Realnews has celebrated its 13th Anniversary in Lagos with a high-level policy dialogue that examined the impact of cybercrime and illicit financial flows (IFFs) on Africa’s development, while honouring distinguished personalities for their contributions to national growth.
Speaking at the event, Realnews Publisher, Maureen Chigbo, said the lecture theme was deliberately chosen to highlight one of Africa’s most pressing development challenges. She noted that illicit financial flows drain more resources from the continent than foreign aid provides, undermining critical investments in education, healthcare, and infrastructure. Africa loses an estimated US$50 billion annually to IFFs, she said.
Chigbo referenced the recent U.S-Nigeria collaborative investigation that led to the recovery of US$52 million linked to a former petroleum minister, describing it as a stark reminder of the scale and complexity of financial crimes facing African governments.
She also paid tribute to the late Dan Agbese, co-founder of Newswatch Magazine, who died on November 17. Chigbo described him as an iconic writer whose influence continues to shape Nigerian journalism.
In recognition of their contributions to national discourse and professional excellence, Realnews inducted all panelists and key stakeholders into its prestigious Hall of Fame, a tradition that honours distinguished thought leaders annually.
The event attracted policymakers, security experts, civil society representatives, diplomats, and members of the media, who commended Realnews for sustaining a credible platform for policy dialogue and professional engagement for more than a decade.
A major highlight of the anniversary was a high-level panel chaired by Hon. Justice Ayotunde Phillips, former Chief Judge of Lagos State. The panel discussed institutional, legal and technological reforms required to stem cyber-enabled financial crimes across Africa.
Among other panelists present were Dr Musa Adamu Aliyu, SAN, Chairman, ICPC, Lasbery Chioma Oludimu, VP Global Operations and MD, YellowCard Financial Nigeria, Mr. Abdul Rahman M. Mustapha, COO, Intelligence and Security Services Support Sector, NFIU and Dr Favour Femi-Oyewole, Group Chief Information Security Officer, Access Bank
The experts recommended deeper cross-border cooperation among regulators, harmonised cybercrime laws, enhanced digital forensics capabilities, and stricter Know-Your-Customer (KYC) enforcement. They also emphasised sustained public awareness to protect citizens and businesses from online fraud, terrorism financing and emerging digital threats.
Earlier, ICPC Chairman Dr Musa Adamu Aliyu cautioned that Africa’s progress toward the African Union’s Agenda 2063 is at risk due to rising cybercrime and illicit financial flows. He described IFFs as “a silent crisis undermining the stability of African nations,” stressing that the growth of fintech and digital commerce has expanded opportunities for criminal networks.
Aliyu also criticised weak compliance systems within some financial institutions and disclosed that the ICPC has strengthened its Cybercrime and Digital Forensics Unit to track cryptocurrency transactions and gather digital evidence in complex investigations.
