Nigeria losing $10 billion annually to illicit financial flow in Mining sector, says Rev David Ugolor 

During the presentation of the Research Report and Policy Dialogue between 4th and 5th of February 2026, at NEITI House Abuja, aimed at addressing the Enablers of IFFs in the Mining sector, industry’s stakeholders, and policy makers brainstormed on a lot of issues bedvilling the sector including how to end illicit financial flow in the mining sector; Legislative issues and lack of will for Policy implementation etc Speaking to journalists on the sideline, the Executive Director, African Network for Environment and Economic Justice Rev David Ugolor emphacised cooperation among the government agencies overseeing the sector, civil society organization and the Ministry of Mines as panacea to illicit financial flow and other problems in the sector. Editor -in-Chief, CEO Presidentstrides International Magazine, ONU OKORIE was there. Excerpt:

QUESTION 

Can you tell us what resolutions you reached and what we should be expecting going forward from the Mining sector?

 ANSWER 

Well first, it has been a real brainstorming for the last two days with all the key agencies participating in these two days.

Launching of this research report, which again provides us an opportunity to see how cooperation among the government agencies , can help to end this illicit financial flow in the mining sector. And that again will help the government to raise the revenue that they have been losing for some time now. 

And again, the opportunity for some key agencies like NFIU, EFCC, NEITI and the Ministry of Mining to also share experience on how they can help increase transparency in mining data in the country.

Because we’ve all come to acknowledge the fact that once there is transparency, government key agencies like EFCC will be able to follow the money,  like the last panel that we are seeing, that is happening now. 

QUESTION 

How do we follow the money to ensure that resources that is needed to tackle the issue of poverty in the country do not go to private pocket or leave the country through illicit channels? 

ANSWER 

Because this is the whole aim of this policy dialogue after the launch of the research report yesterday. And one of the key concrete outcomes that I have seen, the urgency for cooperation among all the key agencies. And then to wrap it up, the participation of the Senate Committee on Mining. That again, you can see the commitment that came from the Senator. It was very encouraging that they are very willing to partner with the agency to carry out the necessary reform that will strengthen transparency and accountability in the mining sector, which is one primary mandate of NEITI.

And we are happy as a civil society organization, African Network for Environment and Economic Justice is very happy collaborating with NEITI and the Federal Ministry of Mining to carry out this policy dialogue. And we ultimately believe that this will lead to more concrete outcomes as we proceed further.

QUESTION 

Can you give us an estimate of how much has been lost in the last one year in this illicit flow?

ANSWER 

It’s pretty difficult, but just looking at the damage that illicit financial flow in the mining sector is causing Nigeria.

And then you’ll be talking about a range of five to ten billion dollars that this country is losing. And if you put that in perspective in terms of what that could address in terms of infrastructure, education, that would be enormous for the country. The country is currently bleeding.

The country is currently suffering from external debt. If we have all these resources, the hospitals will be properly equipped, and then the road infrastructure in the country. And then it would address this Bandits you have everywhere in the country, because they are able to recruit poor people from different villages to form their groups to continue this crisis and conflict,  which has not really helped the country internationally.

So for us, this bleeding needs to stop.  And the only way to end this bleeding is to make sure that the law enforcement agency is strengthened, more investment to capacitate them to do the work, to follow the money. And ultimately, it will help the country and help the international community.

QUESTION 

Sir, talking about following the money, part of the presentation that was made yesterday, some of these illicit financial flows, the recoveries, the disclosure is still in shadows.  And some of these minerals, when they are also confiscated, it’s not returned to the mining or  the proceeds don’t go to the coffers, to the communities to benefit and all that. What is all of this? What is the suggestion? 

ANSWER 

 It’s part of the conversation that we have heard from all the agency responsible. You’ve heard about the mining marshal that he talked about. There has been also a concrete proposal from the research and from the panel discussion that we need to strengthen their capacity. We need to reform it and there needs to be inter-agency collaboration and that the culture of impunity that also exists in some of these agencies needs to also be put down.

And that for me is something that needs to be properly put in perspective, particularly the Ministry for Mining needs to provide leadership to ensure that the mining marshal activity is properly regulated. So that once you have the right regulation in place, people will not take laws into their hand. And they can also work with other law enforcement agencies to ensure that there’s cooperation, there’s inter-agency cooperation, and then keeping data on what the activities are embarking upon so that we know who is doing well and who is not doing well.