Shippers' Council: Each year, illicit cash outflows cost Nigeria and other countries $50 billion

The Nigerian Shippers’ Council claims that illicit cash outflows cost Nigeria and other African countries $50 billion annually.

Pius Akutah, the Executive Secretary/Chief Executive Officer of the NSC, made this claim recently in Lagos at a debating tournament that was organized by a few NSC members in association with the council’s industrial trainees.

The event was themed “Effective whistleblowers protection mechanism: A critical tool in the fight against corruption’.

Under the direction of Mrs. Ada Okam, the NSC’s Director of Human Resources, Akutah outlined how illicit financial outflows had a detrimental effect on the standard of living in Africa.

He restated that all attempts to help Africans escape poverty and receive basic amenities had been slowed down.

“From research, it is noted that Africa loses more than $50bn annually through illicit financial outflow,” the NSC boss stated.

Akutah claims that illicit money outflows hinder Africa’s ability to develop as a continent, advance the African agenda, and meet the Sustainable Development Goals.

He went on to say that corruption was a condition that affected all of humanity.

He said that corruption has no gender and that “its effect is negatively permeative and all-encompassing, touching on every facet of human society, as it retards national advancement, stability and prosperity.”

“It is on this premise that the African Union has set aside July 11 every year as a day to remind everyone of the menace of corruption. This is according to the United Nations’ campaign to ensure a reduction in corruption and the promotion of transparency,” he stated.

Akutah emphasized that as children are an essential component of society, the continent must begin involving them in discussions on matters of national, continental, and international interest.

He continued by saying that thinking about the competition’s theme encouraged reflection on the value of whistleblowers and the necessity of protection.

In order to guarantee the protection of the whistleblower and an efficient whistleblowing process as a weapon for battling societal corruption, Akutah claims that it is an advocacy for better coordination between the investigation, prosecution, and judicial systems.

“Recognising whistleblowing as a critical element for combatting corruption, there are institutions, laws and policies put in place at the national, regional and global levels to protect the whistleblower,” he explained.

He revealed that, in accordance with the NSC Code of Conduct, the council has a policy to safeguard whistleblowers.

He declared, “The protection of whistleblowers within the council is also the responsibility of the NSC Anti-Corruption and Transparency Unit.”

He insisted that billions of naira had been recovered thanks to the nation’s whistleblowers, and that money had been used to fund the construction of vital infrastructure.