Realnews Magazine has commemorated its 13th anniversary with a significant policy dialogue in Lagos, focusing on the devastating impact of cybercrime and illicit financial flows on Africa's development. The event also served as a platform to honor distinguished personalities for their contributions to national growth.
A Platform for Critical Development Discourse
Publisher Maureen Chigbo explained that the lecture theme was intentionally selected to address one of Africa's most urgent development challenges. She revealed that illicit financial flows drain more resources from the continent than foreign aid provides, significantly hampering vital investments in education, healthcare, and infrastructure development.
Chigbo highlighted the staggering statistic that Africa loses approximately $50 billion annually to illicit financial flows. She referenced the recent U.S-Nigeria collaborative investigation that successfully recovered $52 million connected to a former petroleum minister, describing this case as a clear indicator of the scale and complexity of financial crimes confronting African governments.
Tributes and Hall of Fame Inductions
The event also paid homage to the late Dan Agbese, co-founder of Newswatch Magazine, who passed away on November 17. Chigbo remembered him as an iconic writer whose legacy continues to influence Nigerian journalism.
In recognition of their outstanding contributions to national discourse and professional excellence, Realnews inducted all panelists and key stakeholders into its prestigious Hall of Fame. This annual tradition honors distinguished thought leaders who have made significant impacts in their respective fields.
The anniversary attracted a diverse audience including policymakers, security experts, civil society representatives, diplomats, and media professionals. Participants commended Realnews for maintaining a credible platform for policy dialogue and professional engagement for over a decade.
Expert Recommendations for Combating Digital Crimes
A major highlight featured a high-level panel chaired by Hon. Justice Ayotunde Phillips, former Chief Judge of Lagos State. The panel thoroughly examined the institutional, legal and technological reforms necessary to combat cyber-enabled financial crimes across Africa.
Notable panelists included:
- Dr Musa Adamu Aliyu, SAN, Chairman of ICPC
- Lasbery Chioma Oludimu, VP Global Operations and MD of YellowCard Financial Nigeria
- Mr. Abdul Rahman M. Mustapha, COO of Intelligence and Security Services Support Sector, NFIU
- Dr Favour Femi-Oyewole, Group Chief Information Security Officer at Access Bank
The experts proposed several crucial measures to strengthen Africa's defense against digital financial crimes:
- Enhanced cross-border cooperation among regulators
- Harmonized cybercrime legislation across African nations
- Improved digital forensics capabilities
- Stricter enforcement of Know-Your-Customer regulations
- Sustained public awareness campaigns to protect citizens and businesses
Earlier during the event, ICPC Chairman Dr Musa Adamu Aliyu issued a stern warning that Africa's progress toward the African Union's Agenda 2063 faces serious threats from escalating cybercrime and illicit financial flows. He characterized IFFs as "a silent crisis undermining the stability of African nations" and noted that the expansion of fintech and digital commerce has created new opportunities for criminal networks.
Aliyu expressed concern about weak compliance systems within certain financial institutions and disclosed that the ICPC has reinforced its Cybercrime and Digital Forensics Unit. This enhancement enables the commission to track cryptocurrency transactions and collect digital evidence in complex investigations.
