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ICPC move to stem illegal financial flowsbin Nigeria, rallys private sector operators

By Matthew Ogune, Abuja
16 August 2023   |   2:26 pm
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, and the Special Adviser to the President on Revenue, Dr. Zacch Adedeji will on Thursday rally private sector operators and professional bodies against the Illicit Financial Flows (IFFs).

Prof. Bolaji Owasanoye

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, and the Special Adviser to the President on Revenue, Dr. Zacch Adedeji will on Thursday rally private sector operators and professional bodies against the Illicit Financial Flows (IFFs).

The gathering is a one-day hybrid sensitization workshop on the published “Guidelines for Private Sector Response to IFF Vulnerabilities in Nigeria”, scheduled to hold on 17th August, 2023, at the Ultra-modern Auditorium of the ICPC in Abuja.

Owasanoye and Adedeji are to provide insights into the guidelines for private sector response to IFF vulnerabilities in the country while a panel of discussants will review the guidelines for private sector response.

Members of the Panel, which will be moderated by the Chief Executive Officer of Convention on Business Integrity (CBI), Mr. Soji Apampa, include the Programme Director, Africa Centre for International Private Enterprise (CIPE), Mrs. Lola Adekanye and Chief Compliance Officer & Company Secretary, Oando Plc, Mrs. Ayotola Jagun.

Expected at the sensitization workshop are private sector stakeholders and professional bodies such as the Manufacturers Association of Nigeria, Association of Professional Bodies of Nigeria (APBN), Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation of Nigeria (CITN), Chartered Institute of Bankers of Nigeria (CIBN), and Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA).

Other private sector stakeholders are the Abuja Chamber of Commerce and Industry (ACCI), Odu’a Chambers of Commerce, Industry, Mines and Agriculture (ODUA’CCIMA), Real Estate Developers Association of Nigeria (REDAN), Infrastructure Concession Regulatory Commission (ICRC), Bureau of Public Enterprises (BPE), and members of the Inter-Agency Committee on Stopping IFFs from Nigeria.

The “Guidelines for Private Sector Response to IFF Vulnerabilities in Nigeria”, which is published by the ICPC, seeks to enable private sector practitioners better understand the phenomenon of IFFs and provides guidance to them on what to look out for and avoid in the course of their business transactions.

Large companies including multinational entities, international banks, large legal and accounting firms have been identified as drivers and enablers of illicit financial flows.

The sensitization of the stakeholders is therefore aimed at creating awareness to enable the private sector play a key role in stemming the menace of IFFs from Nigeria.