ICPC: We are committed to ending illicit financial flows in private sector

The Independent Corrupt Practices and Other Related Offences Commission (ICPC), says the commission is committed to ending illicit financial flows (IFFs) in the private sector.

Bolaji Owasanoye, chairman, ICPC, said this on Monday at the ‘Draft model financial transparency code developed for the private sector’ review held at the commission’s headquarters in Abuja.

Owasanoye, who was represented by Musa Abubakar, secretary, ICPC, said efforts were ongoing to strengthen the private sector to hamper the practice of corruption within the space.

“The commission in collaboration with inter-agency committee for stopping IFFs from Nigeria and with the support of Ford Foundation has undertaken a range of activities,” the chairman said.

“These activities include research to better appreciate the nature IFFs in Nigeria, including its full extent as well as its incidences in many sectors like oil and gas, education, real estate as well as taxation, investment, and contract negotiation.”

Owasanoye added that the activities have enabled members to gain a better understanding of IFFs from the perspective of other agencies.

“It is noteworthy that workshops on capacity development for investigators, tax inspectors, prosecutors and negotiators of trade, investment, tax, and natural resources agreements have also been done,” he said. 

“The key focus of today’s meeting is to review and make inputs to a draft code developed for the private sector which will go a long way in tackling IFFs.

“After the review of the draft document and relevant amendments, inputs, there will be a series of sensitisation before its deployment to the private sector for voluntary compliance.”

On his part, Adeyemi Dipeolu, chairman, inter–agency committee on stopping illicit financial flows (IFFs) said the implementation of laws on IFFs was critical to curbing the menace.