$80 Billion Annual Cybercrime, Corruption Drain Puts Africa’s Future At Risk – ICPC
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has warned that cybercrime, corruption, and illicit financial flows are draining Africa’s resources, undermining its future prospects.
ICPC chairman Musa Aliyu gave the warning in a keynote address delivered at the Realnews 13th Anniversary Lecture Series in Lagos, according to a statement on Thursday by the commission’s spokesperson, John Odey.
While speaking on the theme “Cybersecurity, Illicit Financial Flows and Achieving Agenda 2063 in Africa,” Mr Aliyu painted a grim picture of the African situation with classrooms without teachers, hospitals without equipment, and roads left unbuilt.
According to him, all these happened because of the scourge of cybercrime, corruption, and illicit financial flows, which see over $80 billion siphoned out of Africa every year.
“Africa’s developmental ambitions, including the African Union’s Agenda 2063, would remain unattainable unless governments take decisive action to strengthen cybersecurity, modernise regulatory frameworks, and close the loopholes that enable massive illicit outflows,” Mr Aliyu stated.
The ICPC boss expressed worry that the digital age had also created new pathways for corruption and criminal innovation.
He disclosed that in one investigation, ICPC uncovered falsified expense claims by a multinational company operating in Nigeria, amounting to funds sufficient to fully rehabilitate at least 10 teaching hospitals.
According to him, illicit financial flows represented not only an economic threat but also a profound moral crisis.
“Every naira stolen is a classroom not built, a road abandoned, a hospital unequipped, and a generation short-changed,” he stated.
Mr Aliyu highlighted that cyber-enabled crimes such as business email compromise, ransomware attacks, mobile money fraud, and crypto-laundering are now major drivers of illicit financial flows.
He explained that ICPC had responded by establishing a cybercrime and digital forensics unit, enhancing blockchain tracing capabilities, strengthening collaboration with the NFIU and financial institutions, and deepening engagements with global anti-corruption partners.
The ICPC boss acknowledged that despite these efforts, “criminal networks remain faster, richer, and more technologically agile than government agencies,” owing to limited resources, weak coordination, and jurisdictional challenges.
Mr Aliyu urged African governments to treat cybersecurity as a core development priority and adopt a six-pillar strategy anchored on stronger laws, institutional capacity, secure digital infrastructure, global cooperation, financial transparency, and active citizen engagement.
He warned that “the Africa we want is within reach but only if we secure our digital space,” adding that Agenda 2063 will remain out of reach if cyber-enabled corruption continues unchecked.
Publisher of Realnews, Maureen Chigbo, said the annual lecture was designed to drive policy reform by raising awareness on illicit financial flows.
She urged journalists to intensify investigative reporting to uncover hidden financial crimes.
(NAN)