The Dilemma of Financial Illicitness, Insecurity and the Fate of Democratic Good Governance in Nigeria

Badmus Bidemi. G

Abstract


Given the perpetual weakness of governmental institutions, prevalence of informal economies, and undemocratic nature of African democracy particularly Nigeria. This study argues that illicit financial flow (IFF) has become pervasive and it has undermined Nigerian government’s effort to reduce poverty and bridge the gap between the few rich and poor majority, the study also stressed that the inability of the government to prevent, trace, and recover the illicit financial flow has worsen the security situation, retarding developmental programmes and tamed the prospect for democratic good governance in Nigeria. However, IFF become widespread due to the high preference given to democracy promotion particularly, by the advanced democracies irrespective of high level corruption that pervaded African democracies: this kind of democracy promotion has continued to gained more priority at the expense of genuine support for Nigeria to prevent, investigate, trace and recover illicit financial flow.


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