The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Musa Aliyu, has warned that cybercrime, corruption, and illicit financial flows cost Africa $80 billion every year.

Aliyu disclosed this on Thursday during a keynote address at the Realnews 13th anniversary lecture series in Lagos, themed “Cybersecurity, Illicit Financial Flows and Achieving Agenda 2063 in Africa.”

He cautioned that Africa’s developmental goals, including the African Union’s Agenda 2063, will remain unattainable unless governments urgently strengthen cybersecurity, modernise regulations, and plug financial leakages.

“Africa’s developmental ambitions, including the African Union’s Agenda 2063, would remain unattainable unless governments take decisive action to strengthen cybersecurity, modernise regulatory frameworks, and close the loopholes that enable massive illicit outflows,” Aliu said.

He also expressed concern that the digital age has opened new avenues for corruption and criminal innovation.

The ICPC chairman revealed that in a recent investigation, the commission uncovered a multinational company operating in Nigeria submitting falsified expense claims—amounts that, he noted, “could fully rehabilitate at least 10 teaching hospitals.”

He stated that cyber-enabled crimes—including business email compromise, ransomware attacks, mobile money fraud, and crypto laundering, have become major drivers of illicit financial flows.

To counter this, he said, ICPC has set up a cybercrime and digital forensics unit, improved blockchain-tracing capabilities, strengthened collaboration with the NFIU and financial institutions, and expanded engagement with global anti-corruption partners.

Despite these measures, he acknowledged that “criminal networks remain faster, richer, and more technologically agile than government agencies,” due to limited resources, weak coordination, and jurisdictional challenges.