Tinubu calls for tougher regional response to corruption, illicit financial flows

President Bola Tinubu has called on West African nations to adopt a tougher and more coordinated approach to tackling corruption and illicit financial flows, warning that resource theft and illegal mining now pose serious threats to the region’s peace, stability, and development.

Speaking while declaring open the 2025 Annual General Assembly of the Network of National Anti-Corruption Institutions in West Africa (NACIWA) on Tuesday in Abuja, Tinubu urged the Economic Community of West African States (ECOWAS) to designate resource theft as an international crime.

He stressed that only stronger regional collaboration, intelligence sharing, and unified action can effectively curb the menace and safeguard the region’s future.

The event, held at the ECOWAS Secretariat, brought together heads of anti-corruption agencies, policymakers, and development partners from across West Africa to deliberate on the theme “A United ECOWAS Against Corruption: Strengthening Regional Collaboration for Asset Recovery and Exchange of Information.”

Tinubu described the theme as timely, noting that the recovery of stolen assets lies at the heart of the region’s collective fight against corruption.

He lamented that decades after independence, West African nations continue to lose billions to looted public funds, illicit financial flows, and illegal exploitation of mineral resources.

“The time has come for ECOWAS to designate resource theft, illegal mining and the stealing of minerals, as an international crime that threatens the stability of the region.

“We must galvanize global action against the trade in stolen minerals from West Africa”, Tinubu declared.

The President linked the rise in resource theft and illicit financial flows to worsening insecurity, banditry, kidnapping, and the proliferation of small arms across the region.

These, he said, have weakened state institutions, undermined economic growth, and deepened poverty among citizens.

Tinubu emphasised that no country can tackle corruption or illicit financial flows in isolation.

He said platforms like NACIWA provide ECOWAS with a unique opportunity to promote joint investigations, asset recovery, and peer learning.

Highlighting Nigeria’s progress, the President said his administration has made asset tracing and recovery a key priority under a new national anti-corruption strategy.

This, he explained, has been backed by a legal framework to ensure the transparent management and reinvestment of recovered assets.

He cited the Economic and Financial Crimes Commission (EFCC)’s recent recoveries under the leadership of its Chairman, Mr. Ola Olukoyede who also serves as NACIWA President, describing the results as a testament to Nigeria’s commitment to accountability and regional leadership.

Tinubu revealed that his administration has redirected recovered proceeds of crime into social investment programmes such as the Students Loan Scheme and the Consumer Credit Scheme, both launched with an initial ₦100 billion recovered by the EFCC.

“Through the Students Loan Scheme, many young Nigerians who otherwise could not afford tertiary education are now able to pursue their dreams.

“The Consumer Credit Scheme allows working Nigerians to acquire vital assets and pay over time, easing economic pressures and promoting dignity,” he said.

The President reaffirmed that combating corruption and insecurity remains central to improving citizens’ welfare and deepening democratic governance in the sub-region.

“We are stronger together than apart. Let our deliberations in Abuja mark a turning point in building a more prosperous, transparent, and secure West Africa,” he noted.

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In his remarks, Ola Olukoyede, NACIWA President and EFCC Chairman, highlighted the Network’s achievements since 2022, including the operationalisation of its permanent secretariat in Nigeria, the restoration of financial stability, strengthened partnerships with ECOWAS, the UN Office on Drugs and Crime (UNODC), and the African Union, as well as the formal recognition of the EFCC Academy as NACIWA’s Centre of Excellence for capacity development.

He added that NACIWA had developed frameworks for cross-border investigations and harmonised asset recovery efforts while securing observer status in the global GlobE Network, a worldwide platform linking anti-corruption agencies.

Olukoyede said the milestones reflect the Network’s resolve to make anti-corruption efforts across West Africa more collaborative, transparent, and effective, despite financial and institutional challenges.