$88.6 Billion Vanishing Yearly: EFCC Boss Dares Commonwealth to Follow Nigeria’s Lead in Anti-Corruption War

The fight against corruption in Africa has taken a troubling turn as the Economic Community of West African States (ECOWAS) disclosed that the continent is losing a staggering $88.6 billion annually to corruption and illicit financial flows—equivalent to 3.7% of its GDP.

This was revealed in Niger State during a regional certification training session focused on financial investigations for anti-corruption institutions across ECOWAS member states. Ambassador Abdel-Fatau Musah, ECOWAS Commissioner for Political Affairs, Peace and Security—represented by Ebenezer Asiedu, Head of Democracy and Good Governance—lamented the financial hemorrhage, highlighting corruption and financial crimes as major impediments to economic and social progress.

Musah stressed that West Africa’s growing financial sector, especially with the rise of cryptocurrency and online financial systems, has introduced new vulnerabilities, demanding that anti-corruption agencies acquire advanced skills to combat these evolving threats.

He reaffirmed ECOWAS’ ongoing commitment to democratic governance and transparency, citing legal frameworks like the Revised ECOWAS Treaty (1993), and protocols adopted in 2001 on good governance and anti-corruption efforts.

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Meanwhile, in Malta, Nigeria’s EFCC Chairman, Ola Olukoyede, issued a challenge to Commonwealth countries: adopt Nigeria’s model of reform and collaboration in tackling financial crimes. Speaking at the Commonwealth Law Conference organized by the Commonwealth Lawyers Association, Olukoyede emphasized the importance of global cooperation in curbing financial terrorism and money laundering.

His session, focused on the impact of the Financial Action Task Force (FATF)’s enhanced monitoring in non-compliant countries, highlighted Nigeria’s progress. He noted that while FATF scrutiny can be demanding, it also paves the way for meaningful reforms that strengthen national financial systems.

Olukoyede urged Commonwealth nations to advocate for greater consideration for sub-Saharan countries, many of which dominate the FATF’s list of high-risk nations under enhanced monitoring. He stressed that with the right support, even vulnerable economies can build financial systems resilient enough to choke off the flow of funds to terrorism and organized crime.