By George Ozalla
The Comptroller-General of Customs, Bashir Adewale Adeniyi, has underscored the vital role of the Nigeria Customs Service (NCS) in combating illicit financial flows (IFFs) during the National Conference on Combating Illicit Financial Flows held in Abuja Tuesday to Wednesday during this week. The conference brought together stakeholders to discuss strategies for tackling the menace of IFFs and promoting a more inclusive and accountable fiscal framework.
Adeniyi stressed that the NCS’s daily operations involve tight monitoring of cross-border movements in cash and negotiable instruments, enforcing mandatory declarations above threshold values. He noted that in the last six months, Customs has tightened loose ends at all borders to ensure that declaration protocols are diligently implemented.
Highlighting the complexity of illicit financial flows, Adeniyi stressed that the forthcoming Financial Action Task Force (FATF) assessment requires a whole-of-society approach, involving Customs, tax authorities, Economic and Financial Crimes Commission (EFCC), and other agencies working collaboratively. This approach, he said, is essential in ensuring that Nigeria’s financial system is secure and transparent.
In her remarks, the Minister of State for Finance, Doris Anite, noted that Nigeria has relied heavily on volatile oil revenue for decades. However, current reforms recognize the urgent need to diversify the country’s revenue base, shifting focus to non-oil, particularly tax. By strengthening tax systems, Anite asserted that the participating members should create a more inclusive and accountable fiscal framework capable of funding national development, reducing debt dependency, and ensuring all sectors contribute fairly to growth.
The conference, themed “Combating Illicit Financial Flows: A Whole-of-Society Approach,” provided a platform for stakeholders to discuss the challenges posed by IFFs and identify solutions to address them. Adeniyi’s remarks underscored the NCS’s commitment to playing a crucial role in the fight against IFFs, while Anite’s comments highlighted the need for a diversified revenue base and a more inclusive fiscal framework.
The conference is expected to come up with recommendations that will guide the government’s efforts in combating IFFs and promoting economic development. With the NCS and other agencies working together, Nigeria can reduce the incidence of IFFs and create a more secure and transparent financial system.
