic Product (GDP).
This was disclosed during a five-day Regional Certification Training on Financial Investigation for Anti-Corruption Institutions in ECOWAS Member States, held in Suleja, Niger State, where Abdel-Fatau Musah, the ECOWAS Commissioner for Political Affairs, Peace and Security, emphasized the urgent need for stronger regional collaboration to tackle the menace.
In his goodwill message, Musah lauded Olukoyede’s leadership, describing it as instrumental in NACIWA’s growing influence.
Represented by Ebenezer Asiedu, Head of the ECOWAS Commission’s Democracy and Good Governance Division, Musah warned of the devastating economic impact of corruption on the continent.
“Research shows that Africa loses about $88.6 billion annually to corruption and illicit financial flows, which amounts to 3.7% of the continent’s GDP,” he said.
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He emphasized that the ECOWAS Commission, under the leadership of Bola Tinubu, Nigerian President, remains committed to consolidating gains in regional integration and ensuring West Africa remains a model for political and economic development.
Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC) and President of the Network of National Anti-Corruption Institutions in West Africa (NACIWA), called on West African nations to deepen international cooperation as a key strategy in the fight against corruption across the region.
Represented by Femi Gbarufu, EFCC’s Director of Administration and Human Resources, Olukoyede stressed that the nature of corruption confronting West African nations is complex, cross-border, and technology-driven, requiring a united regional front.
“As many of you are aware, the threats we face are not confined within national borders. They are sophisticated, tech-enabled, and deeply embedded within political and economic structures. To effectively confront these challenges, we must work together by sharing intelligence, harmonizing our methods, and speaking in one voice as a region committed to integrity and justice,” he said.
The training, jointly organised by NACIWA, the EFCC, and the ECOWAS Commission, aims to strengthen the operational capacity of anti-corruption agencies in the region.
According to Olukoyede, it reflects a shift from rhetoric to action, with tangible investments in capacity building.
Joseph Ogwiji, Acting Commandant of the EFCC Academy, described the academy as a designated center of excellence for NACIWA, noting that it has developed a dynamic curriculum to equip participants with tools to combat evolving financial crimes.
“This training offers a platform for experience-sharing, peer learning, and regional synergy towards dismantling complex illicit financial networks. It is also a call to uphold integrity at all times,” Ogwiji said.
