THE CORRELATION BETWEEN ILLICIT FINANCIAL FLOWS AND RULE OF LAW IN NIGERIA

ABSTRACT
Despite its oil wealth and large economy, Nigeria’s population is amongst Africa’s poorest, and the distribution of wealth is highly unequal. The twin evils of illicit money, that is, corruption and insecurity, have led to multi-consequential and catastrophic effects in the form of economic recession, political and administrative mismanagement of the nation’s economy, kidnapping, banditry, ethno-religious conflict, and militancy-the Emancipation of the Niger Delta and Boko-Haram. This article analyses the correlation between illicit money and the rule of law in Nigeria. It finds that effectively stopping illicit financial flows that continue to thrive on the continent will greatly reduce corruption and insecurity. The article proffers that the Nigerian government will be most effective in combating the ills of illicit money: corruption and insecurity, when it submits itself to the rule of law.

Key words: Rule of Law- Illicit money- Corruption- Insecurity