Aid Alone Cannot End Poverty in Africa – Rev. David Ugolor

Benin City, Nigeria. February 27, 2026 – The Africa Network for Environment and Economic Justice (ANEEJ) participated in a high-level international workshop on February 27, 2026, co-organized by Bond, Development Monitor, and Tax Justice Network. The workshop examined the impact of United Kingdom economic policies on low- and middle-income countries.

Delivering the keynote address, Irene Ovonji-Odida emphasized that Africa is a resource-rich continent, yet structural injustices embedded within the global financial architecture continue to impoverish its people. She noted that several high-income jurisdictions play significant roles in enabling corruption and facilitating the outflow of illicit wealth from developing countries.

During the breakout session on Illicit Financial Flows (IFFs), participants highlighted the severe political, economic, and social consequences of illicit finance. Iftekhar Zaman shared insights from Bangladesh, illustrating how IFFs have deepened inequality and weakened democratic institutions.

Speaking on Nigeria’s experience, the Executive Director of ANEEJ, David Ugolor, stressed that Nigeria loses billions of dollars annually through trade misinvoicing, profit shifting, oil theft, opaque contracting, and tax avoidance—particularly within the extractive sector. He observed that weak enforcement mechanisms, political capture, secrecy jurisdictions, and professional enablers continue to facilitate capital flight, with destinations such as the UK property market serving as safe havens for stolen wealth.

Rev. Ugolor stated:

“Aid cannot help Nigeria and other African countries out of poverty. What will make a real difference is tackling illicit financial flows. Africa’s challenge is not the absence of aid, but the persistent loss of its resources through systems that enable illicit outflows. The UK, US, and other Western countries must establish and enforce stricter frameworks to curb illicit financial flows that have significantly undermined Africa’s development.”

Also contributing to the discussion, Jimmy Munguriek underscored how corruption in the mining sector continues to deprive the Democratic Republic of Congo of critical development resources.

The workshop concluded with renewed calls for stronger enforcement mechanisms, robust international financial reporting systems, and greater accountability from global financial centers. Participants emphasized that curbing illicit financial flows is essential to advancing sustainable development and ensuring that African countries retain and utilize their domestic resources for the benefit of their citizens.

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