Journalists covering governance, corruption and financial crimes have been urged to strengthen investigative reporting on illicit financial flows (IFFs) while maintaining the highest standards of accuracy, fairness and professional ethics.

The call came at the close of the Day Two capacity-building workshop on Addressing Illicit Financial Flows in Nigeria, organised by the African Network for Environment and Economic Justice (ANEEJ) with support from the European Union (EU). The training ended on Friday, 24 July 2026, at Dover Hotel, Ikeja, Lagos, bringing together journalists from across Nigeria to improve reporting on financial crimes, transparency and accountability.

Experts from the legal, financial intelligence and media sectors told participants that although Nigeria has strengthened its legal framework against illicit financial flows, weak enforcement, evolving financial technologies and gaps in investigative reporting continue to undermine efforts to recover stolen assets and protect public resources.

Why it matters

Illicit financial flows involve money that is illegally earned, transferred or concealed across borders through corruption, tax evasion, trade manipulation, money laundering and organised crime.

Experts say the practice costs Nigeria billions in lost public revenue each year, reducing funds available for education, healthcare, infrastructure and other essential public services while weakening public trust in government institutions.

The workshop aimed to equip journalists with the legal knowledge, investigative tools and ethical standards needed to report these complex issues accurately and responsibly.

Nigeria has strong laws but enforcement remains weak

Opening the legal session, Aliyu Yusuf examined Nigeria’s legal framework for combating illicit financial flows.

He explained that illicit financial flows fall into two broad categories: commercial illicit financial flows, including trade misinvoicing, transfer pricing abuses and tax evasion, and criminal illicit financial flows, such as corruption, money laundering, drug trafficking and human trafficking.

Yusuf outlined the country’s principal legal instruments, including the Money Laundering (Prevention and Prohibition) Act 2022, the Economic and Financial Crimes Commission (EFCC) Act 2004, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Act 2000, the Nigeria Financial Intelligence Unit (NFIU) Act 2018, the Proceeds of Crime Act 2022 and the constitutional responsibilities of the Code of Conduct Bureau.

He said the framework provides broad coverage of financial crimes, supports international cooperation, requires disclosure of beneficial ownership and allows non-conviction-based asset recovery.

However, Yusuf warned that legislation alone cannot stop illicit financial flows.

He identified weak enforcement, inadequate institutional capacity, insufficient resources, inconsistent compliance with reporting obligations and weak procurement oversight as major barriers to effective implementation.

He also highlighted challenges in regulating digital assets and monitoring peer-to-peer cryptocurrency transactions, while noting that gathering evidence for cross-border financial crimes remains difficult.

NFIU explains why financial intelligence matters

In another presentation, Aisha Bantam of the Nigerian Financial Intelligence Unit (NFIU) explained the agency’s role in Nigeria’s anti-money laundering system.

She said the NFIU, established under the NFIU Act 2018, serves as Nigeria’s central financial intelligence agency, receiving, analysing and disseminating financial intelligence to competent authorities.

“The NFIU does not investigate, arrest or prosecute suspects,” she explained, stressing that the agency provides intelligence that supports investigations by law enforcement bodies.

Bantam described financial intelligence as “following the money” by tracing where funds originate, how they move, who controls them and what they are ultimately used for.

She said the NFIU receives Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs) from banks, financial technology firms, insurance companies and other reporting institutions.

However, she cautioned that such reports indicate suspicious activity rather than proof of criminal conduct.

Among the warning signs highlighted were shell companies, concealed beneficial ownership structures, unusual cross-border transfers and patterns associated with terrorism financing.

Confidentiality protects investigations

Bantam stressed that financial intelligence is protected by law.

She said the NFIU cannot disclose suspicious transaction reports, intelligence products or information relating to ongoing investigations because doing so could compromise investigations or allow suspects to move assets before authorities act.

She also noted that the agency cannot confirm or deny whether reports have been filed on specific individuals or organisations.

Global cooperation increasingly important

According to Bantam, illicit financial flows often cross national borders, making international collaboration essential.

She said the NFIU works with more than 50 domestic government agencies and belongs to the Egmont Group, a network of 186 financial intelligence units worldwide that facilitates secure intelligence sharing.

She also identified emerging threats, including cryptocurrency misuse, cyber-enabled financial crimes, concealed company ownership and trade-based money laundering.

Journalists urged to report responsibly

Bantam advised journalists to distinguish carefully between allegations, investigations, prosecutions and convictions.

She encouraged reporters to verify facts thoroughly, avoid sensational reporting and support transparency without prejudicing ongoing investigations.

Investigative journalism requires patience and evidence

Leading a session on investigative journalism, Taiwo Hassan Adebayo said strong investigations depend on evidence rather than assumptions.

He urged journalists to apply standards similar to those required in criminal proceedings.

“If you cannot prove it, you should not publish it,” he told participants.

He warned that publishing unsubstantiated allegations exposes journalists to defamation lawsuits while damaging professional credibility.

According to Adebayo, some investigations require years of evidence gathering before publication.

He advised journalists to prioritise long-term credibility over breaking news.

Every source has an interest

Adebayo reminded participants that every source brings personal motivations.

For that reason, he said, journalists should independently verify information using multiple sources rather than relying on a single individual.

He also stressed the importance of protecting confidential sources while ensuring they do not manipulate reporters for personal or political purposes.

Fairness remains central

The investigative journalist emphasised that every subject of an investigation deserves an opportunity to respond before publication.

He said journalists should include those responses fairly and objectively.

Where new evidence disproves an investigation, he argued, the story should be abandoned rather than published.

Freedom of Information Act remains a powerful tool

Adebayo encouraged greater use of Nigeria’s Freedom of Information Act to obtain government records.

He said many federal institutions respond positively to properly submitted requests, although some security agencies may be less forthcoming where sensitive national security issues are involved.

He also advised journalists handling sensitive investigations to use encrypted communication platforms and carefully consider publication timing to avoid jeopardising investigations or putting lives at risk.

Media described as democracy’s fourth pillar

Delivering the final presentation, Professor Abdullahi Shehu said journalists play an indispensable role in combating illicit financial flows.

He outlined seven major responsibilities for the media, including public education, investigative reporting, advocating policy reforms, monitoring government spending, promoting data journalism, advancing transparency and tracking recovered public assets.

Professor Shehu said many Nigerians remain unaware of how illicit financial flows affect everyday life.

He urged journalists to explain how corruption and illegal financial transfers reduce funding for essential public services and undermine national development.

Holding governments and businesses accountable

The professor described the media as the “fourth pillar” of democracy.

He encouraged journalists to scrutinise procurement processes, monitor extractive industries, analyse public budgets and expose conflicts of interest using financial records and open government data.

He also recommended using beneficial ownership registries, procurement databases, budget monitoring frameworks and whistleblower mechanisms to strengthen investigations.

Challenges facing investigative journalists

Professor Shehu acknowledged that journalists investigating financial crimes often face political intimidation, limited access to public records, security threats and inadequate newsroom resources.

He encouraged participants to remain independent, avoid bias, build collaborative networks and study international transparency initiatives such as the Open Government Partnership.

Industry perspective

Anti-corruption advocates say stronger investigative journalism can improve public accountability by exposing financial crimes and encouraging better governance.

Financial governance experts also argue that effective enforcement of anti-money laundering laws and greater transparency can boost investor confidence and strengthen Nigeria’s economy.

What next?

ANEEJ said the workshop forms part of wider efforts to strengthen media capacity to investigate illicit financial flows and promote accountability in Nigeria.

Organisers expressed confidence that better-informed journalists would improve public understanding of financial crimes and contribute to national efforts to curb corruption and recover public assets.