The Federal Inland Revenue Service (FIRS) is set to host a landmark two-day national conference aimed at curbing illicit financial flows (IFFs) and bolstering Nigeria’s financial integrity. Scheduled for July 22–23, 2025, at the Transcorp Hilton Hotel in Abuja, the event will focus on combating tax evasion and enhancing domestic resource mobilization, critical steps toward addressing Nigeria’s chronic revenue challenges. This initiative underscores the government’s commitment to safeguarding the nation’s economic stability in the face of persistent financial leakages.
The conference, themed “Combating Illicit Financial Flows: Strengthening Nigeria’s Domestic Resource Mobilisation,” will convene a diverse group of stakeholders, including policymakers, tax administrators, law enforcement officials, anti-corruption agencies, financial experts, and international partners. Together, they will explore actionable strategies to tackle IFFs—illegal movements of money or capital across borders, often through tax evasion, trade mis-invoicing, and other illicit activities. The event will be chaired by the Minister of State for Finance, Dr. Doris Uzoka-Anite, with a keynote address by Irene Ovonji-Odida, a prominent member of the United Nations High-Level Panel on Illicit Financial Flows (FACTI Panel).
FIRS Chairman Dr. Zacch Adedeji emphasized the agency’s proactive approach to addressing IFFs, which drain billions from Nigeria’s economy annually. “This conference will highlight our intensified efforts to combat illicit financial flows through enhanced compliance mechanisms, greater transparency in beneficial ownership, and the use of advanced technology to detect and prevent tax evasion, trade mispricing, and other illicit outflows,” Adedeji stated. He noted that Nigeria loses an estimated $10–18 billion yearly to IFFs, with the oil and gas sector accounting for over 90% of these losses, according to reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and other sources.
To strengthen its fight against IFFs, the FIRS has implemented capacity-building programs for its staff, focusing on identifying and blocking illicit financial activities, particularly those involving multinational corporations. Adedeji highlighted the recent establishment of the Proceeds of Crime Management and Illicit Financial Flows Coordinating Directorate (POCM-IFF), a specialized unit designed to institutionalize efforts to curb these financial crimes. “Taxes are the backbone of Nigeria’s economy, and protecting our revenue streams from illicit outflows is critical to sustainable development,” he added.
The conference builds on existing federal initiatives, including the Inter-Agency Committee on Stopping Illicit Financial Flows from Nigeria, established prior to Buhari’s administration. This committee includes key institutions such as the FIRS, Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC), Nigeria Customs Service, Central Bank of Nigeria (CBN), and Securities and Exchange Commission (SEC). The collaborative effort aims to enhance coordination and transparency, aligning with recommendations from the African Union’s High-Level Panel on Illicit Financial Flows, led by former South African President Thabo Mbeki.
Irene Ovonji-Odida, in remarks ahead of the conference, expressed optimism about its potential to deepen understanding of IFFs and galvanize national action. “Nigeria’s commitment to tackling illicit financial flows is a vital step toward ensuring resources are available for development,” she said. Her keynote address is expected to draw on global best practices, emphasizing the need for international cooperation to address tax evasion and profit shifting by multinational corporations, which the African Union estimates costs the continent $50 billion annually, with Nigeria accounting for roughly 20% of this figure.
The conference comes at a critical time for Nigeria, which faces a multidimensional financing gap exacerbated by underperforming domestic revenue collection and global economic challenges. A recent advocacy paper by the Civil Society Legislative Advocacy Centre (CISLAC) and partners highlighted that Nigeria’s education and health sectors remain severely underfunded, with health financing at less than 4% of GDP and education falling below UNESCO benchmarks. Illicit financial flows, driven by practices like tax evasion and trade mis-invoicing, further erode the resources needed for these critical sectors.
The FIRS’s efforts to combat IFFs align with broader African and global initiatives. The African Union and organizations like the Tax Justice Network Africa have called for stronger regional and international cooperation to address tax-motivated financial crimes. The 2023 Tax Transparency in Africa report noted that African countries, including Nigeria, have generated €1.69 billion in additional revenues through improved tax transparency measures since 2009, but significant gaps remain. The FIRS’s adoption of technology and its focus on beneficial ownership transparency aim to close these gaps, ensuring that multinational corporations and high-net-worth individuals contribute their fair share to Nigeria’s economy.
Social media reactions on X reflect growing public interest in the conference, with users like @Nigerialawyers and @MobilePunch highlighting its potential to boost tax compliance and revenue collection. However, some posts express skepticism, citing past government inaction and the need for more robust enforcement mechanisms.
As Nigeria prepares for the Fourth International Conference on Financing for Development in Seville, Spain, in June 2025, the FIRS conference is seen as a strategic step toward shaping the country’s position on global financial reforms. Experts argue that addressing IFFs requires not only domestic action but also international agreements to prevent tax havens and profit shifting. Nigeria’s withdrawal from the OECD’s tax cooperation agreement, noted by the African Development Bank, has sparked debate about the need for renewed engagement with global frameworks to curb financial leakages.
The outcomes of the July conference are expected to strengthen Nigeria’s resolve to protect its financial system and maximize domestic resources for development. By fostering collaboration among local and international stakeholders, the FIRS aims to chart a path toward greater fiscal transparency and economic resilience, ensuring that Nigeria’s wealth benefits its citizens rather than being siphoned abroad.
