Nigeria Revenue Service Leads Continental Effort to Curb Illicit Financial Flows

The Nigeria Revenue Service (NRS) is set to spearhead high-level discussions on deploying tax reforms to combat illicit financial flows and strengthen economic growth across Africa, reinforcing the role of regulatory compliance and financial compliance in public finance management.

In collaboration with the African Union Commission, the NRS will host the 5th session of the Sub-Committee on Tax and Illicit Financial Flows under the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration, scheduled for March 31 to April 2, 2026.

The session will convene policymakers, tax authorities, development partners, and industry experts from across the continent to develop coordinated strategies for strengthening tax systems, enhancing regulatory frameworks, and addressing illicit financial flows that continue to undermine Africa’s economic stability.

According to a statement by Sikiru Akinola, the meeting comes at a critical time as African countries intensify efforts to improve domestic revenue mobilisation and reduce reliance on external financing. He noted that illicit financial flows remain a major challenge, requiring stronger risk assessment, regulatory monitoring, and cross-border collaboration.

Discussions at the session will focus on improving tax administration, advancing compliance management systems, and addressing issues such as base erosion and profit shifting. The agenda also includes strengthening Africa’s unified position in global tax negotiations and leveraging digital tools to enhance regulatory reporting and compliance analytics.

The initiative aligns with broader continental priorities, including Agenda 2063, which emphasises sustainable development through effective governance, transparency, and governance, risk, and compliance (GRC) frameworks.

As host nation, Nigeria will play a leading role in driving dialogue and policy direction. The Executive Chairman of the NRS, Zacch Adedeji, is expected to deliver the welcome address, while the Minister of Finance and Coordinating Minister of the Economy will officially declare the session open.

The gathering is expected to strengthen institutional capacity across African countries to implement effective tax reforms, improve regulatory compliance monitoring, and deploy practical solutions to curb illicit financial activities. It will also promote collaboration among member states and support the development of unified positions in global tax governance.

In addition to the main session, the NRS will host a side event focused on actionable policy measures to tackle illicit financial flows. This will include discussions on initiatives such as the National Single Window Initiative and asset recovery mechanisms under the Proceeds of Crime Act, both of which contribute to enhanced fraud detection, risk mitigation, and regulatory enforcement.

The summit underscores the growing importance of RegTech solutions and compliance technology in modern tax administration, as African nations increasingly adopt digital tools to strengthen transparency, accountability, and economic resilience.