The Ambassador of the United Kingdom (UK), Dr Richard Montgomery, said the United Kingdom is working with the Central Bank of Nigeria (CBN) and the Nigeria Financial Intelligence Unit (NFIU) to track illicit inflows.

The ambassador, who stated this in Abuja, yesterday, during a policy conversation on the state of anti-corruption policy and practice in Nigeria by Agora Policy, said beneficial ownership registers have been of help towards tracking illicit inflows.

On the functionality of beneficial ownership, the envoy explained: “With beneficial ownership, you know who controls a company. We need to know this so that the regulatory agencies and law enforcement agencies can do their jobs. There is more to do on this issue, but the progress here has been significant. Nigeria has the potential to be a real leader on the continent on this issue of beneficial company ownership.”

Montgomery said that the UK is not blameless in illicit inflows movement, saying: “We accept in the UK that we are not blameless. The UK’s financial sector has consistently ranked in the top 15 countries for the Global Financial Secrecy Index. So, this implies that we are enabling a permissive environment for illicit financial flows.

“It implies we are undermining the integrity of our markets. And we need to do more to address the financial vulnerabilities in our systems in the UK, as well as in other countries.”He noted that evidence needs to be credible to go through the courts in cases of illicit inflows.

To tame illicit financial inflow, the envoy said the UK would continue to work on financial intelligence, improving financial intelligence and evidence collection, which will enable the system to bring grand corruption cases to courts, particularly in the UK, successfully.

For Nigeria to win the war against corruption, the envoy said Nigerian political leaders must rise to the occasion.He added: “Real change can only come from Nigerian leaders and Nigerian institutions. We will help where we can and where we are asked, but we are particularly keen to get behind people who have the bravery and courage to take these issues on in Nigeria. We will be keen to take the lessons.

In his intervention, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, identified cynicism as a major morale dampener for the anti-graft war.

He also listed the security of tenure of anti-corruption agency heads with implications for the independence of the agencies, challenges in the prosecution of high-profile corruption cases; and non-sustenance of accountability reforms in the public sector. He maintained that the fight against corruption may not succeed until identified challenges are addressed.

He said: “We must also examine the ease with which public officers can siphon humongous sums from the public without any warning systems.” He noted that over the years, Nigeria has focused on borrowing best practices from other nations, saying the real solutions to the corruption problem lie in adapting measures drawn from domestic unique experiences.

“The kind of introspection that today’s forum engenders should propel us in identifying gaps that need urgent closure for effective recalibration of the anti-corruption framework for greater efficiency. At the level of the EFCC, we have taken a conscious decision to use the fight against corruption to stimulate the economy and support critical social investment initiatives,” he stated.

The EFCC chief disclosed that funds recovered by the Commission are part of the resources deployed by the Federal Government in financing the students and consumer credit schemes, explaining that both schemes have the potential to reduce the penchant for criminality by vulnerable segments of the population.

On the style that has been adopted by the commission to combat corruption, Olukoyede said: “We have also prioritized corruption prevention, leading to the establishment of the Department of Fraud Risk Assessment and Control, FRAC in the EFCC. With the cooperation and collaboration of all stakeholders, we have faith that Nigeria can overcome the challenge of corruption.”

The chairman of Agora Policy, Ojobo Atuluku, said the policy’s comprehensive approach to policy analysis and advocacy positions serves as a model for similar organisations across Africa. He further mentioned that the policy’s methodologies in addressing complex socio-economic issues can be adapted to other developing nations facing comparable challenges.